GST return filing

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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Statutory Obligations for the month of December 2023

The below are the various Statutory Obligations for the month of December 2023.Please ensure to comply with the obligations to avoid Interest / Penalty Sl. No Nature of Statutory Obligation Statute Due Date Link 1 Due Date for Payment of TDS for the month of November 2023 Income-Tax 07th Dec 2023 Link for Payment of

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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

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

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

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

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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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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GST Registration Chennai

All about Quarterly Returns with Monthly Payment (QRMP) Scheme

A new scheme for Small tax payers in GST has been introduced. The salient features of this scheme is provided below :- What is “Quarterly Returns with Monthly Payment (QRMP)” Scheme?QRMP scheme is for small taxpayers to file their FORM GSTR-1 and FORM GSTR-3B returns on quarterly basis while paying their tax dues monthly through

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