Filing Letter of Undertaking (LUT) in form RFD-11 has been made mandatory by the government as per rule 96A of CGST Rule-2017 notified by GST Notification No. 16/2017 dated 07-07-2017. Know all about the form and LUT here in the article.
Updates: 23 April 2019 – Presently, the common portal supports the order of utilization of input tax credit in accordance with the provisions before implementation of the provisions of the CGST (Amendment) Act
As per GST law, for every supply of taxable goods or services, a registered supplier is required to provide a tax invoice to the Purchaser.
Government has issued notification w.r.t. changes in GST rates for real estate sector with an option to charge new tax Rate from 1st April 2019 for ongoing projects.
In the last few decades, the telecom sector has emerged as one of the largest services sectors in India. Impact of GST on Telecom sector.
GST is structured as One-multistage based taxation system, it is categorized into CGST, SGST or IGST, based on whether the transaction is Intra-State or Inter-State.
The pilot for New Returns- Sahaj and Sugam, was to start from April 1, 2019 and the mandatory filing to start from July 2019.
The banking sector is one of the largest services sectors in India. The implementation of the Goods & Services Tax (GST) will likely prove to be a challenge for the sector on two counts.
A company has to deal with multiple transactions and with the supply of goods and transportation, the requirement of e-way bills also becomes mandatory. Thus a secure and comprehensive e-invoicing software is necessary to ease the course not just for IRN generation but also to print and share invoices, manage e-way bills, and for a smooth ITC claim as a way ahead.
The e-invoice received from the suppliers will have the extra-information related to IRN. Hence, the recipients now need to verify the same and keep it for records.
Practical challenges at different stages in e-invoicing. Challenges in the IRN preparation stage, generating IRN stage which also includes e-way bills, and the post IRN stage. Read more…
