Content: Q. Which businesses are required to generate e-invoices now? Q. Which businesses are not required to generate e- invoices? Q. When will e-Invoicing get implemented in India? Q. What is the procedure for generation of E-Invoice under GST? Q. Is an E-invoice being cancelled fully/ partially? Q. Is there any option available for e-invoice…

Content: The CBIC Provisional credit (i.e.10%) reduced to 5% under Rule 36(4) w.e.f. 1 January 2021 Narrowing the validity of E-Way bill (w.e.f. 1st January, 2021) Utilisation of electronic credit ledger for payment of output tax cannot exceed 99% of output tax liability in a month (New Rule 86B w.e.f. 1st January, 2021) Restriction on…

Interest not payable if GST return filed belatedly but amount deposited in Cash Ledger within due date? During the establishment of GST era and with the nascent GST portal, one of the most popular confusion that conned everyone was, whether payment is concluded only after the click on ‘Offset of liabilities’ or payment of GST…

Table of Content Issuance of order in Form GST REG-19 when the taxable person himself applies for the cancellation of registration Issuance of order in Form GST REG-19 when the proper officer cancels the GST registration Coverage of cancellation order in Form GST REG-19- In this case, either the taxable person is no longer liable…

Frequently Asked Questions When refund application can be filed using reason as ‘Refund on tax paid on an Intra state supply which is subsequently held to be inter-state supply and vice versa’? Ans: Refund can be claimed using refund option as “Refund on tax paid on an Intra state supply which is subsequently held to…

For availing the benefits of synergy, there is need for change in the organizational structure or business model of a business entity. Restructuring is considering an important step to expand the business. In this process, one thing which is more important i.e. unutilized Input Tax Credit (ITC), according to GST law, the unutilized Input Tax…

Content Normal audit under section 35(5) Audit by tax authorities under section 65 Special Audit under section 66 Normal Audit u/s 35(5) According to section 35(5) of CGST Act 2017, every registered person whose turnover during a financial year exceeds the prescribed limit i.e. 2cr. shall get his accounts audited by a chartered accountant or…

Table of Content Forgetting Filing of GST Returns in case of no business. Update contact information of taxpayers and not of tax professionals. Booking ITC (Input Tax Credit) without following rules properly. Non Payment of GST in Reverse Charge Mechanism. Non Filing of Final Return GSTR-10. Wrong understanding of LUT. Non- Updation of Additional Place…

The concept of Matching forms the backbone of ITC (Input Tax Credit) under the GST regime. As per the concept, ITC of the recipient for inward supply to be accepted only if the corresponding outward supply of supplier stated in the return is matched with the inward supply of purchaser. Section 42 of the CGST…

Content: Levy of Compensation Cess to be extended beyond 5 years Centre to Release Compensation to states Compliance related measures Reducing Burden of Small Taxpayers Revising the requirement to mention HSN/SAC on Tax Invoices Levy of Compensation Cess to be extended beyond 5 years GST is a destination based consumption tax; the revenue of GST…

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