With the onset of GST, there are many questions unanswered. A lot of confusion prevails regarding the revised treatment of business critical aspects like invoicing, provisions regarding credit and debit notes etc. This article is an in depth coverage of all the relevant norms you need to know as per the government guidelines regarding Invoice Rules…
Compliance with accounts and taxation in India is a concept that has been around since the early 90s. Earlier, technology was used for the administration of tax by various tax departments on the backend of a business. Once online filing of returns was brought into the foray, there was a shift in the need and…
The GST has aimed to unify tax payments across the nation, therefore the key idea is to converge all the taxes – both state and central, and bring it under the ambit of the GST portal. Under the erstwhile regime, each manufacturer was required to file returns under different states in case his business has…
Confused on filing GST Returns? Here’s all you need to know. Every registered taxable person has to furnish outward supply details in Form GSTR-1 (GST Returns-1) by the 10th of the subsequent month. On the 11th, the visibility of inward supplies is made available to the recipient in the auto-populated GSTR-2A. The period from 11th to 15th will allow for any…
Accounting and tax professionals have the authority to file returns on behalf of taxable persons under the indirect tax regime of the country. Under the erstwhile regime, chartered accountants, sales tax practitioners, and advocates undertake this job. Under the GST regime, the draft model states that a GST practitioner shall step into the role of…
What is a tax refund? A tax refund is any amount returnable to a tax payer, by the government. Dealers and businessmen alike can claim refunds on specific events such as when excess tax has been paid, there is unutilized input tax credit available, or in case of inverted duty structure where the rate of…
Every person is required to pay tax and hence is known as a taxpayer. However, the amount of tax payable by various persons, meaning their tax liability towards the government, varies due to several factors. Determining the amount of tax or the liability of tax of a person requires assessment. Under the GST regime, such…
Accounting and reporting form the backbone of compliance of any company. The indirect tax GST regime in India prescribes the standards that need to be maintained for accounting pertaining to tax and other ancillary information. Records need to be maintained for the financial year starting in April and ending in March of the subsequent year….