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GST Notification

27th Nov, 2020

On 21st November 2020, the NIC issued new release notes i.e. Version 1.03 with respect to E-invoice generation. The improved APIs would be released on 7th December 2020 for production.

GST Notification

Nov 13th, 2020

GST Council in the past has stated its intention to ease the compliance burden of taxpayers. These notifications are in that direction. Read the blog to know more.

E-Invoicing 

9th Nov, 2020

The famous author Stewart Brand once said “Once a new technology rolls over you if you are not a part of the steamroller you’re a part of the road.” Across the globe, organizations are quickly evolving. Significant progressions are being made in the field of technology; the tax function is also not left behind. 

E-Invoicing

Nov 5th, 2020

E-invoicing is the new household word in the country which has caused a stir in recent times. The GST Council has rolled out the first phase of E-invoicing from 1 October 2020. While a lot has been said and discussed E-invoicing…

E-Invoicing 

4th Oct, 2020

Change is the only constant – technology is an invincible tool that has changed our everyday life to an extent that it has become indispensable. A new addition to the technological revolution in India is the rollout of E-invoicing for businesses…

Nov 2nd, 2020

Read our blog covering highlights of the notifications and circulars issued in October 2020. The blog talks about filing NIL returns through SMS facility, audit threshold, and more.

GST Notification

GST Notification

Oct 23rd, 2020

The Government issued the following Notifications on 15th October 2020 to give effect to the announcements and decisions of the recently held GST Council Meeting.

GST Guide

Oct 19th, 2020

India had its first experience with Anti Profiteering provisions when GST came into play in 2017. The idea behind introducing anti-profiteering in India was to control inflation which was observed in other countries where GST had been rolled out such as Australia, Malaysia, etc.

GST Notification

Oct 14th, 2020

The 43rd one-agenda, GST Council meeting was held on 12th October 2020. The meeting was chaired by the Union Finance Minister Smt. Nirmala Sitharaman. In continuation of the 42nd meeting, the single point agenda for this meeting was the discussion of GST compensation cess.

GST Notification

Oct 12th, 2020

The 42nd GST Council Meeting was held in New Delhi on 5th October 2020. The meeting was chaired by the Union Finance Minister Smt. Nirmala Sitharaman. The State Finance Ministers along with Shri Anurag Thakur, Minister of Finance for States…

GST Guide

Oct 5th, 2020

GST law seeks to ensure the accurate transfer of input tax credit (ITC) between the states and the parties in the transaction. Invoice matching is a concept wherein all the taxable supplies procured by a buyer and supplied by a seller are matched.

GST Notification

Oct 5th, 2020

According to Section 206C (1H), the Seller of goods is required to collect tax at 0.1 % of the amount in excess Of Rs. Fifty lakhs from the buyer.

GST Guide

Oct 1st, 2020

Job work is a vertical of the business wherein a principal manufacturer can send inputs or semi-finished goods to a job worker for further processing. GST law is devised in a way to ensure the compliance liability for the job worker rests with the principal to the extent possible…

GST Notification

Oct 1st, 2020

The Government had provided an extension of the time limit to furnish Annual Return in Form 9 & 9C for the F.Y. 2018-19 till 30 September 2020 vide Notification No. 41/2020-Central Tax dated 05 May 2020.

E-Invoicing

Oct 1st, 2020

Amidst a lot of speculation, the Government has decided to go ahead with the E-Invoicing implementation for certain specified persons. E-invoicing is going to be implemented from 01 October 2020 for registered persons with a turnover…

GST Guide
Sept 29th, 2020
While the ultimate burden of an indirect tax is to be borne by the consumer, under the Central Goods and Service Tax Act, 2017 (‘CGST ACT’) the responsibility to collect and deposit the tax with the government rests with the supplier.

GST Guide

Sept 18, 2020

Electronic Commerce or E-commerce is a business transaction wherein the selling and purchasing happen over an electronic platform or the internet. The explosion of E-commerce in the 21st century has changed the way of life. Thus, it is imperative to understand the…

GST Notification

Sept 3rd, 2020

The 41st GST Council Meeting chaired by Union Finance & Corporate Minister Smt. Nirmala Sitaraman was held on 27th August 2020 via video conferencing. The article covers the meeting highlights including the press releases with respect to earlier recommendations made in the council meetings.

GST Guide

Aug 24, 2020

Exports are incredibly important to modern economies because they offer businesses many more markets for their goods. One of the core functions of diplomacy and foreign policy between governments is to foster economic trade, encouraging exports and imports for the benefit of all trading parties.

GST Guide

Aug 10, 2020

GST known to be One Tax – One Nation is a combination of Integrated GST, Central GST, State GST, and Cess. GST has replaced a number of indirect taxes and levies under Union and state legislation. Before the introduction of GST, there were various types of Cess applicable like…

GST Guide

Aug 7, 2020

GST is levied on any taxable outward supplies by a person. The complete responsibility of calculation, chargeability, and payment of tax has been assigned to the person making outward supplies. 

GST

Aug 5, 2020

Sigmund Freud, the father of psychoanalysis once said “History is just new people making old mistakes”. While it can be said that the GST council has tried hard to not repeat the old mistakes of the erstwhile Indirect taxes, but certain issues have been gummed to the Indian Indirect tax scenario;

GST

Aug 4, 2020

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

GST

July 27, 2020

A common sight these days is people carrying small handy bottles of sanitizers everywhere they go; the magic potion has gained unparalleled popularity in India amidst the Covid-19 threat. Earlier, sanitizers were an accessory…

GST

July 23, 2020

Important changes which have been proposed in the GST returns in order to make it more user friendly and to further simplify the return filing process

GST Guide

July 22, 2020

For any law to be effective, it is important that persons should comply with the legal requirements specified in the law. A fear of interests and penalties instills timely compliances and adherence to the legal requirements mentioned in the law.

GST Guide

July 17, 2020

The provisions of Income Tax Act, 1961 require every person making a payment to a Non-Resident or to a foreign company to submit the details of remittance to jurisdictional income tax officer in Form 15CA with regard to compliance …

GST Guide

July 6, 2020

The concept of TDS and TCS is familiar under Direct Tax Laws. TDS is a mechanism for advanced collection of tax while TCS is levied and collected on the sale value of certain commodities when referred to the Income Tax Act. However, the concept of TDS & TCS under Indirect Tax…

GST Notifications

July 3, 2020

COVID-19 continues to impact the Indian economy on a very large scale. Major businesses are yet to start their normal operations due to extended lockdown in most parts of the country. Amongst all sectors facing a tough time…

GST Guide

July 3, 2020

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

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