The Goods and Services Tax (GST) regime in India introduced a new way of determining tax liability. Understanding the concepts of “time of supply” and “value of supply” is crucial for businesses to ensure you pay the correct tax amount at the right time. To understand the concept is not easy for a newbie or whose background is not related ...

Even minor mistakes in filing GST returns can lead to trouble from the GST department, which is something no business owner wants. To do so, you need to avoid these 10 mistakes which we are going to learn in this post. All business owners must file their Goods and Services Tax (GST) forms / returns correctly and on time in ...

HSN 9954, under the Goods and Services Tax (GST) regime, pertains to “Construction Services of Buildings”  While it seems straightforward, claiming input tax credit (ITC) on services covered under this HSN can be tricky and may lead to notice from the department.  It should be understood the scenario where the ITC on this HSN is allowed and under what circumstances. ...

If you are a registered taxpayer under GST, you must have received a notice from the GST department to reverse the credit availed on supplier’s invoice who has not filed GSTR-3B returns. This type of notice is common for the period 2017-18 and 2018-19 where facility of GSTR-2A was not available to reconcile the credit. When the notice is received, ...

You might be thinking of starting a business and as you know, in many cases, you will be required to have a GST registration. Many wholesalers also pressurize their buyers to have GST registration irrespective of their threshold limit. But, as you have just started a business, you might have lower turnover and complying with so many rules under GST ...

Either you are a taxpayer or a Tax consultant or CA, you must have faced this problem. What documents need to be uploaded while filing a GST refund RFD-01 application. GST refund of many types, but in this post, I will discuss and share you the list of documents with respect to the important GST refunds like refund or accumulated ...

Understanding ineligible or block input tax credit (ITC) is as important as learning the conditions of eligibility of input tax credit (ITC). A taxpayer should also be aware where the GST Act restricts you from availing input tax credit in your returns else you can lend yourself in reversal of input tax credit along with interest and penalty. In this ...

While doing business, raising invoices is a day-to-day work and its accounting is also an essential part to smoothly run business. You might have not thought that there is any method or rule to issue an invoice or how an invoice should be under GST to avoid any penalty from the tax authorities.   But, I tell you that the CGST ...

In the complicated web of tax rules, the Goods and Services Tax (GST) stands out as a key factor that affects how businesses manage their money. As per GST provisions, You as a business owner, need to maintain records not only for the GST department but also necessary strategically to maintain long-term growth.  Luckily, the digital age has given us ...

Understanding the provisions of GST may be a hard-nut to crack. You need to go through every provision and comply accordingly in order to receive any notice from the department. There are plenty of cases pending and notices issued against wrongful availment of Input Tax Credit (ITC) under GST Act.  No businessman or company wants notice from the department where ...