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CGST Full Form and CGST Meaning

CGST (Central Goods and Service Tax) act has been authorized to make an arrangement for levy and collection of tax on intra-state supply of goods or/and services by the Central Government and the issues associated therewith or accidental thereto. CGST Act objective Under past taxation laws, Central Government imposed taxes on, production of specific goods … Read moreCGST Full Form and CGST Meaning

GSTN Issues Advisory to Start New Invoice Series

The Goods and Services Tax Network (GSTN) issued an advisory on 4th April, 2019 inviting all taxpayers to Rule 46(b) of the CGST Rules, 2017. This rule states that the tax invoice issued by a registered person should be inclusive of a consecutive serial number with a maximum of 16 digits. It may be issued … Read moreGSTN Issues Advisory to Start New Invoice Series

Section 43A – Filing Returns and Availing ITC

Section 43A is a recent addition to the CGST Act, 2019 which deals with the procedure for filing returns and availing Input Tax Credit. It has made the previously followed procedures more simplified and easy. Hence, getting acquainted with Section 43A is important for taxpayers who have to furnish returns and avail credit. This article … Read moreSection 43A – Filing Returns and Availing ITC

Summary of Notifications under CGST Act till date

Notifications under CGST Act till date S.No. Date Of Notification Effective Date Notification No. Subject Summary 1 19-Jun-17 22-Jun-17 1 Seeks to bring certain sections of the CGST Act, 2017 into force w.e.f. 22.06.2017 Provisions in respect of definitions, officers, appointment, powers, composition levy, registration, migration, common portal and power of government to make rules … Read moreSummary of Notifications under CGST Act till date

Analysis of Interest on Reversal when Payment Not Made in 180 Days

Let’s analyse the GST provisions one by one to obtain a clear cut understanding of the intention of the lawmakers. Section 16 of CGST Act, 2017 says: (1) Every registered person shall, subject to such conditions and restrictions as may be prescribed and in the manner specified in section 49, be entitled to take credit … Read moreAnalysis of Interest on Reversal when Payment Not Made in 180 Days