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Understanding Supply Between Principal and Agent under GST: An Overview

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By Aishwarya Singh

GST must be applied to every supply made by a principal to an agent or vice versa. The right supply value can be determined using this rule.

GST RETURNS: Types and Due Dates

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By Aishwarya Singh

There are different types of GST returns for different purposes. This article will help you understand them and find out about their due dates.

GSTR-9C Guide

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By Aishwarya Singh

An all-inclusive guide on the significance of GSTR-9C for reconciliation, certification, and filing forms and regulations

The Impact of GST on Gold and Gold Jewellery

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By Kritika Godhia

Guide To File GSTR-5A on GST Portal

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By Kritika Godhia

What are Some Common Errors made while Filing GST Returns, and how to avoid them?

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By Amrita Bhambhani

What are Composition Scheme Rules under GST

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By Amrita Bhambhani

The composition scheme rules under GST outline procedural compliance with respect to the intimation for the composition scheme, the date of levy, conditions, restrictions and validity on the levy, and tax rate.

What are some common errors in GSTR-3B and their solutions

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By Amrita Bhambhani

Taxpayers encounter a fair number of errors and glitches on the GST portal while filing their returns. Below are some of the common errors and their solutions:

Filing GSTR-3B Quarterly for Small Taxpayers

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By Amrita Bhambhani

CBIC issued a notice which allows small taxpayers with a turnover of up to Rs. 5 crores in the previous financial year to file GSTR-3B quarterly.

Section 43A Input Tax Credit GST Returns

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By Anirudh Takkar

Get a detailed understanding of Section 43A of the CGST Act 2019 and its implications on procedures for claiming Input Tax Credit and GST Return Filing.

Valuation Rule For Supply Under Goods and Services Tax

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By Amrita Bhambhani

Recently, GST valuation rules were implemented. According to the GST law, each supply must be valued using these guidelines.

General Rules of Place of Supply of Services

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By Amrita Bhambhani

The taxpayer must pay tax at the time and according to the place of supply under the goods and service tax (Or "GST") Law. The location where services are supplied is also where they are consumed. 

GST Composition Scheme for Service Providers

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By Amrita Bhambhani

The composition scheme is designed to help small taxpayers by reducing the GST compliance burden. A composition scheme bearer must keep fewer composition records for service providers. Furthermore, they must file GST returns quarterly rather than monthly. 

Impact of GST on The Hotel Industry

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By Kritika Godhia

Valuation of Supply Rule Under GST In Case of Pure Agent

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By Kritika Godhia

Different Types of Json Errors While Filing GSTR-9C

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By Kritika Godhia

Comparison of GSTR-3B Vs GSTR-1: Importance & Report

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By Kritika Godhia

Checksum Validation Failed Error In GST Return

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By Kritika Godhia

Blocking and Unblocking of E-way bills

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By Amrita Bhambhani

If the taxpayers do not consistently file their GST returns for two tax periods, the government portal blocks the e-way bills. This article discusses what causes this and what may be done to make the generation of e-way bills possible.

RFID Tag-Mapping on the E-way bills

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By Amrita Bhambhani

The establishment of a single, national common market for goods and services was one of the main goals of the GST. The elimination of Check Posts, effective on July 1, 2017, helped to accomplish this goal.

Quarterly Return with Monthly Payment Scheme under GST

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By Anirudh Takkar

Learn about the QRMP scheme for small taxpayers. Know the benefits of Quarterly Return and Monthly Payment and how it simplifies the GST return filing process.

Generation of E-way bills by End-Consumer

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By Amrita Bhambhani

An E-way bill is to be carried by the transporter if the value of goods exceeds Rs. 50,000. The end consumer might also have to generate an e-way bill in a few cases. They can also generate e-way bills with the help of an accounting software.

Impact of GST and E-way Bills on Special Economic Zones

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By Amrita Bhambhani

A Special Economic Zone is a designated area where businesses can comply with the law more easily and pay easy taxes. Special Economic Zones are found within the country’s boundaries, but to differentiate them from the regular taxation system, they are treated as a foreign countries.

Documents to be carried by a Person-in-charge of a conveyance and its Verification

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By Shephali Dhasmana

The E-way bill establishes guidelines for the conveyance of products for merchants and those in the transportation industry. Rules 138A and 138B provide requirements for a person in charge of a passage and the necessary compliance from his end.

E-way Bill Requirements – Transportation of Goods by Waterways

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By Shephali Dhasmana

When transporting products by any of the four modes of transportation (road, rail, ship, or air), an e-way bill must be created through the e-way bill gateway or using GST accounting software.

E-Invoice Format, JSON File, Schema & Template

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By Kritika Godhia

When their total annual turnover reaches Rs 100 crore, large taxpayers, sometimes referred to as e-invoices, are required to submit Tax Invoices electronically. The Goods and Services Tax Network created a standard for JSON-formatted e-Invoice documents. The e-invoicing system was implemented for significant taxpayers with an income of more than 500 crores of rupees. It was expanded to include companies having a turnover of more than Rs. 100 crore as of January 1st, 2021. The government then expanded the use of electronic invoicing to include companies with annual revenues of more than Rs 20 crore, effective April 1, 2022. As of October 1, 2022, businesses having sales of more than Rs. 10 crores will be able to use the new e-invoicing system. It will soon be introduced starting on January 1, 2023, for companies with annual revenues of more than Rs. 5 crores.

Drawbacks of Registering Under The GST Composition Scheme

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By Kritika Godhia

What is an Inverted Duty Structure under GST

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By Amrita Bhambhani

When the input tax credit (ITC) available on inputs is less than the GST rate applied to the final product, an inverted duty structure is generated. This has a domino effect on the tax burden, raising the manufacturer's entire tax burden. A manufacturer may incur higher expenses due to the inverted duty structure, which could ultimately result in higher customer pricing.

How to Claim Maximum ITC: Time Limits and Tips

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By Amrita Bhambhani

As a business owner, it's important to stay up-to-date on tax laws and credits that can help you save money and reduce your tax burden. One tax credit that may be available to you is the Input Tax Credit (ITC). This credit allows businesses to offset the tax they pay on inputs (goods and services used in the production of other goods and services) against the tax they collect on outputs (goods and services sold to customers).

Everything you need to know about GST Rule 86B: Limitations on ITC Utilisation in Electronic Credit Ledger

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By Amrita Bhambhani

The Central Board of Indirect Taxes and Customs (CBIC) published notification number 94/2020 on December 22, 2020, introducing new regulation 86B. Rule 86B became operative beginning January 1, 2021.

ITC-02 Filing on the GST Portal: A Guide

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By Amrita Bhambhani

As GST taxpayers, it is important to stay compliant with the various rules and regulations set by the government. One such compliance requirement is filing ITC-02 forms on the GST portal. In this guide, we will walk you through the process of ITC-02 filing on the GST portal, covering everything from understanding the form to the step-by-step process of filing it.

Interest Calculator In GSTR-3B Explained

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By Kritika Godhia

A Comprehensive Guide on Cancelling GST Registration

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By Amrita Bhambhani

You can cancel your GST registration for either or both of these reasons if the tax officer decides to cancel or you’re closing your business or profession. This article will walk you through the various cancellations and the procedure.

Cancelling GST Registration for a Sole Proprietor after Death

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By Amrita Bhambhani

As a business owner, it is important to understand the process of cancelling a GST registration in the event of the death of a sole proprietor. The GST (Goods and Services Tax) registration is a mandatory requirement for businesses with a turnover exceeding a certain limit. In the case of the death of a sole proprietor, the GST registration must be cancelled to ensure compliance with the government's laws and regulations.

Adjustment of Input Tax Credit under GST

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By Amrita Bhambhani

Regardless of an entity’s turnover, all registered taxpayers under GST must file an annual return in GSTR-9. Before filing the yearly return, you must first file GSTR-1 and GSTR-3B. The annual return comprises information from the GSTR-1 and GSTR-3B forms. If a taxpayer finds that certain information in the form GSTR-1 or GSTR-3B is incorrect, they won’t be able to rectify it GSTR-9. GSTR-9’s sole purpose is data aggregation. Nevertheless, an entity’s book of accounts must correspond with the returns filed. This can be maintained by reconciling the returns.

Composition Levy Rules Under CGST - Chapter 2

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By Anirudh Takkar

Get a complete understanding of the CGST Composition Levy Scheme Rules with our comprehensive guide. Stay compliant and up-to-date with the latest rules.

Taxability of Restaurants Under GST Composition Scheme

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By Kritika Godhia

GST Registration Certificate - Everything You Need to Know

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By Anirudh Takkar

Understand everything about GST Registration Certificate in this comprehensive guide. Discover its benefits, importance, and how to obtain your GST certificate.

Essential Information to be included in GST Invoice

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By Shephali Dhasmana

Frequently asked questions regarding the composition scheme

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By Shephali Dhasmana

There are always some queries and questions about schemes and rules. This article addresses some common questions surrounding the composition scheme under GST. 

How to Register for GST in India: A Step-by-Step Guide

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By Shephali Dhasmana

Learn the step-by-step process for registering for GST in India. Understand the documents required and the registration process for businesses of all sizes.

Highlights of the new GST amendments

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By Amrita Bhambhani

The finance minister conducted a GST Council Meeting on June 28th and 29th, 2022. The council made several significant amendments in the meeting, ranging from GST return filings to GST rate changes.

A Guide to Invoicing under GST

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By Shephali Dhasmana

GSTIN: Everything You Need to Know

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By Shephali Dhasmana

Learn about GSTIN, its significance, and the steps to obtain it for your business in India. Get all the information you need to know about GSTIN here.

GSTIN: Everything You Need to Know

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By Shephali Dhasmana

Learn about GSTIN, its significance, and the steps to obtain it for your business in India. Get all the information you need to know about GSTIN here.

How to revise GST invoices

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By Shephali Dhasmana

What is the penalty for delayed or non-payment of GST liability

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By Shephali Dhasmana

Late fees and interest are significant components of the Goods and Services Tax (GST) payment and are incurred by businesses when GST returns are not submitted or filed on time.

Tax Invoices in Special Cases under GST

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By Shephali Dhasmana

Learn about the special cases for issuing tax invoices under GST laws including Input Service Distributors, Banking Companies, Financial Institutions, NBFCs and others

Understanding Mixed and Composite Supply under GST

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By Shephali Dhasmana

Learn about the concept of mixed and composite supply in GST, the difference between the two, and the tax implications for each. Understand the rules and regulations for mixed and composite supply in India, with examples for better understanding.

Continuous Supply of Goods and Services under GST: A Comprehensive Guide

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By Shephali Dhasmana

Learn about the concept of Continuous Supply of Goods and Services under GST, including the conditions and rules that apply. Understand the implications on tax liability and the process of registration and compliance.

Impact of GST on MRP of Goods and Services

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By Kritika Godhia

Most of India's indirect taxes have been replaced with the Goods and Service Tax (GST). Before implementing the GST, businesses were obligated to pay tax at each stage of the supply chain. The cascading impact causes goods prices to increase. Though, the purchase of raw materials is still eligible for an input tax credit under GST. By doing this, the cascading effect on the product's final price will be reduced.

What is the time limit to issue GST invoices

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By Shephali Dhasmana

GST Compliance Rating - An Introduction

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By Shephali Dhasmana

Learn about GST compliance rating, why it's important for your business, and how to improve your rating with our expert tips and strategies. Improve your business's reputation and credibility by maintaining a high GST Compliance Rating

GST Due Diligence: A Comprehensive Guide for Businesses

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By Shephali Dhasmana

Understand the importance and process of GST due diligence for your business with this in-depth guide. Learn about the GST compliance requirements, best practices, and how to avoid common mistakes.

GST vs VAT - The Key Differences

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By Shephali Dhasmana

Confused about the difference between GST and VAT? Learn about the key differences and how they affect your business with this comprehensive guide from Busy.

GST Fundamentals: All About Goods and Services Tax in India

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By Shephali Dhasmana

Understand GST Basics and how it impacts your business with this comprehensive guide from Busy. Learn about GST rates, GST compliance, GST Return Filing, and much more.

Summons under GST- Rights and duties of a taxpayer

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By Shephali Dhasmana

GST officers have the authority to summon any taxpayer whose presence is required. In several cases, tax authorities have summoned businesses, employees, and key management personnel to appear before GST officials. The individual who receives the summons must appear before the GST authorities. This article aims to inform readers about their GST summons duties and rights.

Invoice matching under GST

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By Shephali Dhasm

Rounding off rules in GST invoices

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By Shephali Dhasmana

Transition The Old Input Credits Under Vat To GST - TRAN 1

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By Kritika Godhia

Making sure their registered firms under GST do not miss out on the tax advantages and input credits of the previous system is a top priority. These taxes may have been paid when purchasing inputs, raw materials, semi-finished items, and final goods. On July 30th, these taxes will be accessible to most enterprises as an input credit. Moving these to the GST regime is important to take benefit of them.  The Central Board of Excise And Customs (CBEC) has released transition rules and formats, and with the help of these, businesses can move the credit of the old regime to GST.

A guide to debit notes under GST

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By Shephali Dhasmana

Transition The Old Input Credits Under Vat To GST - TRAN 2

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By Kritika Godhia

Form Tran 2 can be filed by a dealer/trader registered under GST but not under the old regime. A dealer who doesn't have VAT or excise invoices for stocks they hold can use TRAN 2 to claim credit tax. A manufacturer or service provider cannot submit Form GST TRAN 2. When a supply is sold, it must be reported by a dealer or trader at the end of each month to claim an input tax credit.

Guide to a Credit note under GST

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By Shephali Dhasmana

Guide to the bill of supply under GST

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By Shephali Dhasmana

Getting to know Work in Process (WIP) inventory

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By Shephali Dhasmana

During Work in Process, a producer transforms raw materials into completed goods. Work-in-progress inventory is required so that an accurate and fair picture of the company's assets may be shown on the balance sheet.

Advisory regarding revamped HSN code functionality

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By Amrita Bhambhani

The Customs Tariff Act of 1975 allowed the taxpayer to search the technical description of any specific HSN code of goods or services which might be used in trade against the HSN description through the provision of the Search HSN facility. However, there are numerous cases of goods and services where the technical descriptions supplied in the HSN descriptions of the Customs Tariff Act, 1975 and the functionality mentioned above diverge from the common descriptions used in trade in common vernacular, i.e. trade descriptions. Therefore, it was difficult for the taxpayer to discover the relevant HSN codes concerning a common description.

Recurring Errors while Filing GST Returns and How to Avoid them

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By Shephali Dhasmana

The previous Service Tax and VAT systems allowed for the revision of returns in the event of errors. However, GST cannot revise or amend a previously filed return. Even though a new method of amending GST returns has been suggested, it still needs to be implemented. A taxpayer cannot amend his returns until that time. As a result, he must exercise extreme caution when filing his GST returns to avoid the inconvenience of unnecessary reconciliations.

What is the Process of Paying the GST Tax Liability Online

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By Shephali Dhasmana

The rules for the payment of GST require an individual or a business to fill GSTR-3B to report the ITC, along with GSTR-1 to enumerate sales. The refund can also be claimed by filing the necessary documents.

An inventory manager's guide to stock control

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By Shephali Dhasmana

Perpetual inventory systems: What are they and how do they work

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By Shephali Dhasmana

Principles of Supply Chain Management for Beginners

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By Shephali Dhasmana

Refund claims of Accumulated ITC

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By Shephali Dhasmana

TDS and TCS under GST

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By Shephali Dhasmana

Guide to GST Refund Claims

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By Shephali Dhasmana

How to manage and reduce Inventory costs

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By Amrita Bhambhani

Inventory is one of industrial or retail companies' most significant and tangible investments. Smart inventory management techniques can distinguish between thriving and barely surviving businesses. They can also help increase revenues.

How to report a fake GSTIN

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By Amrita Bhambhani

What is Safety Stock

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By Amrita Bhambhani

Safety stock is extra inventory a company keeps on hand to reduce the possibility of supply shortages or "stockouts." Errors in forecasting, unpredictable lead times for raw materials, and shifts in supply and demand can all contribute to these stock shortages.

Impact of GST on Healthcare

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By Amrita Bhambhani

Everything you need to know about MRO inventory management

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By Shephali Dhasmana

When you think about inventory, you may envision the things you will sell to your clients. But that's just half the story; your company needs specific items to function. These elements, known as maintenance, repair, and operations (MRO), guarantee that your business operates effortlessly so that you may focus on providing for your clients.

Applicability of GST on Real Estate

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By Kritika Godhia

JIT Inventory Management Systems

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By Shephali Dhasmana

Most business owners would agree that proper inventory management is critical to their company's success. However, maintaining an ever-increasing volume of inventory is complex, and errors can be costly for any organisation. Instead of always attempting to manage increasing inventory levels, what if business owners focused on maintaining inventory levels to a minimum? That is the premise of Just In Time (JIT) inventory management.

How Does A Taxpayer Transition From The Old Regime To GST

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By Kritika Godhia

TRAN 1 Format, Due Date - Transition Of Old Input Credit To GST Regime

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By Kritika Godhia

TRAN 2 Format, Due Date - Transition Of Old Input Credit To GST Regime

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By Kritika Godhia

Transitional Provisions For Special Cases Under GST

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By Kritika Godhia

Complete guide to GST Returns in India

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By Amrita Bhambhani

Everything About GST Composition Scheme For Dealers

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By Kritika Godhia

What is Lead Time in Inventory Management

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By Kritika Godhia

Lead Time refers to the time taken or time allowed between the start and completion of an option or project. It is frequently used in manufacturing, project, and supply chain management. Companies should compare their processing times to standards to find solutions to reduce lead times since longer lead times frequently result in inefficiencies and waste of resources. Lead time reduction boosts overall productivity, raising revenues and profitability.

What is Dead Stock

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By Amrita Bhambhani

The inventory is intended to be sold. Over time, unsold products may amass and become "deadstock." Deadstock, which is money that has been overlooked, can significantly affect a retailer's bottom line. Strong profit margins require offloading dead stock, but as e-commerce businesses expand, issues with inventory optimisation arise. Deadstock builds up over time due to inadequate inventory management methods and procedures.

A Guide to GSTR-3B - What is GSTR-3B

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By Amrita Bhambhani

The Government of India has introduced GSTR-3B, a consolidated summary return of inward and outward supply, to ease the obligations for businesses that have recently switched to GST.

Guide to GSTR-4

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By Amrita Bhambhani

A Composition Dealer is required to submit GSTR-4, a GST Return Form, quarterly. The only information that the composition dealer must include in Form GSTR-4 is the total amount of supplies made during the return period and the total amount of tax paid at the compounding rate, along with information on how the tax was paid in the return.

Guide to GSTR-9

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By Amrita Bhambhani

The GSTR 9 is a yearly tax return that includes information about the supplies you made and received over the year.

Guide to GSTR-1A

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By Amrita Bhambhani

Changes to the sales invoices recorded in GSTR-1 are detailed in GSTR-1A. The form was suspended a few months after the introduction of GST in 2017.

Guide to GSTR-2A

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By Amrita Bhambhani

The GST portal will automatically produce a purchase-related dynamic tax return, or GSTR-2A, for each entity. The data is recorded in GSTR-2A when a seller files his GSTR-1. It uses the seller's GSTR-1 to gather details about the goods and services purchased within a specific month. When filing GSTR-3B and GSTR-9 as a GST-registered buyer, you can resort to GSTR-2A for information on input tax credits. However, taxpayers must use GSTR-2B, a static version of GSTR-2A, for GSTR-3B preparation starting in August 2020.

Guide to GST Nil Return

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By Amrita Bhambhani

Nil GSTR-1 return must be filed by all registered taxpayers compulsorily when there are no sales or supplies during the month or quarter.

Complete guide to GST Returns in India

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By Amrita Bhambhani

Through the GST portal run by the Government of India, firms registered under the GST are required to submit returns monthly, quarterly, and annually, depending on the type of business. Along with the tax collected and paid, they must provide the specifics of the sales and purchases of products and services.

What is GSTR-1

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By Amrita Bhambhani

Everyone subject to the GST regime is required to file GST returns to comply with the regulations. These returns compute the tax you must pay to the government and provide clear facts about your income. It's crucial to keep in mind that if you want to submit GST returns, your sales and purchase invoices must be GST-compliant. GSTR-1 is one of the documents you'll need to file your taxes. This is so that all other forms can be auto-populated with the data from your GSTR-1 filing.

Procedure to file GSTR-1

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By Amrita Bhambhani

The GSTR-1 return must be filed by each registered dealer monthly or quarterly. All external supplies made during that specific tax period are described in full in return. The GSTR-1 return must be filed by each registered dealer monthly or quarterly as needed. All outward supplies made during that specific tax period are described in detail in return.

Computing Distance covered, Determining Eway Bill Validity & its Extension

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By Kritika Godhia

Integration of E-Way Bill With VAHAN Portal

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By Kritika Godhia

The integration of E-Way Bill with the VAHAN Portal aims to improve tax compliance and administration across the country while reducing GST fraud. Users can check E-Way Bills by vehicle number and verify vehicle number mentioned in an E-Way Bill.

E-way Bill: Changes Introduced In The New Return System Under GST

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By Kritika Godhia

E-Way Bill Requirements – Transportation Of Goods By Airways

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By Kritika Godhia

E-way Bill under GST in Uttar Pradesh

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By Shephali Dhasmana

E-way Bill requirements for the transport of Goods in Knocked down conditions-CKD or SKD

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By Shephali Dhasmana

How to import invoices from the e-way bill site to GSTR-1

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By Shephali Dhasmana

Common mistakes while creating an E-Invoice

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By Amrita Bhambhani

How to Generate E-Invoices in Bulk

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By Amrita Bhambhani

Invoice Registration Portal (IRP) under GST

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By Kritika Godhia

GST E-Invoicing API: Who Can Access It, What Are The Requirements, And The Best Practices

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By Kritika Godhia

All about Invoice Reference Number-IRN

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By Kritika Godhia

Issues and Concerns surrounding the E-Invoicing System

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By Kritika Godhia

All about E-Invoice Registration on IRP

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By Kritika Godhia

All about the einvoice1-trial.nic.in – Trial Invoice Registration Portal

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By Kritika Godhia

How to Update, Reject, and Cancel E-way bills under GST

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By Amrita Bhambhani

GST EWB-01 Form

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By Amrita Bhambhani

What are Masters, and how to manage them under the E-way bill

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By Amrita Bhambhani

GST E-Way Bill – Requirement for Imports and Exports

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By Amrita Bhambhani

How to Generate E-way Bills in Bulk

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By Amrita Bhambhani

Compliance requirements for Eway Bill by Manufacturers

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By Amrita Bhambhani

Compliance with ‘Bill to’ and ‘Ship to’ in Eway Bill

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By Amrita Bhambhani

Impact of Eway Bill on E-Commerce Operators

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By Amrita Bhambhani

Impact of Eway Bill on E-Commerce Operators

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By Amrita Bhambhani

Eway bills Rules Compliance & its Impact on Transporters & Logistics operator

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By Amrita Bhambhani

State-wise threshold limits for E-way Bills

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By Amrita Bhambhani

Eway bill under GST in Jharkhand

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By Amrita Bhambahni

Process of e-way bill with multiple vehicles

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By Amrita Bhambhani

E-way Bill under GST in Andhra Pradesh

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By Shephali Dhasmana

E-way bill under GST in Haryana

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By Shephali Dhasmana

Eway bill under various methods of delivery

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By Kritika Godhia

E-way bill under GST in Gujarat

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By Shephali Dhasmana

Impact of E-way Bill on the FMCG sector

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By Shephali Dhasmana

E-way Bill under GST in Kerala

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By Shephali Dhasmana

E-way Bill under GST in Karnataka

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By Shephali Dhasmana

Eway Bill under GST in Telangana

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By Kritika Godhia

A Complete Introduction to Busy Accounting Software

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By Amrita Bhambhani

An introductory guide to Busy software for those who want to know more about Busy, the features that it has to offer, how Busy is different from other accounting software, and how it can help you run your business efficiently.

Advantages and Disadvantages of GST

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By Shephali Dhasmana

Learn about the benefits of GST compared to the previous VAT system in India. Find out about the advantages of GST & disadvantages of GST in current tax regime

Casual Taxable Person in GST

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By Shephali Dhasmana

The concept of a Casual Taxable Person is a new provision under the GST Law. This article explains all you need to know about this concept.

How to create and freeze a sub-user

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By Amrita Bhambhani

The E-way bill system under GST provides many facilities for an easier and faster process. To avail of the facilities provided by the e-way bill system, one must register on the portal.

How to Edit E-Invoice Data in GSTR-1

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By Amrita Bhambhani

GSTR-1 is a form that summarises outward supplies and is filed monthly or quarterly. It includes all outward transactions carried out by a business. The implementation of e-Invoicing enables data interchange amongst government portals. In other words, the GST portal also receives the information that the firm or taxpayer provides to the Invoice Registration Portal (IRP) to generate an IRN.

Generation of QR code for an E-Invoice

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By Amrita Bhambhani

A quick response code or a QR code is a two-dimensional barcode. A QR code is applied to goods or invoices to present information in a machine-readable format. There are two types of QR Codes, namely, Static QR codes and Dynamic QR codes.

Digital Signature for an E-Invoice

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By Amrita Bhambhani

A digital signature certificate (DSC) can be used to sign documents and prove the signer's identity electronically. It can take the place of a real, handwritten signature. DSC will be considered genuine if it is developed per the regulations of the Information Technology Act of 2000.

How to Transition to E-Invoicing System

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By Amrita Bhambhani

Businesses will be required to confirm and authenticate the invoices by the government site with the implementation of the e-Invoice concept. These days, all businesses—large or small—create invoices using different accounting or ERP software, and some even do so manually. This invoice information is provided in GSTR 1 by the supplier, and GSTR -2A gives the buyer access to the invoices that have been posted.

Impact of E-Invoicing on Businesses in India

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By Amrita Bhambhani

Enterprises with a turnover greater than Rs. 500 crores were first given access to electronic invoicing in October 2020. The government decided to expand the use of e-invoicing after a successful trial and, starting on 1 January 2021 and 1 April 2021, respectively, extended it to companies with a turnover above Rs. 100 crores and Rs. 50 Crores. With this recent notification in February, companies with a revenue of more than Rs. 20 crores will now be required to begin producing electronic invoices as of 1 April 2022.

E-Invoicing in Retail Trade

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By Amrita Bhambhani

Under Rule 48(4) of CGST Rules, patches of e-invoicing software is given to accounting software in which invoices are raised based on purchase or sale. In Retail trade, in contrast, invoices are to be generated and presented to customers immediately after the purchase, quick in compliance with e-invoicing and free from errors.

What are the Challenges with E-invoicing

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By Amrita Bhambhani

E-invoicing is the electronic validation of firms' tax invoices using their current billing, accounting, and invoicing systems. An individual invoice registration or invoice reference number (IRN) is provided to each invoice when the Invoice Registration Portal approves it. When a taxpayer files GST returns, this number is later used to cross-reference transaction information. Additionally, it has cross-links to the e-way bill gateway, allowing for quicker cargo transit and fewer checkpoint pit stops.

What to consider before selecting an E-invoice solution

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By Amrita Bhambhani

All Business to Business (B2B) and Business to Government (B2G) transactions must be invoiced electronically. IRN and QR codes have been approved by the Invoice Registration Portal (IRP). The IRP gives each invoice an individual invoice reference number (IRN) upon successful validation. Each invoice is digitally signed and combined with a QR code using an IRN. Under GST, this procedure is referred to as e-invoicing as a whole.

Common Questions Asked About E-Invoicing

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By Amrita Bhambhani

There are some frequently asked questions for e-invoicing which are discussed here.

Some Common Myths About E-Invoicing

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By Amrita Bhambhani

There are often misconceptions about e-invoicing which can lead to problems for companies down the line. This article lists common misconceptions and the reality.

GSTR-2 - What is GSTR2 - How to file GSTR2

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By Amrita Bhambhani

GSTR-2 is a monthly return where the taxpayer is required to declare the details of any inward purchases of taxable goods.

Complete Guide to GSTR-3 - What is GSTR-3, Format of GSTR-3, How to file GSTR-3

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By Amrita Bhambhani

GSTR-3 is a monthly return which is used to summarize the details of sales and purchases, along with the total GST to be paid during the month.

A Guide to GSTR-1A - How to file GSTR-1A, Format of GSTR-1A

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By Amrita Bhambhani

GSTR-1A is discontinued since 2017. It was used to allow registered taxpayers to update the details of sales in GSTR-1.

Procedure to file GSTR-2

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By Amrita Bhambhani

After submitting GSTR-1 (details of outward supplies), taxpayers are required to submit GSTR-2. GSTR-2 is a return that includes information on all incoming supplies.  A taxpayer can claim The Input Tax Credit that is established based on this return.

How to Generate E-Way Bills Through the GST Portal

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By Amrita Bhambhani

Learn how to generate E-Way Bills step by step from the GST E-Way Bill Portal in this comprehensive guide, with a pro tip at the end to save you hours of work.

How to Generate E-Way Bills through SMS

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By Amrita Bhambhani

Learn how to generate E-Way Bills through SMS in this up to date guide, which includes a pro tip to save you hours of work.

Changes in E-Way Bills after E-Invoicing Update

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By Amrita Bhambhani

Learn about the latest changes in E-Way Bills after the E-Invoice Update on 1st October 2022. Learn how to generate E-Way Bill from E-Invoice.

What is E-Invoicing

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By Amrita Bhambhani

From 1st October 2022, E-Invoicing is mandatory for business that exceed a turnover of 10 crores. Learn all about e-invoicing in this complete guide.

E-Invoicing mandatory for businesses with annual turnover above Rs.10 crore (in any previous financial year)

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By Amrita Bhambhani

Starting from 1st October 2022, E-Invoicing has been made mandatory for all businesses with a turnover of more than Rs. 10 crore in any previous financial year.

A Beginner's Guide to Inventory Management

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By Amrita Bhambhani

Learn the basics of inventory management in this complete beginner's guide. You will learn the common terms used in inventory management, as well as a few cost saving tricks.

What is a Bill of Materials? Understanding the BOM

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By Kritika Aswani

Learn all you need to know about the bill of materials and the significant advantages of using a BOM in developing a lean production unit.

All about Vendor Reconciliation

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By Amrita Bhambhani

Across businesses, vendor payments represent a major cash outflow. Accountants usually manage vendor reconciliation to run the business conveniently.  Even though it could be laborious and time-consuming, this work provides a firm with important advantages and is occasionally disregarded. Vendor reconciliations must be used correctly to guarantee the best possible business performance.

How To Determine Value Of Supply When Consideration Is Not Wholly In Money

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By Kritika Godhia

When payment for a supply is not the only form of consideration, this criteria must be followed in determining the taxable value. Learn all about it in tbis article.

All About Reverse Charge Mechanism (RCM) Under GST

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By Shephali Dhasmana

The concept of Reverse Charge Mechanism means that when a GST registered person purchases any goods or services from an unregistered person, then such registered person is the party liable to pay GST instead of the unregistered person.

What Are The Different Offences And Penalties Recognized Under GST

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By Amrita Bhambhani

As per the law, it is illegal to violate the GST Act and Rules. With reference to sanctions, GST has introduced harsh restrictions for offenders.

Process For Inspection Under GST

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By Amrita Bhambhani

Under GST, tax evaders may be subject to inspection and search. As per Section 67 of the CGST/SGST Act, Inspection can be carried out by an officer.

When Can Authorities Search Goods In Transit

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By Amrita Bhambhani

This article will help you understand when goods in transit can be detained or even seized by a GST officer.

Prosecution Under GST

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By Amrita Bhambhani

Under CGST Act state that it is a serious crime under GST law to fail to pay taxes on time, misuse input tax credits, or offer an incorrect kind of refund.

Process Of Appeals Under GST

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By Amrita Bhambhani

There are obligations under all laws, including tax laws. Both tax-related and procedure-related obligations often fall under this category.

Concept Of Place Of Supply Under GST Explained - Rules

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By Kritika Godhia

The place where the movement of commodities ends before being delivered to the recipient is known as the place of supply. This article explains the concept in detail.

Understanding Time, Place, And Value Of Supply

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By Kritika Godhia

Time of supply is an important concept of GST as it helps to identify the time at which liability to pay tax arises. This article explains all you need to know about this concept.

Time Of Supply Under GST Explained - What is Time of Supply

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By Kritika Godhia

The term "time of supply" refers to the moment when goods or services are deemed supplied. The GST law has provided separate provisions to determine the time of supply of goods and time of supply of services.

Supply Of Goods and Services Under GST

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By Kritika Godhia

Any type of supply, including sales, transfer, exchange, rental, etc is considered a supply. Learn all you need to know about this concept.

Everything About GST Composition Scheme For Dealers

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By Kritika Aswani

Learn everything about the GST Composition Scheme for Dealers

Composition scheme Under GST Explained

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By Kritika Aswani

Learn all you need to know about the GST Compostion Scheme.

Value Of Supply Under GST

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By Kritka Aswani

Learn all about value of supply under GST with examples

Value Of Supply Of Goods Or Services Between Related Person Under GST

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By Kritika Aswani

GST Law has a provision for valuation of supply of goods and services between related persons. Learn all you need to know about it.

Valuation of Supply Under GST When You Give Discounts

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By Kritika Aswani

The suppliers give various discounts like cash, trade, quantity, volume, performance, etc. These discounts are deducted from the supply value or taxable value.

The Different Types of GST in India - CGST, SGST, IGST, and UTGST

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By Amrita Bhambhani

On July 1st, 2017, the Goods and Service Tax Act was enacted. The four categories of GST that taxpayers can claim the credit for are CGST, SGST, IGST, and UTGST. GST is necessary since it serves as the federal and state governments' primary tax revenue source. Per the GST law, the government will levy taxes based on whether a transaction is interstate or intrastate.

Who can claim ITC in India

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By Amrita Bhambhani

Input Tax Credit is one of the significant features of GST. It is applied to every transaction conducted under GST. Understanding how to claim an input tax credit, when to claim one, what cannot be claimed, etc., is crucial for a registered person. Incorrect input tax credit claims may result in fines, interest, and taxes.

What Expenses Can Be Claimed as ITC

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By Amrita Bhambhani

To replace the several former indirect taxes and implement a single tax throughout the nation, the Goods and Service Tax, an indirect, multistage tax, was implemented. The input tax credit is one of the critical components of the GST, which is applied to every transaction under the GST. 

Special Cases under which ITC is Not Applicable

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By Amrita Bhambhani

India implemented the Goods and Services Tax on July 1, 2017. The Input Tax Credit Mechanism of GST, which has been steadily developing into a well-structured taxing system, is a feature that differentiates it from the previous taxation system. With the taxes paid on purchasing business-related supplies, taxpayers can use the Input Tax Credit mechanism to lower their tax obligations on their sales against taxes already paid for business-related supplies.

Reversal of Input Tax Credit

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By Amrita Bhambhani

Input Tax Credit is one of the significant features of GST. ITC is applied to every transaction conducted under GST. Understanding how to claim an input tax credit, when to claim one, what cannot be claimed, etc., is crucial for a registered person. Incorrect input tax credit claims may result in fines, interest, and taxes.

Reconciliation under GST

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By Amrita Bhambhani

The GST authorities closely track every data point in the records of a business. Any discrepancy can lead to unnecessary scrutiny, audits, or even suspension of GST registration by the authorities, which can be cumbersome for a business. Thus, proper reconciliation of GST is an absolute must.

Input Tax Credit on Job Work

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By Amrita Bhambhani

Job work is any treatment or processing an individual performs on goods belonging to another registered person. The owner of the goods is known as the Principal. The job worker must carry out the process as advised by the Principal.

Input Tax Credit On Common Credit

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By Amrita Bhambhani

A company may get capital goods, input commodities, and input services from outside sources. Additionally, the goods and services brought in may be employed for either private or commercial purposes. Under GST, the aggregate input tax credit offered on all such purchases is referred to as the Proportionate Credit or Common Credit.

Input Tax Credit on Capital Goods

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By Amrita Bhambhani

There are special rules for calculating input tax credit reversals, input tax credit availability, non-availability, and input tax credit calculations for capital under GST. Additionally, capital goods that are used for both taxable and exempt deliveries are given special consideration. 

Input Service Distributor under GST

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By Amrita Bhambhani

Input Service Distributor (ISD) is defined as an office of the supplier of goods or services or both that receives tax invoices issued under Section 31 of the CGST Act, 2017 concerning the receipt of input services and issues necessary documentation to distribute the credit of central tax (CGST), state tax (SGST), union territory tax (UTGST), or integrated tax (IGST) paid on the said services to a supplier of taxable goods or services.

Availing ITC as per Section 16-2-aa

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By Amrita Bhambhani

Businesses must submit claims for Input Tax Credit (ITC) that only shows in GSTR-2B starting on January 1st, 2022. As a result, the new clause (aa) under Section 16(2) becomes effective, and Rule 36(4) of the CGST Rules is rendered useless.

What is ITC-02A Form under GST

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By Amrita Bhambhani

GST ITC-02A form is used by registered taxpayers who own multiple business locations within a state or union territory to transfer their input tax credit (ITC) from the registered entity to a new one.

How to Choose the Best Accounting Software for Your Business in 2022

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By Amrita Bhambhani

Know how accounting software is beneficial to your business, and which one you should go for to meet your needs.

Generating Consolidated E-way bills

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By Amrita Bhambhani

The government mandates e-way bills for goods above Rs 50,000 under section 68 of the GST Act. A registered individual or transporter who transports goods of the consignment may create E-way invoices through the E-way bill portal.

GST EWB-02 Form

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By Amrita Bhambhani

The smooth and transparent transportation of consignments has received special attention since the introduction of the GST under the indirect tax regime. The e-way bill is a step the government adopted to carry out its aim. Before the transportation of goods commences, an e-way bill must be produced. The driver must also have it if anyone asks for it while it is being transported or later.

Factors while choosing an E-way bill software

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By Amrita Bhambhani

Transporters must carry E-Way Bills in accordance with GST requirements when moving products worth more than Rs. 50,000 (depending on the state) either within a state or between two states. Contrarily, under the new GST law, transporters must have a copy of the E-Way Bill and invoice on hand as proof. One of the essential components for a business owner to maintain tax compliance is the development of e-way bills. 

What is Transporter ID and its Enrollment Procedure

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By Amrita Bhambhani

Transporter ID is a 15-digit unique number generated by an e-way bill system for transporters who have not registered themselves under GST. A transporter ID is similar to GSTIN and is acquired through State code, PAN, and check-sum digit.

Complete Guide to GST Composite Scheme

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By Kritika Godhia

With the introduction of the GST act in 2017, all businesses must comply with all the provisions of these acts. GST subsumed several indirect taxes, making it easier for companies to comply. As this act is still relatively new, many people are still not aware of the provisions of this act. The GST council introduced regular and composite schemes to make compliance easier for small businesses. 

Differences Between Regular And Composite Schemes

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By Kritika Godhia

For small and medium-sized businesses, the GST composition plan is suitable. With the help of this program, a company with annual sales of less than Rs. 1.5 crore can pay GST at a predetermined rate. For the North-Eastern states and Himachal Pradesh, the ceiling is set at Rs. 75 lakh.

How to Register on the E-Way Bill Portal

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By Amrita Bhambhani

Learn how to register on the e-way bill portal in this detailed guide. It covers everything you need to know

How to Generate an E-Way Bill in India

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By Amrita Bhambhani

Learn how to generate E-Way Bills using the GST Portal, with a bonus tip at the end to auto-generate E-Way Bills easily.

What are E-way Bills under GST

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By Amrita Bhambhani

This guide will tell you all you need to know about E-Way Bills Under GST in India

E-way Bill Requirements for Transporting Goods by Railways

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By Amrita Bhambhani

An E-way bill is a document that is electronically generated and required during transporting of goods from one place to another if the value of goods exceeds Rs. 50,000. It is to be generated from the GST portal before transporting goods either by rail, road or airways. It includes the details of goods being transported and the names of the consignor, consignee, transporter, etc.

What is the Monthly Tax and ITC Summary Report

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By Shephali Dhasmana

The Monthly Tax and ITC Summary Report may be used to analyse and maintain track of the output taxes paid and the input tax credit used within any given period. When completing yearly returns, the taxpayer must provide a detailed accounting of all taxes paid and input tax credits taken throughout the year. The report may be compared to the books of account, making it simple to spot discrepancies.

Claiming ITC under the New GST Return Filing System

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By Amrita Bhambhani

GST returns are statements companies must submit to the government to record their taxable sales and purchases. On the other hand, the Input Tax Credit (ITC) is a credit that a business can claim on the GST paid on inputs and use to reduce the GST liability on the output.

Reversal of Input Tax Credit in GSTR-2

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By Kritika Godhia

Under GST, you can deduct the taxes you have already paid on purchases (inputs) from the taxes you still owe on output (sales).

Matching, Reversal and Reclaim of ITC

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By Kritika Godhia

If your ITC claims are not in place, it is simple to assume that you are not fully GST-compliant. Businesses would benefit from having access to a report detailing the percentage of their mismatched credit, as they will need to work with suppliers to minimise any gaps.

Document and Forms for Claiming ITC under GST

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By Kritika Godhia

Under GST, the concept of an input tax credit is not new. It is equivalent to refusing under the current taxation system, but GST's rules are entirely different. Input credit allows you to deduct the tax you already paid on inputs when you pay the output tax.

Inspection, Verification and Detention of goods in transit

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By Amrita Bhambhani

E-way bills are primarily used to enable efficient transit of goods through checkpoints. Let's look at the many steps that are taken when moving products from one location to another.

Complete Guide to Input Tax Credit under GST in India

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By Amrita Bhambhani

Learn everything you need to know about Input Tax credit in this detailed guide. Starting from the basics, we will cover what ITC is, how to calculate it, and much more.

How to Claim ITC on Transfer of Business

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By Amrita Bhambhani

This guide will teach you how to claim ITC on a Transfer of Business. You will learn about aspects of the transfer of business, itemised transactions and more.

8 Benefits of E-Invoicing In the Post Pandemic World

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By Arpit Tandon

Benefits of e-invoicing along with their significance and the best e-invoicing software in India in the post-pandemic world

How to Sell Products Online in India

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By Arpit Tandon

Top Tips to Sell Online in India: Choose a Suitable Marketplace, Consider Cost involved in the promotion, Create a Digital Product Catalog, Use GST-compliant Accounting Software.

Know All About Udyog Aadhar / Udyam Registration

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By Arpit Tandon

Get complete information about Udyam Registration (Earlier known as Udyog Aadhar) - Its Eligibility, Benefits, Documents, Fees, and Process Involved.

9 best business ideas in India with low investment

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By Arpit Tandon

Most of the aspiring founders find themselves struggling with investments before they join the hustle. Here are 9 best business ideas with low investment in India:

How to manage cash flow effortlessly for your business

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By Arpit Tandon

Cash flow is considered the King when it comes to the financial well-being of a business. Here, you will learn the ways to fix irregular cash flow in your business.

15 Powerful Tips for Time Management

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By Arpit Tandon

I am sharing a few Time Management tips with you, which will help you improve your efficiency should you implement them in your life.

How to Create a Business Plan Like a Pro

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By Arpit Tandon

A business plan refers to a document that contains several plans regarding the business goal, how to achieve the goal, and the deadline or time frame within which the goal needs to be achieved. Read more to view the simple steps.

7 Financial Mistakes That Every Entrepreneur Should Avoid

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By Arpit Tandon

Entrepreneur or not, we have to face disappointment at least once for achieving inevitable success. Here are 7 mistakes that you will not want to make as an entrepreneur.

7 Funding Options to Help Raise Startup Capital

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By Arpit Tandon

Read the 7 most valuable and effective ways to raise funds for your new business.

Importance of GST Compliance Rating & How to maintain it

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By Arpit Tandon

GST compliance rating is the performance ranking of each registered tax-paying individual. This is regardless of the size, turnover, or nature of your business. The rating system could be between 1 to 10, where 1 is the least compliant and 10 being the highest.

EVERYTHING ABOUT GST STATE CODE

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By Arpit Tandon

Read along to know everything you need to know about GST, the GST state Code, and why we need a state code.

Is an invoice the same as a bill in GST Software

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By Arpit Tandon

The terms invoice and bill are frequently used in business enterprises and even households. Let’s find out through this blog some major differences between the terms ‘invoice’, and ‘bill’.

9 Reassuring Benefits of e-invoicing in Accounting Software

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By Arpit Tandon

E-invoice software developments provide a whole lot of benefits, making them a lifesaver for many businesses. Here are 9 reassuring benefits of e-invoicing in Accounting Software.

5 benefits of an audit trail in accounting software

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By Arpit Tandon

The Audit Trail refers to the record of all activities related to a specific transaction. The objective behind maintaining an Audit trail is to track and discourage fraudulent changes in Business related transactions. Let`s see its benefits.

Maintaining Audit Trail in BUSY Software

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By Arpit Tandon

A BUSY user can seamlessly use this feature in BUSY Enterprise Edition Rel. 3.0 onwards and can easily maintain or record the Audit Trail of all activities related to a specific transaction. Read more about its implementation in BUSY Software.

How to make your business GST compliant

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By Arpit Tandon

Step by step way to get GST Compliant. GST registration, Under GST, know how to raise Invoices, learn to file GST Returns.

5 Big Inventory Management Mistakes and How to Avoid Them

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By Arpit Tandon

Inventory is one of the most critical arms of your business. Businesses that fail to manage their inventory lose a lot of money. Here are 5 common but big inventory management mistakes that you can totally avoid.

Everything you need to know about Inventory Management

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By Arpit Tandon

Inventory is one of the main cogs of the business. Without the proper management of the inventory, it becomes impossible for your business to grow.

What is the correct time to upgrade accounting software

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By Arpit Tandon

Top 9 reasons to upgrade your accounting software. Discover why maybe it's time that you get your business accounting software upgraded.

Important things to know about Tax Collected at Source-TCS

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By Arpit Tandon

Tax Collected at Source (TCS) is the tax which a seller collects from the buyer at the time of sales or receipt. As per new rules applicable from 01.10.2020, a seller selling any commodity to a party requires to collect TCS if gross receipt from buyer exceeds 50L in one year.

5 Expert Tips to Increase Sales During the Pandemic

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By Arpit Tandon

5 Expert Tips to Increase Sales During the Pandemic. You can use these tips and strategies to boost sales of your business without making big changes to your business processes.

7 reasons why your business needs an inventory management system

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By Arpit Tandon

7 reasons why your business needs an inventory management system. Inventory Management System is the lifeline of any Business. It includes various inventories management processes which help keep a check on the stock.

How can MSMEs benefit from accounting software?

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By Arpit Tandon

Let`s take a look at some key advantages of Accounting Software for Small Business. It Manages Tons of Financial Statements & Reports Accurately, Integrates with Existing Software, Streamlines Tax Compliance, Provides Data Security, Remote Access, etc

7 best lead management tips for your small business

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By Arpit Tandon

Learn effective tips that will help your sales and marketing team target the right leads and get them to buy your product or service.

8 Awesome Tips to Grow Your Business During the Pandemic

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By Arpit Tandon

8 expert tips that will help you meet your Sales Targets, Keep your Customers Engaged, and Grow your business. Implementation of these suggestions will help you learn ways to how to stay afloat and grow a business in the current pandemic.