GST Consultants in Chennai

Statutory Obligations for the month of Feb 2025

The following are the various Statutory Obligations for the month of Feb 2025. Act Nature of Compliance Due Date Income-tax Due date for deposit of TDS for the month of Jan 2025 07th Feb 2025 GST Return for Tax Deducted at source to be filed by Tax Deductor in GSTR 7 10th Feb 2025 GST […]

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Statutory Obligations for the month of Jan 2025

The following are the various Statutory Obligations for the month of Jan 2025. Act Nature of Compliance Due Date Income-tax Due date for deposit of TDS for the month of Dec 2024 07th Jan 2025 GST Return for Tax Deducted at source to be filed by Tax Deductor in GSTR 7 10th Jan 2025 GST

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The Complete Guide to Legal Entity Identifier (LEI) Registration

Legal Entity Identifier (LEI) Registration In the complex tapestry of global and Indian financial transactions, transparency is a cornerstone. The Legal Entity Identifier (LEI) serves as a critical tool in this context, providing a unique identity to every legal entity engaged in financial dealings. This guide explores the adoption, process, and benefits of LEI registration

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Difference Between ASMT-10 and DRC-01 under GST – Know about this for correct compliance

Difference Between ASMT-10 and DRC-01 under GST In the Goods and Services Tax (GST) system, the government follows a structured process to ensure that taxpayers comply with their obligations. Two important notices that taxpayers may receive during this process are ASMT-10 and DRC-01. Though both notices are linked to discrepancies in tax filings, they serve

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GST E-Way Bill: 15 Essential Precautions to Avoid Costly Mistakes

GST E-Way Bill: 15 Essential Precautions to Avoid Costly Mistakes

GST E-Way Bill: 15 Essential Precautions to Avoid Costly Mistakes Introduction The Goods and Services Tax (GST) E-Way Bill system is an essential part of transporting goods across India. It ensures that goods in transit comply with the GST laws and helps prevent tax evasion. However, generating an E-Way Bill correctly is crucial to avoid

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GST on Reverse Charge Mechanism (RCM) for Security Services

Understanding GST on Reverse Charge Mechanism (RCM) for Security Services as per Notification No 29/2018- Central Tax (Rate) dated 31-12-2018

Understanding GST on Reverse Charge Mechanism (RCM) for Security Services The implementation of the Goods and Services Tax (GST) in India brought significant changes to the taxation system. One such change is the Reverse Charge Mechanism (RCM), which shifts the responsibility of tax payment from the supplier to the recipient. In this article, we will

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GST input tax credit

Unlocking the Secrets of GST Input Tax Credit: How to Optimize Your Claims and get maximum benefit in 2023.

Understanding GST Input Tax Credit: How to Optimize Your Claims The Goods and Services Tax (GST) has revolutionized the Indian taxation system, bringing about a unified tax structure across the country. Under the GST regime, businesses can claim Input Tax Credit (ITC) to offset the taxes paid on inputs against the output tax liability. This

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E Invoicing Limit reduced to 5 Crores w.e.f 01st Aug 2023

The CBIC has reduced the E invoice limit for business from the existing 10 Crores to 5 Crores. This is w.e.f. 01st Aug 2023. Accordingly, if the turnover of the business has exceeded more than 5 Crores in any of the Financial years starting 2017-18, E invoicing will be applicable w.e.f. 01st Aug 2023. The

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Changes in GST Rates w.e.f 01st Oct 2021

The recent 45th GST Council meeting had suggested changes in GST Rates in respect of various goods and services. These changes in rates are w.e.f. 01st Oct 2021. For giving effect to these changes, the below notifications arere issued :- 06/2021-Central Tax (Rate) ,dt. 30-09-2021 07/2021-Central Tax (Rate) ,dt. 30-09-2021 08/2021-Central Tax (Rate) ,dt. 30-09-2021

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Missed filing GST Returns or your GST Registration is cancelled? GST Amnesty scheme can give you some relief… Read how…

Filing of GST Returns on due dates is very important in GST regime which not only ensures seamless flow of Input tax credits but also to keep the GST Registration active. Due to various reasons, if you have not filed your GST returns for any months between July 2017 to April 2021, here is an

Missed filing GST Returns or your GST Registration is cancelled? GST Amnesty scheme can give you some relief… Read how… Read More »

GST Registration Chennai

Input Tax Credit (ITC) Reversal for Non Payment to your suppliers

As per Section 16(2) Second & Third Proviso of CGST Act,2017 , if a Tax payer fails to pay the supplier of goods or services or both, within 180 days from the date of Invoice, the amount equivalent to the Input tax Credit (ITC) availed by the recipient shall be added to the output liability

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