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Updated on June 5th, 2019 in Composition Scheme

Advantages and Disadvantages of Composition Scheme Under GST

The debate which started months ago about, whether the composition scheme will bring smile or tears is still on and relevant today. Of course, there are many elements which make it shine and the GST Council is brainstorming and fine-tuning it in almost every council meeting. However, the list of the minuses can also not…

Updated on December 21st, 2018 in GST Updates

GST Portal Issues get messy – Confederation of All India Traders seek CBI enquiry

Goods & Services Tax [GST], one nation – one tax, the colossal taxation module, which was aimed at widening the tax base and simplifying the taxation net, doesn’t seem to perform reasonably. Changing rules, complex intricacies and lack of proper and adequate knowledge is giving the businesses a real bumpy ride. The Confederation of All…

Updated on December 21st, 2018 in GST

Dates to be Remembered in November, 2017

With the due dates of various returns and forms filling getting extended under GST and income tax, the industry seems to be sweating under their jackets due to the pressure getting built up. It is really important to remember all the due dates so that pockets are not burnt in the sake of fines and penalties. Here I have tried to capture the due dates of all the returns and forms that is required to be filed in November under the direct and indirect taxation laws.

Updated on March 30th, 2019 in GST

GST on Education Services

Education is the process of training and developing knowledge, skill and character of students by normal schooling. The GST Act tries to maintain a fine balance whereby core educational services provided and received by educational institutions are exempt and other services are sought to be taxed at the standard rate of 18%. Auxiliary services received by such educational institutions for the purpose of education up to Higher Secondary level is also exempt from GST. Other services related to education, not covered by the exemption would be taxed at a standard rate of 18% with full admissibility of ITC for such taxable services in cases where the output service is not exempt.

Updated on December 21st, 2018 in GST

How to Resolve – “Processed with error” message while saving TRANS-1

An error message – “Processed with error” is shown sometimes when we save the details of the existing registration while claiming transitional credit of the returns in Table 5 with heading “Amount of tax credit carried forward in the return filed under existing laws” in the TRAN-1 form . During Enrollment/ Registration, we were given…