One of the biggest and positive changes that took place in 2020 is E-invoicing under GST. The main intention or reason behind introducing the concept of e-invoicing was to restrict and reduce fake invoicing that had been happening and was a great concern of the government. The government has introduced e-invoicing in a proper phased…
Goods and Services Tax (GST) is an important part of a nation’s taxation policy. It is a single unified tax system that has been implemented in many countries around the world. It is one of the biggest tax reforms that has replaced various taxes, such as value-added tax, excise duty, service tax, etc. Above all…
The most awaited and new tax system in India came into existence on 1st July 2017. After this, most of the businesses were able to continue smoothly as they adopted GST Compliance. But there are many businesses still that are not very sure about various compliances which can lead to heavy fines and penalties. Rules…
GSTR 3b is the basic return of GST. Every registered person except the composition dealer, TDS, and TCS deductor is required to file it. It is a monthly return and the payment of tax in GST is linked with GSTR 3b. It means we make the payment of tax under GST while filing GSTR 3b.…
GST State Codes List in India The GST taxpayer gets the GST number after registering with GST. The first 2 digits in the registration number are the state code. The GST State Codes are used to identify the state of the GST registered entity. These codes are also useful while raising invoices in GST and…
Here is some good news for tax-paying businesses in India. 28th GST council meet held on 21st of July 2018 has introduced a simple GST return filing system for the taxpayers. The government has introduced Sahaj and Sugam forms for filing GST returns. In this article, we’ve explained how these new forms will simplify…
The GST registration process is a long one that involves business-related documents. For registration, you need to submit different types of documents according to the type of company registration. Find out the documents required for GST registration for Sole Proprietorship or Individual, Partnership or LLP, Private Limited or Public limited or One Person Company,…
Ever since the GST law was implemented on 1st July 2017, business owners repeatedly faced difficulties while filing GST returns. GST was a huge change where all the indirect taxes were merged into one single law. So, initial hiccups were expected. So keeping in mind all the problems businesses were facing, the government keeps extending…
What is an E-Way Bill E-Way Bill is the short form of Electronic Way Bill. It is a unique document/bill, which is electronically generated for the specific consignment/movement of goods from one place to another, either inter-state or intra-state and of value more than INR 50,000, required under the current GST regime. As per…
It is no news that the implementation of the GST (Goods and service tax) will pose some major advantages and a few disadvantages to the services industry. Many service businesses will face a lot of changes over the years as they try to conform to the introduction of this new taxation system and we…