This article explores the pivotal role played by technology in simplifying ITC management, from automated data extraction and real-time reconciliation to seamless integration with accounting systems.
A UIN or Unique Identification Number is a GST Exempt class under GST regime for specified person/organisations such as foreign diplomatic missions and embassies, who do not carry any outward transaction and thus are entitled to the refund of the tax paid on inward supplies.
The pure agent makes a payment to a third party, on behalf of the recipient, for procuring a supply when the contract for the supply of services procured is between the third party and the recipient.
One such proposal laid down to improve GST implementation is Reverse Charge Mechanism (RCM) with an aim to enhance tax compliance and coverage across organized, partly organized and unorganized sector in India.
Payment Voucher under Reverse Charge Mechanism in GST is a proof of transaction between taxpayer and unregistered supplier.
Learn how the new changes in Tax Collected at Source (TCS) on overseas travel packages in India from 5% to 20% will impact the cost of travel for customers and travel companies
In this article, we will see 6 Tasks a GST Software can do to Simplify your Compliance beyond just Return Filing. Read on...
Lifecycle of an Invoice under GST: This article aims to simplify the various stages involved, highlighting how the data passes through different stages and various GST returns.
The integration of GST EWay Bill with FASTag, envisaged in January 2019 with the revenue department setting up an officers committee to integrate e-way bill, FASTag and Delhi-Mumbai Industrial Corridor’s (DMIC’s) Logistics Data Bank (LDB) services, finally came into effect last week.
Invoice Reference Number or IRN as it is usually called is a registration number provided by the government under the e-invoicing mandate to prove the authenticity of any B2B invoice generated by the businesses. It is one of the main components of an e-invoice. You can read all about IRN in the article and understand its intricacies in detail.
The process of supplying the goods (produced/manufactured in the country) on an international scale is known as Export.
The provisions made under GST define a Casual Taxable Person as any individual who transacts goods and services occasionally while acting as a Principal, Agent or in any other capacity for the furtherance of the business, but does not possess any fixed place of business in the given taxable territory,
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