Equipping Modern Enterprises with Powerful GST, E-Way Bill & E-Invoicing Solutions
To help taxpayers track their GST liabilities, payments and Input Tax Credit availability and utilisation, the GSTN has enabled one electronic register called the Electronic liability register and two electronic ledgers namely Electronic Cash Ledger and Electronic Credit Ledger on the GST portal. The electronic liability register is maintained in FORM GST PMT-01, electronic cash … Read moreFORM GST PMT-02: Electronic Credit Ledger
The introduction of GST in India impacted the (financial services sectors) Banking and Insurance sectors amongst other sectors in the country. Users were affected directly when GST was introduced as the prevailing service tax rate was 15%, and the new GST rate was 18%. In this article, we will discuss the impact of GST on … Read moreImpact Of GST On Banking And Insurance Sectors
On 22 December 2020, the Central Government has issued Notification No.92/2020-Central Tax to appoint 01 January 2021 as the date Sections 119, 120, 121, 122, 123, 124, 126, 127 and 131 of the Finance Act, 2020 will be applicable. These sections in the Finance Act, 2020 relate to amendments in the provisions of the CGST … Read moreSummary Of Notification No. 92/2020-Central Tax Dated 22.12.2020
The Government of India rolled out the first phase of e-Invoicing implementation in October 2020. Businesses with turnover of more than INR 500 crores in any financial year from 2017-18 had to implement the e-Invoicing process mandatorily from 1 October 2020. Furthermore, in the second phase, Businesses with an annual turnover of more than INR … Read moreMasters India autoTax And Tally – E-Invoicing Solution
To avoid disputes in the assessment of tax liability, a system of Advance Rulings was introduced in the GST regime. A Taxpayer, with the help of advance ruling, can prepare themselves ahead of time for their future GST liability payments. The Authority for Advance Ruling (AAR) is a legally established body that issues the advance … Read moreAuthority For Advance Ruling (AAR) In GST
The CGST Rules, 2017 articulates specific rules regarding inspection, search and seizure. The authorised officers, within their rights, serve orders in various forms. In this article, we will discuss one such form – Form GST INS-05: What Is Form GST INS-05? What Happens If The Taxable Person Fails To Make The Payment To Release The … Read moreForm GST INS-05
There may be situations where a tax officer needs to assess the income of a person without having all the necessary information in hand. Such an assessment is called ‘Best Judgement Assessment’ since the tax officer tries to estimate the tax liability by himself based on the limited information available. When Can A Tax Officer … Read moreBest Judgement Assessment Under GST
Businesses tend to demand advances to safeguard their interest. The advance received may be adjusted with the final payment, future supplies or may be refunded. Under the GST law, for any advance received (for any supply), the time of supply is fixed at the point when the advance is received, irrespective of the fact whether … Read moreReceipt/Refund Voucher To Be Issued for Advance Payment
