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Investigations under GST

The GST law, like most of the other countries, is based on self-assessment. Nonetheless, tax evasion and frauds are still

Global tax technology service

In the last couple of years, the digitization of tax functions has rapidly grown across the globe. More and more

Vendor Payments: Not so

Introduction The heading of this blog – ‘Vendor Payments’ might intrigue the readers as to what is not so simple

Impact of GST on

Taxability of charitable trust Charitable trusts, religious trusts and Non-Governmental Organizations (NGO) are entities, the objectives of which are not

Powers of the GST

All laws, whether taxation or otherwise, grant certain powers to officers which enable the officers to execute the law in

The strategies that CFOs

As per a recent study, global RPA (Robotic Process Automation) software revenue is forecasted to reach $1.89 billion in 2021. Another

Solution to a higher

Introduction In another attempt to convince the taxpayers to file their Income Tax Returns or ITR, the Central Board of

Understanding the dual model

In the year 2000, India first dreamt of the GST law. However, it took eight years for the Indian Government

Is GST killing the

Gold is very crucial to the Indian culture and the value system of the country. It is not only an investment means in India but

Cygnet Infotech presents: “Tax

With the quest to dig deeper into the tax and technology and discover the "Whats, Whys and Hows", Cygnet Infotech

Frauds in banks: Here’s

Banks and financial institutions constitute the backbone of any economy. The rise and fall of any economy are largely dependent on

Important features to have

GST software simplifies the GST filing process and makes it easier for many businesses. The software has a wide range

Impact of the abolition

A recent change in GST in the Finance Bill 2021 is the removal of the requirement of the GST Audit

Annual aggregate turnover on

What is annual aggregate turnover? Annual Aggregate Turnover (AATO) is a significant variable in the GST regime. It is the total annual

Compensation Cess under GST

The Goods and Services Tax (GST) Act, 2017 provides for a mechanism to compensate the states for the revenue loss

Impact of GST and

Background India is known for its diverse ecology, terrains and natural beauty coupled with its rich multi-cultural and historical heritage.

How to prepare for

Soon after the introduction of e-Invoicing from October 2020, the GSTN had begun auto-populating the GSTR-1 returns with the details

G-7 tax deal and

Introduction The G-7 is a group of seven countries including the USA, the UK, Canada, France, Germany, Japan and Italy.

Claiming GST Input Tax

Seamless availability of Input Tax Credit (ITC) is the highlight of the GST regime. For any tax regime, the flow

Impact of GST on

India is among the top five retail destinations of the world and one of the fastest-growing too! The sector contributes

Impact of GST and

Introduction The Indian real estate sector is one of the most prominent sectors – both in terms of value and employment

Goods and Conveyance in transit - Inclusive Reforms

The tax laws have several penalties prescribed for non-compliance or violating the laws. One such penalty that indirect taxes have

How technology can assist

Background Before the GST regime, Indirect taxes in India were extremely complex and intricate. There were multiple levies governed by varied laws

Importance of vendor automation

Why vendor compliances have gained importance over the period? Historically, during the erstwhile regime, the Input Tax Credit (ITC) of

GST Audits: The Road

What is an audit under GST law? An independent examination of books of accounts of an organization by an expert

Confiscation Of Goods And

Each law has penal and corrective provisions which ensure and encourage taxpayers to adhere to the legal provisions in their entirety. However,

TDS: New Provisions On

Introduction The Indian Government in the last few years has been actively trying to formalize the economy by adopting various measures.

e-Invoicing: An Answer To

Introduction The advent of GST in India has taken the country to the ranks of many developed nations in terms

Dynamic QR Code For

Introduction The buzz word in the B2C space today is ‘Dynamic QR code’. After the recent momentous launch of e-Invoicing in the

Digital Banking & Road

Introduction The digitisation of the financial sector began in the early 90s when Automated Teller Machine (ATM) and Electronic Fund Transfers (EFT) were

Accounts & Records Under

GST is a self-assessment regime wherein taxpayers are required to assess and deposit tax themselves. Periodical returns are required to

Exports – Recent Amendments

Exports Under GST Export of goods and services are given preferential treatment and benefits across the globe in the form

Evolution Of Fintech: Journey

Financial Technology or Fintech are innovations such as software, mobile applications, or algorithms that bring together the business owners and

Bank Statement Analysis: Crucial

Introduction A bank statement is the summary of the inflows and outflows of any particular account holder during the specified

Provisional Attachment Of Property

Provisional attachment of property is a legal term which essentially means seizing or blocking property including bank accounts of an

The Shift From Automation

People want to be better with every passing day and grow (personally and professionally) to lead a better lifestyle. It’s

Fraudulent GST Practices –

Introduction India has always been suspected to have a gigantic parallel cash economy which was primarily the reason for tax

Why Should You Automate

A question often asked – Why should we automate our purchases or procurements? What’s the need? Instead, we propose that

Importance Of Having A

Background Every business has many stakeholders and the importance of each stakeholder is different from the other. One such stakeholder

E-Invoicing Phase III: The

The country is all geared up for its final phase of the rollout of E-invoicing. With effect from 1 April

GST Offences And Penalties

Every business or taxpayer wishes to be tax compliant. Efficient tax administration helps and encourages businesses to become compliant. Filing

Tax Data Management With

While a lot of organisations may not consider data management a task for which technology is required, technology when used

Union Budget Amendments From

"For a USD 5 trillion economy, our manufacturing sector has to grow in double digits on a sustained basis. Our

How Discounting Platforms Can

Introduction Trade financing can be understood from dissecting the term itself – Financing a trade. It can be done by

Fiscal Budget 2021-22: An

Introduction: In a historic budget presented by the Hon’ble FM, Smt. Nirmala Sitharaman, she laid emphasis on the 6 pillars

GST Audit: Top 5

While the Finance Minister extended the due date to file GSTR-9 and GSTR-9C for FY 2019-20 from 31st December 2020

Industry Insights On Hospitality

The Indian hospitality sector has been witnessing a steady growth from the past few years and was contributing around 7.5%

Hyperautomation: In Different Business

This is our last in the series of three blogs on Hyperautomation. In our first blog, we covered the challenges

E-Invoicing Backward Integration Approach

While there has been much discussion around issuing E-invoices and the regulatory requirements, the other side of the story remains

E-Invoicing: Phase II And

The next phase of E-invoicing is here! For businesses with a turnover of more than INR 100 crores and less

Foreign Trade Policy

Export promotion has always been one of the top priorities of the Government of India. Boosting exports is important as

Hyperautomation – Role In

Hyperautomation collates several elements of process automation, integrating tools and technologies that intensify the capability to automate daily and repetitive tasks.Hyperautomation was

Hyperautomation – Concepts &

Automation has become the core subject in all discussions, inside and outside of conference rooms. This blog is a part

GST Constitutional Remedies And

The Indian Constitution is the utmost law of India. It has 470 Articles which are divided into 25 parts. It

Simplify Your Purchase Cycle

Once E-invoicing becomes applicable to all registered users, it will become an uphill task to keep a track of all

Simplify Your Purchase Cycle

After successfully launching the first phase of E-invoicing for the businesses with turnover exceeding INR 500 crore, the next phase

Adopting Changes Under GST

Background India has taken a big leap ranking 63rd in the world in ease of doing business1, which has a

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

Anti-Profiteering

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

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

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

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

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,

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

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

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.

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

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