Category: GST Compliance

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…

Are you GST ready yet?

Get ready for GST with Tally.ERP 9 Release 6

57,863 total views, 214 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…

Are you GST ready yet?

Get ready for GST with Tally.ERP 9 Release 6

23,402 total views, 231 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,…

Are you GST ready yet?

Get ready for GST with Tally.ERP 9 Release 6

12,907 total views, 229 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…

Are you GST ready yet?

Get ready for GST with Tally.ERP 9 Release 6

12,577 total views, 248 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…

Are you GST ready yet?

Get ready for GST with Tally.ERP 9 Release 6

18,981 total views, 337 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…

Are you GST ready yet?

Get ready for GST with Tally.ERP 9 Release 6

28,895 total views, 225 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…

Are you GST ready yet?

Get ready for GST with Tally.ERP 9 Release 6

48,721 total views, 262 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…

Are you GST ready yet?

Get ready for GST with Tally.ERP 9 Release 6

84,727 total views, 316 views today

Who is a GST Practitioner

In the current indirect tax regime, there are accounting and tax professionals who are authorized to file returns on behalf of taxable persons. Currently, this role is performed by Chartered Accountants (CAs), Sales Tax Practitioners (STPs) and advocates. The Draft Model GST Law seeks to…

Are you GST ready yet?

Get ready for GST with Tally.ERP 9 Release 6

123,413 total views, 380 views today