Here’s Why – GST Annual Return Timeline is Extended

Earlier this year, the Indian Government had issued a notice stating that the last date for filing the annual GST return would be 31st of December 2018. However, there has been a few changes in their plan of action. As a result, the GST council and Central Board of Indirect Taxes and Customs have issued a new notification on 7th of December 2018 implying that due date for filing Form GSTR 9A, Form GSTR 9, and Form GSTR 9C is extended till 31st March 2019.

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Impact of GST on Indian Companies Offering Back Office Services to Multinationals

Are Indian companies who render services and support to MNC's fall in the category of commission agents? Going by the norms of the Indian Tax Department, it seems they are just playing the role of commission agents and not exporters! This is the reason why they have to pay 18% Goods and Services Tax (GST), and they have been termed as "intermediaries" by the Authority of Advance Ruling (AAR). In addition to this, even the multinational firms who have back offices in India would have to pay the 1...

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6 Changes in E-Way Bill : 16th of November 2018

Recently, various improvements have been added to the E-way Bill under the Goods and Services Tax (GST) by the National Informatics Centre E-way Bill Project. According to the document provided by the NIC, the following changes will be live on E-way Bill from 16th of November 2018. If you're a business owner, it's imperative for you to understand these changes properly and avoid any hassle in future. Here's how the changes in E-way Bill will impact your business...

Duplicate E-way Bills Ale...

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Key Highlights of New GST Returns

“GST gives the honest citizens of the country a chance to be carefree about any kind of illegal pressure.” Shri Piyush Goyal The new GST return filing process which was introduced in the 27th GST Council meeting has got a green flag in the 28th GST Council meeting held on 21st July 2018 in New Delhi by Finance Minister Shri Piyush Goyal. The main agenda behind it is to simplify business and tax compliance by providing relief to regular taxpayers who are...

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Comparative analysis of GST Valuation Principles

GST- Goods and Service Tax is a unified tax system that has brought the entire nation together by making everyone follow, a single tax paying procedure. The Pre-GST era had 16 indirect taxes of State and Central Government, this included: excise, value added tax, service tax, purchase tax, entry tax, local body tax etc. These taxes were levied on both goods and services sold in the country. Every tax that was being imposed had their-own complicated taxation structure and the rate of tax wo...

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After GST, Effect on Your Business’ Productivity

Experts say that implementation of GST will certainly incentivize the logistics sector in the country as this is supposed to be the infrastructure building factor that will promote technology adaptation in businesses. Experts also suggest that it will increase the productivity of businesses with efficiency levels. However, this scenario cannot entirely be made true only through GST. Factors that promote the implementation of technology are equally responsible for improving the productivity of...

Payment Method Change after GST

With the implementation of GST (Goods and Services Tax), the Indian economy is going through a big change. All the registered businesses are required to calculate their tax liability and pay their taxes. The tax regime works in two ways, manually and electronically. The manual mode of tax calculation requires the use of books and old-school methods of tax calculation. On the other hand, electronic tax calculation requires either a competent and flexible ERP software or three applications, viz...

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GST Return Dates for August and September’17

With the introduction of the Goods and Services Tax (GST), various industries have witnessed a huge change and tyre industry is not an exception. Talking about ERP systems, many changes were made in the basic structure to calculate taxes and make the implementation of GST easy for the tyre industry. The reform brought in by GST in the industry is anticipated to be good. GST has also brought transparency and clarity to the tyre industry that was lacking in the past. It has brought major and minor...

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How to Claim Transitional ITC in GSTR-3B

Transitional ITC (Input Tax Credit) refers to the tax that is carried over after the closing of your financial books for a specific year. The tax needs to be submitted in the July-August period. This tax is a part of the Goods and Services Tax (GST) and failure to pay Transitional ITC leads to a heavy penalty. To claim this tax, a company has to submit Form GSTR-3B to be eligible for a tax break within 90 days from 1st July.

Claiming Transitional ITC

Businesses need to file form Tra...

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How to Claim Input Tax Credit on Business Expenses?

Input tax credit refers to the tax levied on the operational side of a business. These taxes are levied on the items that are meant to further the business. The respective companies can claim input tax credit by submitting the necessary forms and fulfilling all other obligations, it gives them a chance to save money. Given below are the steps you can follow to pay your input tax credit on your business expenses:

  • You need to be a registered under GST
  • Y...

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