The Goods and Services Tax (GST) system is a crucial part of modern taxation, bringing about a significant change in how goods and services are taxed worldwide. The Goods and Services Tax (GST) was introduced to make the tax system more efficient and promote economic…

The introduction of the Goods and Services Tax (GST) in India is a significant milestone in the country's tax history. The GST was designed to simplify the complicated tax system that existed before it was implemented. It is a major step towards creating a more…

In India, businesses must stay up to date on regulatory changes and compliance requirements in order to stay ahead of the complicated web of goods and services taxes. The Goods and Services Tax Network (GSTN), which is the brains of GST management in the country,…

Following tradition, the Union Government has not introduced substantial changes under indirect tax legislation in its interim budget that came out this year. But the Goods and Services Tax (GST) rules have changed, and the 2023 Finance Act will reflect those changes. Among the most…

While tax laws are complicated, the Goods and Services Tax (GST) stands out as a key framework that has had a big impact on how businesses run and file their taxes in countries where it has been put in place. One of the tricky parts…

Keeping up with the ever-changing world of taxation is crucial for taxpayers, policymakers, and stakeholders. It's important to stay informed about the latest developments and policy changes. The February 2024 edition of the Goods and Services Tax (GST) Council Newsletter, which is the 59th edition,…

In the ever-changing world of Goods and Services Tax (GST) compliance, recent updates highlight the crucial need for businesses to accurately report their storage addresses, especially for those involved in importing goods. Recently, The GST authorities have sent notices to around 50 importers of spices,…

As the financial year comes to an end and a new one starts, businesses that operate under the Goods and Services Tax (GST) regime need to get ready for different compliance tasks and strategic initiatives. It is important to optimise GST compliance not just to…

Paying taxes is not a choice but duty, but it should never feel like an undue burden. Tax laws and regulations should be designed to prevent complications like double taxation. In alignment with this principle, the Input Tax Credit (ITC) was introduced. Through ITC, businesses…

The national informatics centre released an advisory dated 5th january 2024 issuing e-way bill rules which stated that the e-way bill generation of such businesses will be blocked who fails to include e-invoice details i.e. the IRN (invoice registration number).

Taxation is often perceived as a one-directional obligation where taxpayers feel that a significant portion of their earnings must be handed over to the government in the form of taxes. This leads some individuals to commit tax evasion, either by not paying taxes at all…

E-way bill as a provision within the ambit of GST was first introduced on 1st february 2018. Notification No. 12/2018- Central Tax, dated March 7, 2018 made E-way Bill mandatory for interstate transportation of Goods exceeding Rs.50000, the mode of transportation of these goods could…

The GST Network has started sending SMS alerts to businesses, flagging any mismatches they've spotted between different GST filings. A new rule introduced by (Notification 94/2020 dated December 22, 2020) means that if your GSTR-3B form doesn't line up with your GSTR-1 or 2B forms,…

In essence, all individuals selling goods are required to document information regarding their sales and purchases. GSTR-1 is a crucial form that registered taxpayers must fill on a regular basis, either monthly or quarterly, based on the taxpayer's classification. This form serves as a comprehensive…

Enforcement of law is always a question for authorities especially when the subject matter in hand revolves around taxation. Since the introduction of CGST Act the intention of the legislature to centralise taxation was well reflected. One prior concern and loophole in the earlier regimes…

The 37th meeting of GST council held on 20th september 2019 introduced the scheme of E-Invoicing, this move was initiated in order to standardise the GST ecosystem and to keep checks and balances upon the large number of business transactions taking place everyday, prior to…

The year 2017 will be marked as a historical year in terms of reforming indirect taxation laws in India. Goods and services tax was introduced to strengthen the indirect taxation mechanism in India and also to make taxation easy and transparent. Under GST the concept…