Introduction The Goods and Services Tax (GST) has revolutionized the taxation system in India, simplifying tax compliance and ensuring a uniform tax structure. However, for small businesses, compliance with regular GST rules can be cumbersome. To ease this burden, the government introduced the GST Composition Scheme. This scheme is designed for small taxpayers, allowing them …
In the dynamic landscape of Indian taxation, the Goods and Services Tax (GST) stands as a pivotal reform, streamlining various indirect taxes into a unified system. For businesses, obtaining GST registration is not merely a legal obligation but a gateway to seamless operations across the nation. Central to this registration process is the submission of …
Introduction In the realm of taxation, the Goods and Services Tax (GST) has transformed business operations. Just as there are procedures for obtaining GST registration, there are also specified processes for its cancellation. Understanding GST registration cancellation is essential for businesses to maintain compliance and manage risk. This guide provides a detailed, step-by-step look at …
The realm of GST compliance often seems like a complex labyrinth, and one crucial aspect that businesses need to navigate is the annual return filing – specifically, GSTR 9. This comprehensive guide aims to shed light on the due date for GSTR 9 for the fiscal year 2022-23 and provides valuable insights for businesses striving …
Introduction: Micro, Small, and Medium Enterprises (MSMEs) are the backbone of India’s economy, contributing significantly to employment generation and economic growth. Effective management of working capital is crucial for the sustenance and growth of MSMEs. The implementation of Goods and Services Tax (GST) in India has provided an opportunity for MSMEs to optimize their working …
The nationwide GST laws have created an extensive system of compliance. GST laws are constantly changed to make it easier to comply with the GST regulations and to make it equitable for all. However, the government is focused on making GST tax laws more stringent as they’ve ever been. A failure to comply with GST …
The concept of refund in the parlance of GST is crucial for a taxpayer as it facilitates trade by releasing blocked funds for working capital, expansion, and modernization of existing business. The GST refund can arise on account of excess cash balance in the electronic cash ledger or the accumulated Input Tax Credit unable to …
It’s a fact that the implementation of Goods & Service Tax (GST) will result in a significant rise in compliance, which is required to incorporate all indirect tax systems of India. As of now, it is the GST portal contains a total of twenty-two kinds of GST Returns (GSTR) that fall under eight of them and …
E-invoicing adds automation to the filing of returns and makes it easier. It also improves controls against tax evasion. We will take a look at cancellation and amendment of e-invoices in GST. I have made a mistake in the invoice and have already generated an e-invoice. How can I change the e-invoice I have entered incorrect or …
18% GST would be levied from 18th July 2022, on the lease rent furnished for the rental residential lodgings to registered individual’s underneath GST. The amendment is on the recommendations of the 47th GST council meeting, conducted on 29th June 2022. For learning the revisions for the common man on the basis of the change, …