Understanding Suo Moto Registration under GST
What is Suo Moto Registration? In the realm of Goods and Services Tax (GST) in India, tax officials can unilaterally initiate and complete the registration process for businesses or individuals who are liable to be registered but have failed to do so voluntarily. This mechanism is called Suo Moto Registration. Tax authorities generate and allot […]
Non-Taxable Supplies Under GST: Article 265 and Section 7(1)
Article 265 of the Indian Constitution clearly prohibits the collection of taxes without the authority of law. This principle is foundational to the applicability of the Goods and Services Tax (GST) in India. GST is levied only on supplies that are clearly defined under the law. While the application of GST might sometimes seem illogical […]
Understanding FORM GST ITC-02: A Comprehensive Guide
Filing for Input Tax Credit (ITC) transfer in FORM GST ITC-02 is essential during business reorganizations like mergers, acquisitions, or demergers. This blog clarifies the pre-conditions, the types of ITC transferable, the procedural nuances for the acquiring entity, and other relevant details to help businesses navigate this aspect of the GST regime efficiently. Pre-Conditions for […]
Challenges and Issues with GST: Impact on Businesses
Introduction The Goods and Services Tax (GST) was implemented in India on July 1st, 2017, as a significant reform in the indirect tax system. It replaced multiple taxes, including value-added tax, central excise duty, and service tax, with a single tax structure. The primary objectives of GST were to reduce tax evasion, streamline the tax […]
GST Audit: Key Processes and Portal Tips
What is GST Audit? Goods and Services Tax (GST) Audit involves a thorough verification of the original records, returns, and other documents maintained by a taxpayer at their business premises, including all additional places of business. The objective is to correlate these with the information provided by the taxpayer on the GST Portal through their […]
Demystifying Voluntary Tax Payments: A Guide for GST Payers
Paying taxes isn’t always straightforward, especially when faced with complex regulations. But did you know there’s a helpful option called “Payment on Voluntary Basis” under the CGST Act, 2017? Let’s break it down into simple terms to understand how it works and when you might need it. What is Payment on Voluntary Basis? It’s like […]
Filing an Appeal Against a Refund Order: A Step-by-Step Guide
Navigating the process of filing an appeal against a refund order can be intricate, especially within the framework of the GST system. This guide aims to simplify the steps and provide clarity on the requirements and procedures involved. Step-by-Step Process to File an Appeal Against a Refund Order Notifications and Acknowledgments Conclusion Filing an appeal […]
Navigating ICEGATE: A Comprehensive Guide to Bill of Entry and Shipping Bill Submission
The Indian Customs Electronic Commerce Gateway, commonly known as ICEGATE, is a revolutionary internet gateway developed by Indian Customs. This digital platform simplifies the process of filing customs-related paperwork online and conducting online transactions, ensuring efficiency and transparency in the customs clearance process. A critical aspect of ICEGATE is the facilitation of the Bill of […]
June 2024 Tax Compliance Calendar: Key Deadlines and Tips
As we approach June 2024, it’s critical for both businesses and individuals to remain vigilant about their tax compliance obligations. This month brings several significant deadlines that must be met to ensure the timely and accurate filing of taxes and related forms. Below, we offer a comprehensive overview of the key tax compliance dates for […]
The Key to GST Compliance: Accurate Accounting and Tracking
Goods and Services Tax (GST) has revolutionized the taxation landscape, streamlining indirect taxes and fostering a unified market across India. For businesses, accurate accounting and diligent transaction tracking have become paramount to ensure compliance, optimize tax benefits, and avoid penalties. This blog delves into the essentials of maintaining impeccable records for GST purposes, the actions […]