The new financial year starts tomorrow, and there are many activities to be done as per year ending for the organization. Apart from those year-ending activities, some changes must be done from 1st April 2021 with respective compliances from GST, Income Tax & MCA purposes. These changes are statutory for some and for some in […]
To provide better user experience at the same time to curb the tax evasion, e-invoice is introduced from 1st Oct 2020 for taxpayers having turnover above Rs 500 Crores. Now the same is extended to taxpayers having turnover above Rs 100 crores from 1st Jan 2021 and which will be further expanded to all B2B […]
The final acceptance for the claim of input tax credit in respect of any tax period, for the matched tax invoice, debit note or for IGST paid on imports shall be made available electronically to the registered person making such claim in FORM GST MIS-1 through the common portal.
The claim of input tax credit shall be considered as matched where the amount of input tax credit claimed in GSTR – 2 of the recipient is equal to or less than the output tax on such tax invoice or debit note in the GSTR -1 of the Supplier.
It is almost 120 days after the rollout of GST and we are yet to file the first month returns, i.e., for the month of July 2017. Is technology the main culprit for this delay? The answer is “Yes” and “No.” Yes, in case of taxpayers who have a large number of invoices and becomes […]
Any invoice or debit note issued in pursuance of any tax payable in accordance with the provisions of section 74 or section 129 or section 130 shall prominently contain the words “INPUT TAX CREDIT NOT ADMISSIBLE.”
In GSTR – 3B, the tax implications on the credit notes, debit notes & purchases from unregistered dealers which are falling under RCM have to be reported and paid, in case of f the taxpayer has missed all these documents, they can upload the same in GSTR – 1 and GSTR – 2 and this […]
As per the GST Returns Final Formats, in Table 9 of the GSTR – 1, all the debit notes, credit notes, refund vouchers issued for the supplies made for the earlier period has to be shown here. The documents for the B2B and B2C will be shown here.
As per the Draft Input Tax Credit Rules, Input tax credit can be availed only the debit note issued by the supplier of goods or services or both and the taxable value or tax charged in that tax invoice is found to exceed the taxable value or tax payable in respect of such supply, or where the […]