goods and service tax

Reverse Charge Mechanism the recipient of goods or services is liable to pay GST to the government instead of the supplier. What is RCM under GST The Reverse Charge Mechanism (RCM) is the process of GST Payment by the receiver instead of the supplier. In this case, the liability of tax payment is transferred to the recipient/receiver instead of […]

Return for E-Commerce Seller and Operators can vary depending on the specific company and their policies. In general, e-commerce operators and sellers will have a returns policy in place that outlines the conditions under which customers can return products. These policies may include time limits for returns, requirements for the condition of the product, and

Adjustments in GST forms are made when there are errors or discrepancies in the details of sales and purchases reported earlier. For example, if a business discovers that it has reported incorrect details in GSTR-1 or GSTR-2, it can make adjustments in the next return. If a business discovers that it has not claimed input

Filing of  GSTR-9 for FY 2021-2022 What is the GSTR-9 annual return? GSTR 9 is an annual return to be filed yearly by taxpayers registered under GST. Points to note: It consists of details regarding the outward and inward supplies made/received during the relevant financial year under different tax heads i.e. CGST, SGST & IGST

Mandatory Reporting of HSN Code refers to the requirement for businesses to mention the relevant HSN code for each item of goods or services they are trading, in their invoices and other trade-related documents. This is usually required by governments for tax and trade reporting purposes. REPORTING OF 4-DIGIT HSN CODES IN GSTR-1 WITH TURNOVER 

E-Invoices are  mandatory for businesses with a turnover of RS.5 CRORE E-Invoicing/E-Invoice is a form of electronic billing which is increasingly mandated by Governments across the World due to tax evasion. In India, the Government introduced e-invoicing in mid of the financial year 2020 with businesses having aggregate turnover above Rs. 500 Crore. The limit

Cryptocurrency Taxable under GST is still being determined. However, as per GST council meeting dated 14th may 2021, it is announced that trading of Cryptocurrency will be taxable under GST. The GST council has decided to impose 18% GST on the purchase or sale of Cryptocurrency. TAXATION OF CRYPTOCURRENCY UNDER GST Virtual digital asset means

Checklist of GSTR-9/9A & 9C consists information that needs to be included in each form i.e. Details of all outward and inward supplies made during the financial year,Details of input tax credit availed,Details of any tax paid or required to be paid etc. Checklist of GSTR-9/9A & 9C What is GSTR-9 (Annual Return)? Informational/ a

Generation of E-WAY BILL using their Common Enrollment Number (CEN), which is a unique identification number assigned to them by the Indian government. The CEN can be used to log in to the e-way bill portal and generate the document electronically. This process is intended to streamline the transportation process and make it more efficient

GSTN: CHANGES IN TABLE 4  OF GSTR-3B RELATED TO CLAIM OF ITC It may be noted that the ineligible ITC, which was earlier not part of the calculation of eligible/available ITC, is now part of the calculation of eligible/available ITC in view of the auto-population of Table 4(A) of FORM GTSR-3B from various tables of

Barter Exchange under GST Term Barter is not defined in CGST Act, 2017. Barter is said to be a process of giving a thing in return for another thing, where no value is fixed. For example, bartering a book with a notepad. Barter involves two independent supplies. As per Black’s Law Dictionary, Eighth edition, barter