In India, GST is not applicable to any exports, which makes all the exports in India, Zero Rated Supplies. As per Section 16 of the IGST Act
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The revenue department under GST have plans to introduce a faceless scrutiny of refunds to hasten the claim settlement process.
ITC Computation is fundamental for businesses to ensure maximum ITC claim as it can help have more working capital. In this article, we will discuss 4 key aspects of ITC computation in detail.
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.
‘Input Distributor Officer’ is one of the most crucial concepts in the Indian economy, especially for the big players in the market.
Every month’s GST filing, you need to reconcile your purchase data with all your suppliers’ sales data that they have uploaded on GSTN.
The Input Tax Credit mechanism allows a taxpayer to reduce his tax liabilities on his sales with the taxes paid on inward supplies.
The ability to claim ITC on your purchases, has made the reconciliation of your purchase data with your suppliers’ data extremely crucial.
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The GST Act and rules made there under does not restrict the recipient from claiming the ITC when consideration is paid through book adjustment.
simplify tax returns and enable a fairer taxation system, the GST council has put their best foot forward effective April 1, 2019. Now as the fiscal year 2018-19 approaches its end, a new page awaits to be written.
