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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.

GST Guide

June 30, 2020

The process of claiming a refund is standardized to avoid confusion. The process is online and time limits have also been set for the same, as you must have read in our first part of the blog. Explore more about inverted duty structure, Refund order procedure, CBIC clarifications & more in this part of the blog.

GST Guide

June 30, 2020

Usually when the GST paid is more than the GST liability, a situation of claiming GST refund arises. Under GST, the process of claiming a refund is standardized to avoid confusion. The process is online and time limits have also been set for the same. 

GST Notifications

June 26, 2020

To give effect to recommendations of the 40th GST Council Meeting conducted in Delhi on 12th June 2020, the government has notified trade relaxations & applicability of certain sections of the Finance Act, 2020 on 24th June 2020.

GST Guide

June 22, 2020

The concept of Reverse Charge Mechanism was introduced in the erstwhile Service Tax laws. Generally, the tax mechanism follows a Forward Charge concept wherein the tax is payable by the person who makes a supply (i.e. Supplier).

GST Guide

June 17, 2020

Assessment in GST is mainly focused on self-assessment by the taxpayers themselves. Every taxpayer is required to self-assess the taxes payable and furnish a return for each tax period. A supplier will find out the extent of his tax liability which he has to discharge on a continuous and regular basis only after assessment.

GST

June 15, 2020

The 40th GST Council Meeting was conducted in Delhi on 12th June 2020 chaired by Union Finance & Corporate Minister Smt. Nirmala Sitaraman. This is the first video conference council meeting held after the country was under lockdown due to the Covid-19 pandemic.

GST Guide 

June 12, 2020

GST is one of the biggest reform in the tax regime, is considered as the most volatile tax law which is yet to see stability in terms of user friendly. It is often addressed as data-hungry compliance as it requires line item details o be provided by the taxpayer unlike legacy laws in India.

Vendor Management

June 10, 2020

A vendor portal is a system that helps you manage and stay connected with your vendors in a secured environment which helps you in vendor/supplier on-boarding, invoice reconciliations, initiating and checking payment status.

GST Guide

June 4, 2020

Electronic Way Bill (E-Way Bill) is a compliance mechanism wherein by way of a digital interface the person causing the movement of goods uploads the relevant information prior to the commencement of movement of goods and generates an e-way bill on the GST portal.

GST Guide

June 1, 2020

Under the GST Regime, businesses are required to maintain various accounts and records for ready verification by an authorized GST Authority either in electronic or physical format. There are different kinds of documents that are required to be issued in different circumstances.

GST Guide

May 29, 2020

GST registration applies to all individuals and entities supplying goods or services in India. The Ministry of Finance has simplified the GST registration procedure to ease the tax filing process. In this article, let us look at the eligibility for…

GST Guide

May 27, 2020

GST is a destination-based tax levied on supply. As per the charging section of GST (Section 9 of CGST Act), the value of supply on which GST is to be levied will be determined as per Section 15. 

GST Guide

May 8, 2020

A distinguishing factor of GST from the earlier Indirect Tax Regime is that GST is a Destination-based tax. This means that the goods & services will be taxed at the place where they are consumed and not where they originate.

GST Guide

April 20, 2020

GST is required to be paid by the taxpayer on the basis of the time of supply of goods or services as the case may be. In order to calculate and discharge tax liability, it is important to know the date when the tax liability arises i.e. the date on which the charging event has occurred.

GST Guide

April 14, 2020

Job work is very lucrative and most commonly pursued a business in the Indian Economy. This led to the requirement of extensive provisions to be inbuilt in the GST law. The concept of job work already exists in Central Excise…

GST

April 8, 2020

This article contains the special relief provided by the government to the taxpayers in view of the spread of Corona Virus (COVID-19). The spread of the Novel Corona Virus (COVID-19) across many countries of the world, including…

GST Guide

March 27, 2020

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

GST Guide

March 26, 2020

GST enables a seamless flow of Input Tax Credit (ITC) on all goods and services procured for providing outward supply (apart from the ineligible supply) There are numerous services that are…

GST

March 25, 2020

This article contains the understanding and implications of the notifications issued on 23rd March to give the effect of the council decisions taken on 14th March 2020.

GST

March 23, 2020

The GST Council held its 39th Council Meeting on 14th March 2020 in New Delhi headed by the Union Finance Minister Nirmala Sitharaman who had some new announcements under GST….. 

GST Guide

March 17, 2020

Presently the Indirect tax system in India is a multi-point tax system where tax is levied only on value addition. This is achieved by the fact that Indirect tax (i.e. GST) borne on procurements or capital goods is available as a credit or set-off against GST liability on outward supplies.

GST

March 16, 2020

The 39th GST Council Meeting was conducted in Delhi on 14th March 2020 chaired by our Finance Minister Nirmala Sitaraman. Relaxations in compliance for multiple types of taxpayers and deferment of E-invoicing and New Returns… 

GST Guide

March 11, 2020

In this article, we will discuss the returns required to be filled by various types of taxpayers under the GST regime. GST returns expected to be filed by the taxpayers from 1st April 2020 can be referred to as new returns.

E-Invoicing 

Feb 14, 2020

Making India Digital, a young yet dominant campaign of the Government is focusing on empowering the country digitally and improving its online infrastructure. ‘Power to Empower’ as we motto for a Digital India, is being further pushed forth by the Indian Tax Authorities.

GST

Feb 6, 2020

In this article, we will discuss the wave of developments in the GST regime vide proposed new returns and as reemphasized in the Union Budget of FY 2020-21. This article will help the taxpayer in understanding the implications of new returns and key areas impacting compliances under the GST regime.

GST

Jan 30, 2020

Ever since E-invoicing was announced by the Govt. there have been a lot of discussions and confusion in the industry around how it will be implemented. Considering this, Cygnet Infotech decided to arrange a Seminar for all their customers and prospects.

GST

Jan 10, 2020

Before entering in the Year 2020, automation was already the talk of tax town. In fact, approximately 112 countries across the globe are already using some form of electronic invoicing, but in India e-invoicing has…

GST

Dec 30, 2019

According to a recent RBI Financial Stability Report, the gross non-performing asset ratio of banks may increase to 9.9 percent by September 2020 from 9.3 percent in September 2019.

GST

Dec 19, 2019

GST’s 38th Council Meeting was held on 18th Dec 2019, Delhi was chaired by Honorable Finance Minister Nirmala Sitharaman. Other attendees of the meeting were Union Minister of State Finance…

E-invoicing & E-signing

Dec 19, 2019

E-Invoicing has become the hottest topic of discussion for all businesses and taxpayers. Beginning 1st Jan 2020, this game-changing, e-invoicing mechanism will be incorporated in the GST system on a voluntary basis…

GST

Nov 21, 2019

The market is loaded with GST software providers. But how many have the capabilities of reducing your work and making GST filing easy for you? How many of them are reliable and scalable depending on the business requirements? Well, your answer is Cygnet GSP.

E-invoicing & E-signing

Nov 12, 2019

E-invoicing has been in discussions for a while. Several approaches were proposed by the GST council for feedback from the industry and tax professionals. Finally, in their 37th Meeting on 20th September 2019, they announced….

GST

Oct 31, 2019

GST (Goods & Service Tax) has been the biggest tax reform in India since the Independence of the country. There is a myth that all businesses will be able to pay their GST on time, but many are failing in timely compliance.

GST

Oct 14, 2019

The GST council recently announced the new return system for taxpayers in its 31st Council Meeting…. 

GST

Oct 09, 2019

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

GST

Sep 27, 2019

After almost a decade GST has been a topic of discussion and after so many opinions India is not all set for GST Laws & Regulations….

FINTECH

Sep 19, 2019

For over five decades technological innovation has frisked an important role in driving transformation across multiple industries….

GST

Sep 12, 2019

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

E-WAY BILL SOLUTION

Aug 26, 2019

The E-way bill system of generating an Electronic Way bill for every transport of goods of value more than Rs 50,000 is now a mandate……

GST

Aug 16, 2019

Filing of the first GST Annual returns is long overdue and the industry is waiting to file its very first set of returns GSTR 9 and GSTR 9C….

GST

Aug 14, 2019

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

GST

July 23, 2019

GST is already 2 years old and we have seen a major shift in the way taxes are filed in this period. GST was launched with…..

GST

July 31, 2019

A business charges and recovers GST on the products that it sells or services it provides. Now when they buy some inputs to manufacture an output or avail input services to provide……. 

ASP

July 23, 2019

GST has brought with it a system of invoicing that requires details of a sale or purchase transaction in a standardized format as defined by the GSTN…..

GST

July 22, 2019

GST has launched the new simplified return forms in the form of an offline utility for trial by taxpayers, which were supposed to be applicable from April 2019…..

GST

July 17, 2019

GSTR 9C filing is a few weeks away with the due date to file Annual Returns postponed to 31st of August 2019. GSTR 9C needs to be filed by all those registered taxpayers whose turnover exceeds Rs 2 Cr…..

E-WAY BILL SOLUTION

July 15, 2019

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

ASP SOLUTION

July 11, 2019

The new GST simplified Return forms launched by the CBDT are of 3 types. Sahaj Return forms, Sugam Return forms and GST Return forms for normal taxpayers. The forms have been categorized based on the tax payer categories they will be applicable for…

GST

July 8, 2019

We have stepped in the 3rd year of GST and the 35th GST Council meeting under the chairmanship of the newly elected FM has paved way for many initiatives…

GST

July 5, 2019

GST celebrated its second birthday on 1 July, 2019 and we have more than one reason to cheer. The two years of implementing and evolving the gigantic law has made us all learn a lot of things about businesses and taxation and…

ASP SOLUTION, E-WAY BILL SOLUTION

July 4, 2019

We have stepped in the 3rd year of GST and the 35th GST Council meeting under the chairmanship of the newly elected FM has paved way for many initiatives…

CYGNET ACE

May 21, 2019

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…

ASP SOLUTION

May 21, 2019

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. …

GST

May 20, 2019

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…

GST

April 30, 2019

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…

ASP SOLUTION

April 19, 2019

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. …

GST

April 12, 2019

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…

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