Goods and Service Tax is an indirect tax levied across the whole country which came into force on 1st July 2017. GST is a self-assessment-based tax and being in its early stages, a large no of businessmen are facing hurdles to keep the compliances in check with the law in force. Audit under GST is …
With the dawn of 01st July, 2017, India witnessed one of the biggest changes in its indirect taxation structure after independence i.e. Goods & services tax. GST is a destination-based tax which implies that goods & services will be taxed at the place of consumption. Therefore under GST, the state where the goods & services …
Q1. What is GST PMT-09? Ans. GST PMT-09 Form is a challan that is recently introduced by the Central Board of Indirect Taxes and Customs (CBIC) for shifting wrongly paid Input Tax Credit (ITC). Q2. Why GST PMT-09 Form is required? Ans. GST PMT-09 Form enables a registered taxable person to allocate any wrongly utilized …
Before starting with the technicalities related to the GST Audit Form (GSTR 9C). We need to know what GST Audit Form is? Under GST, GSTR 9C is an annual audit form that shall be furnished by the taxpayers whose annual aggregate turnover is 2 Crore INR or more. However, in addition to this GST Audit …
E-Invoice is the procedure of invoice validation electronically, for its use on the common GST portal. It’s mandatory for every registered person (whose one financial year turnover exceeds Rs. 100 cr.) to register for an e-invoice. However, the taxpayer remains in perplex about the e-invoice process and also e-invoice benefits, which are quite imperative to …
Fake invoicing for frauds and tax leakages is perhaps the common issue faced by the government. It’s not a matter of today that barrage of frauds is troubling the government. GST E-Invoicing system is surely an assured way to fix the issue. The mandatory authorization of E-Invoice will put an end to tax leakages and …
Reconciliation under Goods & Service Tax (GST) implies matching the data filled by the supplier to that of the recipients. It is made for collecting or recording all the transactions done during a particular period. The GST reconciliation process is formulated and strengthened to its unevolved, non-effective self; it has been before VAT and excise …
What is goods in transit? Goods in transit refer to inventory items and other merchandise that are shipped by a vendor, but have not yet reached to the vendee. Example Ramesh (seller) sent goods to Suresh (purchaser) but the carriage in which goods were sent broke down. Ramesh recorded them as sales but as good were not received by Suresh he could not record them as purchases. These …
Exactly two years back on today’s date GST Act was launched, precisely on July 1, 2017. In the shape of one nation tax, GST has turned out as the biggest tax reform till date. During these two years, it has beaten the initial jitters and passes through a plethora of peaks & troughs. So, it …
