Freedom From Fear – Avoid GST Mismatches and Notices
Over the past few months, several businesses across the nation have been plagued with GST notices from the government. If reports are to be believed, there has been a nearly 34% of GST mismatch or underpayment of GST, amounting to an overwhelming deficit of INR…
70,172 total views, 24 views today
Interest on Late Tax Payment under GST
Under GST, interest is liable to be paid when there is a delay in payment. Provisions have been made for interest to be paid, when there is a lapse by the tax payer as well as by the Department. In this blog, let us understand…
35,603 total views, 15 views today
What Happens if You Pay Wrong Tax on Supply
Under GST, the place of supply determines the tax to be charged on a supply. Based on whether the supply is of goods or services, specific rules have been laid down to determine the place of supply. With GST being implemented on 1st July, 2017,…
21,864 total views, 20 views today
Critical Electronic Ledgers in GST
Under GST, there are three critical ledgers which you must keep a track of. These ledgers are maintained electronically in each tax payer’s login in the GST portal. These ledgers will give you information on the amount of cash deposited and utilised for payment of…
22,997 total views, 33 views today
Why Supplier Evaluation is Critical for your Business under GST
In the erstwhile regime, the value of input credit availed by you did not depend on the remittance of tax liability by the supplier. As a result, the compliance of vendor was not an influencing factor in vendor evaluation. Largely, it was all about the…
38,761 total views, 17 views today
Watch who you Buy from – 3 Types of Suppliers
In the GST era, a business will broadly be classified under two brackets – registered and unregistered. Within the registered bracket, there will be two possibilities – either the business may be a regular dealer, or under composition scheme. Assuming that you are a regular…
46,497 total views, 17 views today
How to Pay GST?
Every registered regular tax payer has to furnish GST returns on a monthly basis and pay the tax due by the 20th of the month. If a tax payer does not pay the tax due, interest on the tax due will be applicable from the…
164,413 total views, 332 views today
Consequences of Non-compliance under GST
Various measures have been laid down to check non-compliance under GST. These vary based on the severity of the offence. Penalties have been made stricter for tax evaders under GST, when compared to the current regime. In the current regime, tax authorities can arrest a…
71,210 total views, 99 views today
What are the Accounts and other Records you should Maintain under GST
Accounts and records are the primary source of data for any organization’s financial reporting. Every law of Direct and Indirect Tax in our country also mandates that information in a prescribed manner has to be captured and preserved for a certain period of time. These…
109,206 total views, 90 views today
