Streamlining Tax Compliance: GSTN’s Enhanced E-Invoicing Initiatives
As we mark the one-year anniversary of the successful implementation of the additional five new IRP portals, the e-invoice master information portal, and the e-invoice QR Code Verifier app, GSTN is delighted to introduce the revamped e-invoice master information portal: https://einvoice.gst.gov.in. This upgrade represents our commitment to continuously enhancing taxpayer services. Let’s delve into the […]
Understanding Inverted Duty Structure under GST and How to Claim Refunds
Understanding Inverted Duty Structure: The Inverted Duty Structure refers to a scenario where the tax rate on inputs (raw materials, components, etc.) is higher than the tax rate on the output (finished goods). This misalignment can lead to the accumulation of excess input tax credit (ITC) and liquidity issues for businesses. New formula as per […]
Supreme Court Affirms Madras High Court’s Judgment of not allowing ITC of Input services in GST refund of Inverted Duty Structure
A ruling of Supreme Court in the case of Union of India & Ors. vs. VKC Footsteps India Pvt Ltd. has ended the uncertainty over whether refunds of unutilized input tax credit (ITC) are available for goods and services tax (GST) purposes on “input services” under an inverted duty structure. The high courts of Gujarat […]
Taxpayer Alert: Identifying and Reporting Fake GST Summons with DGGI/CBIC
The DGGI and CBIC have noticed a trend where individuals with malicious intent create and distribute fake summons to taxpayers. These taxpayers may or may not be under investigation. The fraudulent summons appear legitimate because they include a Document Identification Number (DIN), even though these DINs are not issued by the DGGI for such cases. […]
GST Refund Process: Understanding the Cash Ledger
Electronic Cash Ledger: Electronic cash ledger is a cash ledger maintained in the electronic form on the GST portal. Electronic cash ledger contains details of all the deposits made by a taxpayer under GST. Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) is also reflected in electronic cash ledger of the taxpayer. […]
GSTN Enabled Functionality for LUT Submission
One such development in the realm of Goods and Services Tax (GST) is the introduction of GSTN enabled functionality for furnishing the Letter of Undertaking (LUT) for the Financial Year 2024-25. The Letter of Undertaking (LUT) plays a crucial role for exporters, allowing them to supply goods or services without paying integrated tax. Instead of […]
A Guide to Opting for the Composition Scheme for Financial Year 2024-25
As the financial year 2024-25 unfolds, taxpayers find themselves grappling with various compliance requirements, including those related to the Goods and Services Tax (GST). Among the options available to taxpayers is the Composition Scheme, a simplified taxation scheme aimed at easing the compliance burden for small businesses. In this blog post, we will delve into […]
Data Analytics and AI Technical Tools Helps DGGI Cracks Down on GST Fraud: 1,700 Cases and 98 Arrests
In a significant crackdown on tax evasion, the Directorate General of GST Intelligence (DGGI) has made substantial headway in the Financial Year 2023-24, uncovering 1,700 fraudulent Input Tax Credit (ITC) cases amounting to a staggering Rs. 18,000 crores. This concerted effort has resulted in the apprehension of 98 individuals involved in these nefarious activities, marking […]
GST Audit Notices: Understanding the Extended Time Limit for Issuing Notice and Orders under Section 73
Introduction: In the realm of GST compliance, receiving audit notices can be daunting for businesses. However, staying informed about regulatory updates can alleviate some of the uncertainties. One recent development worth noting is the extension of the time limit for issuing orders under Section 73 of the GST Act. Let’s delve into what this means […]
Navigating GST Refunds for E-Commerce Businesses: A Comprehensive Guide
Introduction: In the dynamic world of e-commerce, where transactions happen at the click of a button, understanding the nuances of Goods and Services Tax (GST) refunds is crucial for businesses to optimize their financial operations. GST refunds play a significant role in ensuring that businesses can recover the taxes they paid on inputs, thereby preventing […]
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