Vishal 
1. Scenario Overview In the dynamic world of Goods and Services Tax (GST), cancellations of events after receiving advances often lead to confusion about compliance and tax adjustments. Imagine a supplier receives an advance payment for an event scheduled in the future. Before the event occurs, it is cancelled, and an invoice had already been …
Table of Contents The Goods and Services Tax (GST) system has introduced several provisions aimed at improving tax compliance and transparency. One of the most crucial aspects of GST is the concept of refunds, which can be claimed by taxpayers in specific circumstances. In this blog post, we’ll break down everything you need to know …
Introduction Effective management of Input Tax Credit (ITC) is crucial for businesses to stay compliant with GST regulations and optimize their tax liabilities. One of the most common challenges under the GST regime is the accumulation of SGST/UTGST credits, particularly for businesses dealing with inter-state supplies. This blog explores the reasons behind SGST/UTGST credit …
The Goods and Services Tax (GST) system in India has streamlined the taxation process, but it also introduced a range of documentation requirements for businesses. Each document serves a distinct purpose to ensure proper compliance, accurate tax payments, and proper record-keeping. In this blog post, we’ll walk through the various types of invoices and …
Navigating through tax laws can be overwhelming due to the complex terminology used in legal provisions. Terms like section, sub-section, circulars, and clarifications often appear in the Income Tax and GST Acts. This blog breaks down these terms in simple language, providing definitions and examples for better understanding. Key Terms in Income Tax and GST …
GSTN has issued advisory on Table 8A and 8C of GSTR-9 (Annual Return) of FY 2023-24: – Table 4, 5, 6 and 7 will show the data of current FY only (except Table 6A which is auto-populated from GSTR-3B will show the figure of FY 22-23 and FY 23-24). The break-up to be provided in …
Date Compliance Details 10th Dec 2024 GSTR-7 & GSTR-8 TDS return (GSTR-7) and TCS return (GSTR-8) for November 2024. 11th Dec 2024 GSTR-1 (Monthly filing) For taxpayers with turnover > ₹5 crore or those opting for monthly return for November 2024. 13th Dec 2024 GSTR-6 (ISD return) & GSTR-1 (QRMP Monthly) Input Service Distributors (GSTR-6) …
Particulars Individual’s Return (Before HUF Formation) Individual’s Return (After HUF Formation) HUF’s Return A. Salary 20,00,000 20,00,000 – B. House Property (HP) Rent 7,50,000 – 7,50,000 C. Standard Deduction on House Property (30%) (2,25,000) – (2,25,000) D. Income from House Property (B – C) 5,25,000 – 5,25,000 E. Total Taxable Income (A + D) 25,25,000 …
Introduction For businesses, accurately reporting income and complying with tax regulations is essential. One area that often creates confusion is the valuation of closing stock under Section 145A of the Income Tax Act, particularly with the introduction of GST. This blog explores the provisions of Section 145A, how it impacts closing stock valuation, and the …