Reading Time: 2 minutes GST software simplifies the GST filing process and makes it easier for many businesses. The software has a wide range of features that eliminate a lot of complexities. The efficiency of the filling process is improved, allowing business owners to file GST before the due date. The software can generate invoices with all the necessary details without… Continue reading Important features to have in your GST software

Reading Time: 2 minutes A recent change in GST in the Finance Bill 2021 is the removal of the requirement of the GST Audit annually and the inclusion of self-certification. It was proposed due to a variety of reasons such as small taxpayers suffer from the CA’s high cost of compliance fees, who audit GST accounts annually.   Advantages of… Continue reading Impact of the abolition of GST audit provision on taxpayers: How technology can help

Reading Time: 3 minutes Seamless availability of Input Tax Credit (ITC) is the highlight of the GST regime. For any tax regime, the flow of credits is an integral part. It determines the cascading effect of taxes and the tax cost that forms part of each product to the ultimate consumer. Under the GST regime, the law specifies conditions… Continue reading Claiming GST Input Tax Credit? Here’s a checklist for you!

Reading Time: 4 minutes Background Before the GST regime, Indirect taxes in India were extremely complex and intricate. There were multiple levies governed by varied laws and regulations. This complicated the indirect tax domain further. Hence, there were high probabilities of mistakes being committed by taxpayers.  However, once the roll-out of GST was announced, it was anticipated that these complexities would… Continue reading How technology can assist businesses in mitigating GST Errors

Reading Time: 3 minutes Introduction The Indian Government in the last few years has been actively trying to formalize the economy by adopting various measures. The intent behind such measures is to widen the tax base and eliminate the cash or the parallel economy. Various steps are being taken in both the GST domain and the direct tax domain so… Continue reading TDS: New Provisions On The Corner

Reading Time: 5 minutes GST is a self-assessment regime wherein taxpayers are required to assess and deposit tax themselves. Periodical returns are required to be filed with revenue authorities. Such returns filed, are later assessed or scrutinized by the Government to identify any deviations. To further corroborate the assessment or scrutinization process, the Government relies on the accounts and… Continue reading Accounts & Records Under GST

Reading Time: 4 minutes Provisional attachment of property is a legal term which essentially means seizing or blocking property including bank accounts of an assessee, who is being subject to a department inquiry/ investigation/ assessment. Provisional attachment is a measure which is resorted to safeguard the interest of Government revenue to ensure a tax defaulter does not go absconding… Continue reading Provisional Attachment Of Property Under GST

Reading Time: 4 minutes Introduction India has always been suspected to have a gigantic parallel cash economy which was primarily the reason for tax evasions and frauds. With the intent to curb transactions happening under such a parallel cash economy, the Government took various significant steps such as demonetisation, GST roll-out, etc.  However, even after such drastic measures, the… Continue reading Fraudulent GST Practices – Impact On Businesses & Possible Safeguards

Reading Time: 7 minutes Every business or taxpayer wishes to be tax compliant. Efficient tax administration helps and encourages businesses to become compliant. Filing tax returns correctly and timely is not the only compliance. There are several other factors that decide whether a taxpayer is compliant such as maintaining nooks of accounts, filings forms, and fulfilling procedures, etc. However,… Continue reading GST Offences And Penalties