In the landscape of GST implementation, a significant dilemma emerged concerning whether the payment process concludes solely upon clicking 'Offset of liabilities' or if GST payment is finalized upon depositing the tax amount in the Cash Ledger (CL). The early stages of the GST portal...
In the realm of Goods and Services Tax (GST) compliance, staying abreast of the latest schemes and regulations is paramount for businesses. One such scheme, the Quarterly Return Monthly Payment (QRMP) Scheme, introduced under GST, aims to streamline the filing process for eligible taxpayers. Let's...
E-commerce, short for Electronic Commerce, denotes the exchange of goods, products, or services, including digital offerings, over digital or electronic networks. India has witnessed a significant surge in e-commerce activity in recent years, propelled by the widespread use of smartphones and internet connectivity. In response...
In the realm of taxation, GST registration stands as a pivotal process through which a taxpayer officially enrolls under the Goods and Services Tax system. Upon successful registration, a unique identifier known as the Goods and Services Tax Identification Number (GSTIN) is allocated to the...
Taxpayers often experience apprehension upon receiving notices from tax authorities. This article outlines the reasons behind such notices, preventive measures to evade them, and the protocol for responding to notices from the GST department regarding penalties, interest, and late fees....
In the aftermath of the implementation of GST, the insurance and banking sectors witnessed significant changes, affecting both policyholders and financial institutions. The rise in GST rates from 15% to 18% as of July 1, 2017, resulted in increased expenses for individuals and businesses alike....
A recent development in the realm of GST, Rule 86B, was introduced by the Central Board of Indirect Taxes and Customs (CBIC) through notification number 94/2020 dated 22nd December 2020. It garnered attention within the business community. Effective from 1st January 2021, Rule 86B imposed...
In this detailed blog, the complexities surrounding dropshipping businesses in India and their compliance with Goods and Services Tax (GST) regulations will be explored. The rise of dropshipping is notable for its inventory-free model, which eliminates substantial investments and mitigates the risk of dead stock....
The IT sector in India has undergone substantial transformation with the introduction of the Goods and Services Tax (GST) regime. Prior to GST, the taxation system in India was convoluted, burdened with multiple taxes, intricate compliance requirements, and tax cascading issues. However, with the implementation...
In the realm of taxation and fiscal management, the Goods and Services Tax (GST) stands as a pivotal framework aimed at streamlining the tax structure in India. Within this framework, the provision for the suspension of GST registration plays a crucial role in ensuring compliance...
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