GST on Adoption Fees Exempted, Kids Are Not Goods

On November 5, 2019

After its implication in 2016, GST is constantly changing. There has been a lot of exemption and simplification of GST in recent times. In addition to pre-existing changes, a new ruling by the Maharashtra bench of the Authority for Advance Rulings(AAR) is ready to make its way to the amends. The new ruling is about […]

Simplification of GST to improve India’s BIZ Ranking

On October 31, 2019

India has jumped 14 places to the 63rd position on the World Bank’s ease of doing business ranking. After witnessing the performance, industrial sector oozed confidence that India will climb the ladder farther and soon will be among the top 50 nations on the World Bank’s ‘Doing Business’ 2020 report. The ranking has only been […]

GSTN will release a new version of return filing interface on 22 October

On October 15, 2019

With an aim to further simplify the process filing GST, GST Network (GSTN) will release an improved version of the GST return filing interface on 22 October. Many suggestions provided to the department were incorporated in version 2 which is in place right now and the other updates can be seen in version 3 which […]

Chandigarh tops the GST chart in-country by registering 89.6% GST returns

On October 11, 2019

Chandigarh ranked first in the country in the Goods and Service Tax (GST) collections by registering 89.67% filing of GST returns in the first six months of the current financial year, from April 1 till September 30. According to the records, Chandigarh has around 30,000 GST number holders from different segments, but automobile industry, sanitaryware manufacturers, […]

Auto Industry will have to “find its own balance” – says president SIAM

On September 27, 2019

Following the slowdown in the automobile sector, president of Society of Indian Automobile Manufacturers (SIAM) said that the auto industry will have to “find its own balance” to boost demands. The auto industry was very hopeful of GST reduction but the GST Council is clearly declining to cut rates for the auto sector. The industry […]

What is GSTR- 2A reconciliation & why it is important for your business

On September 24, 2019

What is GSTR-2A? GSTR-2A is a purchase-related tax return that is automatically generated for each business by the GSTN portal. It is based on the details of GSTR 1, details operator from GSTR 5 (supplied by non-resident taxable person), GSTR 6 (ISD), GSTR 7 (TDS Deduction) and GSTR 8 (collected by TCS e-commerce) of your […]

Five things to anticipate from GST Council meeting in Goa today on 20th Sept

On September 20, 2019

The Goods and Services Tax (GST) Council, is set to meet in Goa amid demands from the industry for a fiscal spur. We will explain 5 probable decisions that we can expect from the meeting to be chaired by union finance minister Nirmala Sitharaman today. 1. Relief in Tax Compliance for small businesses The Council […]

5 Major changes in income tax laws that came into effect from September

On September 11, 2019

As the full budget for financial year 2019-20 was presented after the general elections, there are certain changes, that are now applicable from the September 2019. 1. TDS on non-exempt portion of life insurance As the net income portion is defined as the total sum received less of total amount of insurance premium paid. So […]

Method of Utilization of Input Tax Credit (ITC) in GST

On April 21, 2019

WHAT IS INPUT TAX CREDIT (ITC) IN GST? Goods and Services Tax (GST) is considered the biggest financial reforms in India. Input Tax Credit in brief, ITC under GST is a credit which is available to supplier to set off the tax he has paid on purchase of goods from output tax on sale of […]

GST Input Tax Credit (ITC) Reconciliation

On April 5, 2019

5 BASIC CONDITIONS FOR AVAILING INPUT TAX CREDIT Following conditions should be satisfied to avail input tax credit under GST Goods or services received must be for furtherance of business Tax Invoice, Debit Note, Bill of Entry should be available Goods or services must be received Tax charged on the invoice should be paid by […]