With the introduction of the Goods And Service Tax in India, a lot of new changes have taken place. In as much as there are some few negatives ones, the majority of changes are positive and ideal for many businesses. The introduction of GST can be considered as India’s biggest and best tax reform of…
Most Indian businesses have started complying with GST after 1st July 2017. Now, invoices and bills are being raised in the GST format. After the initial glitches in filing monthly returns, Government has taken various steps to simplify GST Return Filing. Tax authorities had introduced a simple return form called as GSTR 3B. This has to…
Every month suppliers will be required to upload their invoices to GSTN portal and those will be matched with the purchases from customers. So, invoice matching is going to be a monthly affair for businesses. Use of IT systems for bookkeeping and tax compliance work will be seen even in many small and medium…
Goods and Services Tax (GST) is considered the biggest reforms in India. However, one thing that has become the talking point is the mechanism of input credit under GST. In simple words, Input Credit means at the time of paying tax on sales, you can reduce the tax you have already paid on purchases. In…