Filing GST Returns Shouldn’t Be A Hassle

New Updates From NIC

On 21st November 2020, the NIC issued new release notes i.e. Version 1.03 with respect to E-invoice generation. The improved

Highlights Of Notifications Issued

The Government issued the following Notifications and Circular on 10th November 2020: Sr. No. Notification No. Details Implications 1 81/2020

E-Invoicing: The Journey So

Introduction The famous author Stewart Brand once said “Once a new technology rolls over you, if you are not a

E-invoicing For Financial Services

Introduction E-invoicing is the new household word in the country which has caused a stir in recent times. The GST

Issues & Concerns Pertaining

Change is the only constant – technology is an invincible tool that has changed our everyday life to an extent

Highlights Of Notifications &

The Government Issued The Following GST Notifications In October 2020​: Sr. No. Notification No. Details 1 73/2020 - CT dated

Highlights Of Notifications Issued

The Government issued the following Notifications on 15th October 2020 to give effect to the announcements and decisions of the

Anti-Profiteering

India had its first experience with Anti Profiteering provisions when GST came into play in 2017. The idea behind introducing

Updates On The 43rd

The 43rd one-agenda, GST Council meeting was held on 12th October 2020. The meeting was chaired by the Union Finance

Updates On The 42nd

The 42nd GST Council Meeting was held in New Delhi on 5th October 2020. The meeting was chaired by the

GSTR 2A: Background, Return

GST law seeks to ensure the accurate transfer of input tax credit (ITC) between the states and the parties in

TCS On Sale Of

Section 206C (1H) -: TCS on Sale of Goods According to Section 206C (1H), Seller of goods is required to

GST Returns In Relation

Job work is a vertical of the business wherein a principal manufacturer can send inputs or semi-finished goods to a

Extension Of Time Limit

The Government had provided an extension of the time limit to furnish Annual Return in Form 9 & 9C for

E-Invoicing Goes Live… But

Amidst a lot of speculation, the Government has decided to go ahead with the E-Invoicing implementation for certain specified persons.

Liability To Pay Tax

While the ultimate burden of an indirect tax is to be borne by the consumer, under the Central Goods and

GST & E-invoicing Implication

Electronic Commerce or E-commerce is a business transaction wherein the selling and purchasing happen over an electronic platform or the

Updates In GST After

The 41st GST Council Meeting chaired by Union Finance & Corporate Minister Smt. Nirmala Sitaraman was held on 27th August

Deemed Exports And Zero-Rated

Exports are incredibly important to modern economies because they offer businesses many more markets for their goods. One of the

Levy Of Cess Under

GST known to be One Tax – One Nation is a combination of Integrated GST, Central GST, State GST, and

Concept Of Demands &

GST is levied on any taxable outward supplies by a person. The complete responsibility of calculation, chargeability, and payment of

Letting Out The ITC

Sigmund Freud, the father of psychoanalysis once said “History is just new people making old mistakes”. While it can be

Government Notifies Revised E-Invoice

Government has notified e-invoicing schema (FORM GST INV-1) and the applicable threshold for the mandatory generation of e-invoices. The details

Government Rejects Sanitizing GST

Background A common sight these days is people carrying small handy bottles of sanitizers everywhere they go; the magic potion

Upcoming Changes On GST

Important changes which have been proposed in the GST returns in order to make it more user friendly and to

GST Interests And Penalties

For any law to be effective, it is important that persons should comply with the legal requirements specified in the

Everything You Need To

The provisions of Income Tax Act, 1961 require every person making a payment to a Non-Resident or to a foreign

TDS And TCS Under

The concept of TDS and TCS is familiar under Direct Tax Laws. TDS is a mechanism for advanced collection of

Updates On Notifications Issued

COVID-19 continues to impact the Indian economy on a very large scale. Major businesses are yet to start their normal

Guide On Appeal And

Appeals under any law is an application to a higher court for a reversal of the decision of a lower

Types Of Refunds &

Inverted Duty Structure Deemed Export Penultimate Supply Provisional Refund Cases In Which Refund Claim Can Be Withheld Claim For Unutilized

Types Of Refunds &

Usually when the GST paid is more than the GST liability, a situation of claiming GST refund arises. Under GST,

Updates On Notifications Issued

To give effect to recommendations of the 40th GST Council meeting conducted in Delhi on 12th June, 2020, the government

Everything About Reverse Charge

The concept of Reverse Charge Mechanism was introduced in the erstwhile Service Tax laws. Generally, the tax mechanism follows a

Assessment & Audit Under

Assessment in GST is mainly focused on self-assessment by the taxpayers themselves. Every taxpayer is required to self-assess the taxes

Updates On The 40th

The 40th GST Council Meeting was conducted in Delhi on 12th June 2020 chaired by Union Finance & Corporate Minister

A Guide On Annual

GST is one of the biggest reform in the tax regime, is considered as the most volatile tax law which

Smoothen Your Vendor Management

Vendor Portal Overview A vendor portal is a system that helps you manage and stay connected with your vendors in

All You Need To

Electronic Way Bill (E-Way Bill) is a compliance mechanism wherein by way of a digital interface the person causing the

Read About All The

Under the GST Regime, businesses are required to maintain various accounts and records for ready verification by an authorized GST

Know More About GST

GST registration applies to all individuals and entities supplying goods or services in India. The Ministry of Finance has simplified

Value Of Supply Under

GST is a destination-based tax levied on supply. As per the charging section of GST (Section 9 of CGST Act),

Explore The Concept Of

A distinguishing factor of GST from the earlier Indirect Tax Regime is that GST is a Destination-based tax. This means

All You Need To

GST is required to be paid by the taxpayer on the basis of the time of supply of goods or

Job Work- Procedure &

Job work is very lucrative and most commonly pursued business in the Indian Economy. This led to the requirement of

Updates on GST Notifications

This article contains the special relief provided by the government to the taxpayers in view of the spread of Corona

Explore More About Composition

The objective of the composition scheme is to bring simplicity and to reduce the compliance cost for the small taxpayers.

Know All About Input

GST enables a seamless flow of Input Tax Credit (ITC) on all goods and services procured for providing outward supply

Updates On Notifications Issued

This article contains the understanding and implications of the notifications issued on 23rd March to give the effect of the council

Know Your Supplier

The GST Council held its 39th Council Meeting on 14th March 2020 in New Delhi headed by the Union Finance

All You Need to

Presently the Indirect tax system in India is a multi-point tax system where tax is levied only on value addition.

Key Highlights of the

The 39th GST Council Meeting was conducted in Delhi on 14th March 2020 chaired by our Finance Minister Nirmala Sitaraman.

Returns Filed Under GST

In this article, we will discuss the returns required to be filled by various types of taxpayers under the GST

Everything You Need to

Making India Digital, a young yet dominant campaign of the Government is focusing on empowering the country digitally and improving

A Guide On New

In this article, we will discuss the wave of developments in the GST regime proposed under new returns and as

Review On Cygnet GSP

Ever since E-invoicing was announced by the Govt. there have been a lot of discussions and confusion in the industry

How Businesses Can Use

Before entering in the Year 2020, automation was already the talk of tax town. In fact, approximately 112 countries across

GST Returns Compliance Score

According to a recent RBI Financial Stability Report, the gross non-performing asset ratio of banks may increase to 9.9 percent

Highlights of the 38th

GST’s 38th Council Meeting was held on 18th Dec 2019, Delhi was chaired by Honorable Finance Minister Nirmala Sitharaman. Other

E-Invoicing – All You

*The information covered in our blog might change as per the new notifications from the government. You can drop an

Why Cygnet GSP Is

The market is loaded with GST software providers. But how many have the capabilities of reducing your work and making

New E-invoice System Under

E-invoicing has been in discussions for a while. Several approaches were proposed by the GST council for feedback from the

Primary Reasons Why Corporates

GST (Goods & Service Tax) has been the biggest tax reform in India since the Independence of the country. There

New GST return system

The GST council recently announced the new return system for taxpayers in its 31st Council Meeting. In May 2019, they

Digital Transformation, A Necessity

An epic shift has already started in the Businesses Finance function. Taxation is transforming from paper-based to completely digital, right

How New-Age Technologies Will

For over five decades technological innovation has frisked an important role in driving transformation across multiple industries and everyone is

Top 4 Reasons Why

We are in the 21st century, where automation is something every industry or department demands to speed and ease the

5 Features To Look

The E-way bill system of generating an Electronic Waybill for every transport of goods of value more than Rs 50,000

9 Features a GSTR

Filing of the first GST Annual returns is long overdue and the industry is waiting to file its very first

Win Your Freedom From

What is it that a smart CFO would want when it comes to managing GST compliances? It would be everything

GST Going Online, Digitalizes

GST is already 2 years old and we have seen a major shift in the way taxes are filed in

How To Claim Accurate

Input Tax Credit – ITC, is a tax credit that can be claimed against the taxes paid on the inputs

What Should A Perfect

GST has brought with it a system of invoicing that requires details of a sale or purchase transaction in a

Unboxing The New Simplified

GST has launched the new simplified return forms in the form of an offline utility for trial by taxpayers, which

7 Features To Look

GSTR 9C filing is a few weeks away with the due date to file Annual Returns postponed to 31st of

Important Things To Know

E-way bills under GST have replaced the traditional system of delivery challans as proof of transport of goods from one

New GST Returns: Sahaj

The new GST simplified Return forms launched by the CBDT are of 3 types. Sahaj Return forms, Sugam Return forms

10 Things To Remember

GST Audit is a mandatory thing for all those whose turnover crosses the threshold of 2 CR in a year.

Celebrating 2 years of

GST celebrated its second birthday on 1 July, 2019 and we have more than one reason to cheer. The two

Invoice Reference Number and

*The Govt. has come up with new E-invoicing mechanism, the below content was written earlier. Kindly refer to our new

GSTR 9C and CYGNET

What is GSTR 9C? GSTR 9C is a reconciliation statement between the GSTR-9, the Annual return of GST and the Audited

CYGNET GSP – YOUR

The market is full of GSPs that provide you with GST return filing solutions. However most of the solutions lack

GST COMPLIANCES AND THE

GST regime has completed more than a year, and the journey has been eventful, with multiple changes made time and

How to prepare for

GST is a system of taxation where taxpayers pay tax based on self-assessment and file the returns on their own

GSTR 9 Filing Made

Annual Return filing has been the topic of discussion with the date of filing approaching fast. GSTR 9 – Annual

Different tax classifications under

Goods and Services Tax, the biggest tax-related reform in the country was implemented to eliminate the cascading effects of taxes

HSN and SAC codes

The HSN Code (product coding system) and SAC (service coding system) pave way for a systematic GST scenario. The Harmonized

Document Generation Module Overview

GST aims to bring about uniformity in the manner documents are prepared and circulated to make sure that they have

How Have E-way Bills

As per the GST requirements, transporters need to carry E-way bill with them while transporting goods in case of inter-state

GSTR forms and their

GST is already 1.5. years old and there have been many challenges as well as changes in the law and

Digital Signing Made Easy

We now a days require a signature on every document with the world becoming a digital market place and especially

GST at 1.5 yrs:

Inception GST, which replaced several indirect taxes including VAT, service tax, octroi, excise and more, is already a year and

Reconciling GSTR 1 with

When it is time to file ITC claims, businesses get busy making sure that the invoices they have filed on

Solving the GSTR 2A

We have already seen the possible reasons for mismatch in the purchase records and GSTR 2A forms. Here we will

Solving the GSTR 2A

GST reconciliation is a huge part of the GST returns and a major factor governing the ITC claims. Accuracy of

GST: Simplified Returns Format

The key features and the new format of the GST returns were approved in the 28th GST council meeting on

Simplified guidelines to file

GST is a destination based consumption tax which means that revenue will be accumulated from the state where goods/service is

The GST Turmoil- To

For first time readers, a prologue to this story The GST Turmoil- To Ring IT or Not? FLASHBACK Mr. Kaul the

Get the Ball Rolling

“Strength lies in the small business and they will feel more secure with GST. Consumer and small business will gain

The GST Turmoil- To

GST has filled my schedules with meetings and more meetings! Day dragged along with discussions about updated tax slabs, analysis

The How and Why

GST – a planned system considered as One Hundred and First Amendment introduced by The Constitution aims at clubbing most

Complex Return Filing and

With GST roll-out just around the corner, tax-payer’s apprehensions are going off the roof. Complete digitization of GST and complex