In order to sell across India, any individual, firm, or company needs to obtain a GSTIN. However, there are some anomalies in the general legal practice of registering for GST. You don't need any hard copies or printouts to register your shop or business on the GST portal. You can enrol on the government's GST portal using its enrollment functionality. The GSTINs are not easy to obtain, however. ......

What is the CGST Notification Through CBIC for E-Invoicing Under CGST Act 2017? CBIC provided the Circular No. 17/2022-GST dated 1st Aug 2022 which mentioned that the required e-invoicing from 1st Oct 2022 for the businesses whose aggregate turnover is more than Rs 10 cr in any fiscal year from 2017-18 to 2021-22 towards the B2B supply of goods or services or both including for exports. When the ......

When you are unable to report some part of your income in your ITR towards the Financial Year 2021-22 (AY 2022-23) then you could report the same in the subsequent 2 years by furnishing an updated return. The updated return (ITR-U) utility shall come into force from the start of the current financial year (1 April 2022). Finance Act 2022 has introduced the same. For the same intention, the act wou......

There are nearly 7 ITR forms that are available for several classes of assessees to furnish before the last date of the fiscal year. The ITR-1 (Sahaj) would be one of the simpler forms and caters to a bigger number of small and medium assessees. Sahaj would be required to get furnished via assessees who secure the income of up to Rs 50 lakh and who obtain the income through the salary, one house p......

The same time duration is known for tax filing where the investors proceed to obtain their income tax documents to file the ITR and prevent the lapse of the due date. Form 26AS is an essential document that acts as a passbook for your tax deposits. Obtaining Form 26AS is compulsory so as to save your assessment year. The same would be essential to match the tax credit figures in your Form 26AS wi......

Recently the government has released notification no. 40 in consent with the amendments over certain rules and regulations. The amendments include GST refund filing application now mandates the Aadhaar authentication to process it further. The eligible ITC shown in the GSTR 2B will be base to provide the ITC to the assessment. The GSTR 9 and GSTR 9C annual return form and reconciliation statement ......

GST(Goods and Services Tax) has made the tax collection efficient and uniform all over the country. Before GST act, the taxes could not be collected uniformly. There was VAT and other state taxes which created a lot of chaos and tax evasion was rather easy thing to do. In addition to that the taxes were separate for each state and hence it was cumbersome to manage them and pay at correct time. It ......

The Good and Service tax came into effect from July 1, 2017. It is now 2 years and 6 months and still, there are some issues that need to be Solved. After the launch of the GST, it was well supported by the Indian trade, Industry, and professionals. But the government and authorities also need to solve the problems so it will fix the current structure from the ground level. The solution is also ne......

Income-tax Act, 1961 has provisions for tax relief under Section 80 D, Section 80 DD and Section 80 U for medical purposes. Let us check out the complete section-wise benefits on income tax of all the medical insurance provisions and expenses on medical treatment taken by the insured or general people.   Under Section 80 D, deductions can be claimed for purchasing medical insurance polici......

Here we will be going through all the compliance calendar due date related to the goods and services tax including all the relevant forms which are to be filed in the month of December 2019. All the taxpayers are required to be compliant as per the given dates which would further save them from the penalty. Due Dates Compliance Particulars Forms/ (Filing mode) 10.12.2019 Form G......

GSTR annual forms have gone through multiple changes in the recent time, therefore, this article will let you go through all the recent amendments done via central tax notification no. 56/2019 in both the GSTR 9 & 9C. Let us check out all the relevant updates in the annual forms: GSTR 9 Form Simplification Details Along with Proper Option Table 4 and 5: Details of Outward Supplies ......

It is vital for all the registered business in India to comply with the rules and regulations given under the Income Tax Act 1961. The below-given table contains various updated compliance requirements for businesses in India to adhere to the provisions given under the Income Tax Act 1961. The given table also provide due dates for tax return filing, TDS certificate issuance, and furnishing vari......

The Modi government in its second term is set to announce the first budget on July 5 under the supervision of new Union Finance Minister Nirmala Sitharaman. Although the Modi 1.0 government has already proposed some relief in interim budget back in February this year. Yet, we expect some addition in suggested sops for individuals on the income tax front in upcoming budgets on Friday but not much. ......

GSTR 9 is an annual return form for all the registered taxpayers under goods and services tax. The taxpayers have to file all the details and transactions of the complete year with invoice data and purchase history for the SGST, CGST, and IGST data. Let us understand Table 6 of GSTR 9 form having details of inward supplies. In the GSTR-9 Annual Return form, the taxpayer has to mention the details ......

The taxpayers often get confused about how to file their tax returns properly and what are the ways to do it successfully with minimal error? One must also note that filing tax returns is mandatory for every taxpayer individual in India to avoid high penalty and interest charges levied by the central government and indirect tax department. However, often, individuals get stuck when it comes to sel......

TDS or Tax deducted at source is a type of tax which is deducted by a company making a payment, only if the amount exceeds the threshold limit. The TDS rates and applicability are different for Income Tax and GST returns. TDS in Income Tax TDS in GST Rate of TDS u/s 194C In all cases, it is applicable at 1% For others, it’s 2% Rate of TDS In all cases, it is ......

It is important for every registered taxpayer in India to file their TDS returns on time in order to avoid any penalty and interest for non-deduction or non-payment of TDS. The Indian government levy TDS interest in two scenarios mainly- late or non-payment of TDS and non-deduction of TDS. The detailed explanation for TDS interest applicability in case of non-payment and non-deduction of TDS are g......