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.
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ITC-04 and Job Work under GST | Job Work includes outsourced activities that may or may not culminate into manufacture | Read more about due-date, format and filing here!
The implementation of GST, has probably been the biggest taxation reforms in independent India. Besides uniting the country under a single tax regime, the roll out of GST has also laid the path for the formalisation of the economy.
E-invoicing model has been adopted by many countries globally with varying implementation models. The Indian adoption consists of following components.
The Input Tax Credit mechanism allows a taxpayer to reduce his tax liabilities on his sales with the taxes paid on inward supplies.
Composition Scheme is a simple and easy scheme under GST for small taxpayers. The composition scheme is available only for taxpayers whose turnover is less than Rs. 1.5crores.
GSTN makes System computed values of GSTR 1-Monthly filers available in Form GSTR 3B as PDF Statement
The taxpayers and the GST authorities have had multiple encounters with such technical glitches, which has led to erroneous or missed filings. Thus, in order to address such issues on the GST portal, an IT-Grievance Redressal Mechanism was introduced in April 2018.
With ICEGate, the user can make E-payments, Track Document status at Customs EDI, Register for IPR, Verify IE Code, etc. making it an essential tool for traders and exporters in India.
With the global trade becoming a norm, there has been a dramatic change in the cross border trade in recent years.
In order to help taxpayers understand the electronic refund processing, the following advisory was released by the CBIC.
