September 4, 2025 The 56th GST Council meeting, chaired by Union Finance Minister Smt. Nirmala Sitharaman on September 3, 2025, has concluded, leaving a significant impact across various sectors of the Indian economy. The council announced a sweeping set of recommendations aimed at providing relief to consumers, rationalizing tax rates, and simplifying compliance for businesses. …
GST Set-Off Calculator IGST CGST SGST Output Tax Payable Available ITC Calculate Download PDF GST Set-Off Calculator: Optimize Your Input Tax Credit (ITC) Instantly! GST (Goods and Services Tax) is India’s unified indirect tax system, and understanding how to set off your Input Tax Credit (ITC) correctly can make a big difference to your business’s …
As a business owner or accountant, managing GST entries accurately is crucial for compliance. In this guide, we will explain how to make GST entries in Tally and ensure your Cash Ledger and ITC Ledger are always synchronized with the GSTIN Cash Ledger and GSTIN ITC Ledger. By following these steps, you can easily reconcile …
Introduction The Goods and Services Tax (GST) has transformed India’s indirect tax system into a unified structure. Among its many features, the Input Tax Credit (ITC) mechanism stands out as a revolutionary tool to prevent the cascading effect of taxes. ITC allows businesses to reduce their tax liability by claiming credit for the GST paid …
Managing GST transactions that span across financial years can be challenging. This article provides a comprehensive guide to addressing such scenarios, with specific focus on sales transactions pertaining to FY 2022-23 but reported or amended in FY 2023-24. We’ll also look at how to correctly report these in GSTR-9 and GSTR-9C, supported by an easy-to-understand …
A credit note under the Goods and Services Tax (GST) framework is an essential document for rectifying discrepancies in the original tax invoice. The 55th GST Council meeting introduced critical amendments to the treatment of credit notes, ensuring enhanced compliance, streamlined processes, and clarity in tax adjustments. This article delves deep into the concept of …
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 …