Maximize ITC Claim: Here are 4 things you need to do!

The ultimate objective of every taxpayer is to maximize ITC claim while following all the conditions and rules of GST law. The success of this goal depends on the internal practices and tools used and some external factors such as vendor compliance. Here, we discuss, 4 important aspects to maximize ITC claim.

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Input Service Distributor: 5 Aspects of ITC Distribution

‘Input Distributor Officer’ is one of the most crucial concepts in the Indian economy, especially for the big players in the market.

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Tax Collected at Source (TCS) by an e-Commerce Operator- All You Need to Know

Application for Registration for TCS collector is to be filed in REG-07. Registration certificate to be issued in REG-06.

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5 Ways to Handle Litigation under GST

The government authorities have been on regulating the business laws strictly and are keeping a watch for tax fraud and mismatch cases etc. The best practice to avoid GST litigation is following the rules but mishaps happen all the time. So, here, we discuss, how to handle litigation in 5 easy steps.

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7 Ways CFOs can use MIS reports | Analyse GST Data

GST MIS Reports help CFOs and decision makers of a company take informed decisions for the organisation by coordinating, controlling, analysing, and visualising factual data which is presented in a crisp and orderly manner. Read more to get valuable insights.

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Your 3-step Guide to a Hassle-free Reconciliation under GST

Every month’s GST filing, you need to reconcile your purchase data with all your suppliers’ sales data that they have uploaded on GSTN.

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All about Input Tax Credit (ITC) | How to claim ITC?

Input Tax Credit or ITC under GST is the credit back of the tax a registered GST taxpayer pays on inputs i.e. purchases. This tax he is liable to get back from the government. Read more

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Last date to claim ITC and amend sales/CDN extended – Here’s what to do next!

As per GST Notification 18/2022, the time limit to claim ITC and amend sales/CDN has been extended (including for FY 21-22) by the CBIC. So, the date has been changed for claiming ITC, issuing CDN, and doing amendments to returns of the previous year till 30th November by notifying clause 100 of the Finance Act 2022 to be effective from 01.10.2022.

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GST Reconciliation for IDT Teams: Types, How to, Importance, ITC Computation, Common Issues

The term ‘reconciliation’ means to compare two sets of data entries to identify any mismatches or variances. The data sets are of the same origin but come from different sources. It is a practice for correcting errors in the process.

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What is the e-invoice turnover limit for 2022?

Taxpayers with turnover between Rs. 5 Cr. and Rs. 20 Cr. are enabled for testing on Sandbox. Read the article to learn if your business has crossed the e-invoice turnover limit 2022

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MIS Reports for GST Return Filing Analysis

The GST MIS report is a smart feature that enables top management or decision-makers to quickly assess the compliance level. MIS reports will offer a thorough analysis of mismatches, total GST turnover, maximum ITC utilisation, and other decision-making criteria.

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GSTR 1 & GSTR 3B Reconciliation: Use MIS Reports to Resolve Mismatches

There are several reasons for facing mismatches in the two including but not limited to furnishing supplies under the wrong head in GSTR 3B or the time difference between filing GSTR 1 and GSTR 3B. This Recon is important as it reduces the chances of omission and duplication of invoices among a lot of other advantages mentioned in the article.

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