What is GSTR 9C? GSTR 9C is a reconciliation statement between the GSTR-9, the Annual return of GST and the Audited Financial Statements (AFS). This reconciliation is aimed to verify the correctness of the balances as lying in the audited books of accounts with the figures as mentioned in the GSTR-9 Annual Return. Under GST, a …
The market is full of GSPs that provide you with GST return filing solutions. However most of the solutions lack the ability to establish a connect between the existing ERP systems and the GSTN portal. The major hurdle happens to be the data generated by the ERP systems not being in the format that needs …
Author: Team Dhruva, (We thank you for contributing this article) GST regime has completed more than a year, and the journey has been eventful, with multiple changes made time and again. The biggest issue has been the GSTN, which is now settled, except to the extent of new changes that are introduced or to the …
GST is a system of taxation where taxpayers pay tax based on self-assessment and file the returns on their own with no interference from the tax authorities electronically on the GSTN. There is hence a need for a system of GST Audit in place to make sure that the taxes paid, ITC claimed, sales and …
Annual Return filing has been the topic of discussion with the date of filing approaching fast. GSTR 9 – Annual return is technically a summary return that needs to be filed after the year end and summarises the entire year’s returns filed. An elaborate return that it is, it’s divided into several sections that need …
Goods and Services Tax, the biggest tax-related reform in the country was implemented to eliminate the cascading effects of taxes and bring uniformity in overall tax structure. Even if critics called it a refined version of the earlier VAT it is way more structured and devoid of the complexities that came with VAT and other …
The HSN Code (product coding system) and SAC (service coding system) paves way for a systematic GST scenario. The Harmonized System of Nomenclature or HSN is an internal system of naming goods. GST HSN code is an 8-digit code assigned to goods by organizing them in a hierarchical manner. Service Accounting Code or SAC is …
HSN and SAC codes and their importance under GST Read More »
GST aims to bring about uniformity in the manner documents are prepared and circulated to make sure that they have some minimum standard information. This is also the condition for them to be acceptable while filing GST returns. It is now mandatory for businesses to prepare standardised invoices, Credit debit notes and E-way bills. In …
Document Generation Module Overview for Cygnet GSP Read More »
As per the GST requirements, transporters need to carry E-way bill with them while transporting goods in case of inter-state transports. A person registered under GST cannot transport goods worth more than Rs.50,000 without generating an E-way bill on ewaybillgst.gov.in. In most cases, supplier needs to generate an E-way bill. However, in cases where the …
How have E-way bills changed the way we transport goods Read More »
GST is already 1.5. years old and there have been many challenges as well as changes in the law and implementations. In this article, we shall run through the snippets of all GSTR forms, simplified GST returns and their applicability. GSTR forms are designed in a manner to capture the entire sales cycles and make …
