Accounts and records are the primary source of data for any organization’s financial reporting. Every law of Direct and Indirect Tax in our country also mandates that information in a prescribed manner has to be captured and preserved for [...]
Every registered regular tax payer has to furnish GST returns on a monthly basis and pay the tax due by the 20th of the month. If a tax payer does not pay the tax due, interest on the tax due [...]
Various measures have been laid down to check non-compliance under GST. These vary based on the severity of the offence. Penalties have been made stricter for tax evaders under GST, when compared to the current regime. In the current [...]
In the erstwhile regime, the value of input credit availed by you did not depend on the remittance of tax liability by the supplier. As a result, the compliance of vendor was not an influencing factor in vendor evaluation. [...]
In the GST era, a business will broadly be classified under two brackets – registered and unregistered. Within the registered bracket, there will be two possibilities – either the business may be a regular dealer, or under composition scheme. [...]
Under GST, the place of supply determines the tax to be charged on a supply. Based on whether the supply is of goods or services, specific rules have been laid down to determine the place of supply. With GST [...]
Under GST, there are three critical ledgers which you must keep a track of. These ledgers are maintained electronically in each tax payer’s login in the GST portal. These ledgers will give you information on the amount of cash [...]
Under GST, interest is liable to be paid when there is a delay in payment. Provisions have been made for interest to be paid, when there is a lapse by the tax payer as well as by the Department. [...]
Over the past few months, several businesses across the nation have been plagued with GST notices from the government. If reports are to be believed, there has been a nearly 34% of GST mismatch or underpayment of GST, amounting [...]
