Category: Virtual CFO Service

The government makes changes to the GST laws and regulations on a regular basis in order to improve and streamline the system. The government issued a series of GST notifications on March 31, 2023. Highlights of these notifications is as follows: Late fee waiver for FORM GSTR-4: Notification No. 02/2023–CENTRAL TAX Period Nature of Return […]

It will be having huge impact of the increased rate of Jantri in Gujarat on the real estate sector and the broader economy. Jantri is a government-mandated rate used for determining the value of real estate assets and is used to calculate stamp duty and registration fees for property transactions. The increase in Jantri will […]

Ecom Gill Coffee Trading Pvt Ltd vs Karnataka VAT Authorities: Supreme Court Decision Key Takeaways from Supreme Court Judgment The case involves a dispute between the State and several purchasing dealers who claimed input tax credit (ITC) on purchases made from certain dealers. Assessing Officer denied Input Tax Credit (ITC) to certain purchasing dealers due […]

Can GST registration be obtained on a residential address? – RAJYA SABHA UNSTARRED QUESTION No. 1488 ANSWERED ON 14/03/2023 The Central Goods & Services Tax Act, 2017 allows professionals, including architects, management consultants, and others, to obtain GST registration on their residential address. Because of the COVID-19 pandemic, many senior professionals and consultants have begun […]

It is now mandatory for taxpayers to report a minimum of six-digit valid HSN code for their outward supplies having AATO of more than 5 crores in any previous financial year. (As per notification no. 78/2020 – Central Tax dated 15th October 2020) This requirement has already been implemented in the GST system, and are […]

As per provision of section 2(62) of The Companies Act, 2013 “One Person Company” is defined as a company which has only one person as member. Some issues have been raised by the persons registering as ‘One Person Company’ while they take GST registration. Upon analysis, it has been noticed that the option of choosing […]

In another step towards further digitization of the business process flow, GSTN has launched the e-invoice registration services through multiple private IRPs at the recommendation of the GST Council. Four private companies viz. ClearTax, Cygnet, E&Y and IRIS Business Ltd were empaneled by GSTN for providing these e-invoice registration services to all GST taxpayers of […]

GSTN has onboarded four new IRPs (Invoice Reporting Portals) for reporting e-invoices in addition to NIC-IRP. As a result, the beta launch of a new e-Invoice portal (www.einvoice.gst.gov.in), has been done where taxpayers can find comprehensive information on e-invoice compliance in a user-friendly format, such as check your enablement status, self-enable themselves for invoicing, search […]

The Goods and Services Tax Network (“GSTN”) has issued an Advisory dated February 24, 2023 on the Geocoding of Address of Principal Place of Business. 1.GSTN is pleased to inform the taxpayers that the functionality for geocoding the principal place of business address (i.e. the process of converting an address or description of a location into geographic […]

In 47th GST council meeting under the Other miscellaneous changes one of change recommended was Goods transport agency (GTA) is being given option to pay GST at 5% or 12% under forward charge; option to be exercised at the beginning of Financial Year. RCM option to continue. If a GTA selects the option to pay GST on […]