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GST

Online Unblocking Of E-Way Bill

Few Days before the government has come up with a significant change with regards to the e-way bill generation facility on the web portal of e-way bill. E-way bill generation is blocked for taxpayers who have not filed their returns for the previous 02 consecutive months/quarters. Therefore, if a taxpayer has not filed GSTR-3B for two or more consecutive months, then he/she cannot generate e-way bills to do dispatches and… Read More »Online Unblocking Of E-Way Bill

Transitions in GST Rules Which are Applicable From 01st January 2021

In light of the GST investigation wing recently find few cases of fake invoices and fake firms, which also resulted in the arrest of some individuals CBIC has issued few notifications amending the CGST Act, 2017 and the CGST Rules, 2017 which are applicable with effect from 1st January 2021. With the increase in the number of fraudulent cases, fake invoicing by many concerns, and creation of dummy firms the… Read More »Transitions in GST Rules Which are Applicable From 01st January 2021

Rule 86B of CGST Rules and Its Impact

The Central Board of Indirect Taxes and Customs (CBIC) has introduced new rule 86B vide notification number 94/2020 on 22nd December, 2020. Rule 86B is made effective from 01/01/ 2021. This rule basically says that if the taxpayer’s taxable turnover exceeds above INR 50 lacs in a given month, then in that month, the taxpayer is required to pay 1% of output liability of such taxable turnover by cash ledger… Read More »Rule 86B of CGST Rules and Its Impact

Auto Population of E-Invoice Details in GSTR-1/2A/2B/4A/6A

The Goods and Services Tax Network i.e. GSTN has issued the advisory related to Auto-population of E-Invoice details in GSTR-1/2A/2B/4A/6A. Certain notified taxpayers have been issuing invoices after obtaining the IRN a.k.a. Invoice Reference Number from the IRP (Invoice Registration Portal) (commonly termed as ‘e-invoices’). Details from such e-invoices shall be auto-populated in respective tables of GSTR-1. Update on the status of such auto-population was last published on 30th November… Read More »Auto Population of E-Invoice Details in GSTR-1/2A/2B/4A/6A

Who Can Exercise Power Under Section 83 Of CGST Act, 2017

Any case under diverse tax laws, including GST, might take an adequate amount of time. The pendency of any proceedings could likely delay the earning of revenue by the government. Further, the taxpayer may transfer his/her property to another person before the end of the proceedings. What is the meaning of attachment of property? If the government attaches the property of any individual, the person cannot transfer the said property… Read More »Who Can Exercise Power Under Section 83 Of CGST Act, 2017

E-Invoicing Under GST: A Critical Analysis

In the 35th meeting of the GST Council, the council has decided to implementation a system of e-Invoicing, which will be applicable to specified categories of persons. The CBIC (Central Board of Indirect Taxes and Customs) formally notified the system of e-Invoicing under GST vide Notification No. 68/2019 – Central Tax, which inserted sub-rules (4), sub-rules (5) and sub-rules (6) under rule 48 of the CGST Rules, 2017 for the… Read More »E-Invoicing Under GST: A Critical Analysis

All About Aadhaar Authentication For Existing GST Taxpayers

The CBIC (Central Board of Indirect Tax and Customs) had released a notification on March’23,2020, about Aadhaar authentication for GST registration from April’01, 2020. The same has been amended vide notification 62/2020 on August’20, 2020 to be made optional. The aadhaar authentication for GST registration is not required for those who are non-residents, persons other than citizens of India, and persons who have already been registered under GST. Aadhaar authentication… Read More »All About Aadhaar Authentication For Existing GST Taxpayers

Whether GST Liability Can Be Paid In Monthly Installments?

Every registered person is needed to compute his/her tax liability on a monthly basis by setting off the ITC (Input Tax Credit) against the Outward Tax Liability. If there is any tax liability then the same is required to be paid to the government. These are 3 ledgers that is required to be maintained by every tax payer as prescribed by the government – Electronic Tax Liability Ledger Electronic Cash… Read More »Whether GST Liability Can Be Paid In Monthly Installments?

GST and Statutory Compliance Under Dropshipping Business

Dropshipping is a business in which the seller sells the goods which he/she does not own at time of selling goods but then passes the order to a third party after receiving order then third party delivers the order to the purchaser. The dropshipping business is increasing at a rapid rate. Since the person does not purchase the goods in advance, there is no investment and no risk of dead… Read More »GST and Statutory Compliance Under Dropshipping Business

15 Important Points Of GST In Income Tax Audit To Be Taken Care Off

After Corona pandemic relief, income-tax audit season is approaching now. Now, let’s understand what are the important points of GST which are to be remembered while doing Tax Audit under Income Tax Act, 1961? These are few important points of GST which shall be checked while doing Income Tax Audit and filing 3CD FORM: Clause 4: The GST no. of the assessee should be reported in clause 4 of the… Read More »15 Important Points Of GST In Income Tax Audit To Be Taken Care Off