If you are a business owner in India, you might have heard of the Goods and Services Tax (GST) – a unified tax system that replaced multiple indirect taxes in the country. Under the GST regime, businesses are required to obtain GST registration to legally carry out their operations. If you are a business owner …
Under this Act, any GST registration granted can be cancelled by the proper officer under certain circumstances, as outlined in this section. The cancellation may occur either on the officer’s own accord or upon application by the registered person. Some of the reasons for cancellation include discontinuation or full transfer of the business, amalgamation with …
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Electronic invoicing, or e-invoicing, is a method of generating and exchanging invoices between businesses electronically, rather than using paper-based systems. E-invoicing has become mandatory for taxpayers whose aggregate turnover, based on PAN, is over Rs. 10 crore per financial year. It is applicable for all B2B taxable supply of goods or services or both and …
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Introduction: A one-person company (OPC) is a type of business entity where a single individual can operate a company as a separate legal entity. It is a hybrid between a sole proprietorship and a private limited company that provides the benefits of limited liability while allowing the entrepreneur to retain complete control of the business. …
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Debit note and credit note are documents used in Goods and Services Tax (GST) to record changes in transactions. A debit note is issued by a supplier when there is an increase in the amount payable by the recipient, while a credit note is issued when there is a decrease in the amount payable. They …
The time of issue of an invoice is a crucial aspect under the GST regime as it determines the time of supply and the due date for payment of tax liability. It is essential to issue a tax invoice within the prescribed time limit, failing which penalties and interest may apply. Delayed issuance of invoices …
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The GST regime has brought about many changes in the way businesses in India conduct their operations. One of the most significant changes is the requirement to issue various types of invoices and vouchers as prescribed by the CGST Rules. Here is an overview of the different types of invoices and vouchers that businesses must …
The Hon’ble Gujarat High Court recently passed a judgment in the case of M/s Devi Products v. State of Gujarat [R/Special Civil Application No. 2288 of 2023 dated February 15, 2023], setting aside the Show Cause Notice (“SCN”) and the consequential order for cancellation of GST Registration issued to the assessee. The court held that …
The Calcutta High Court recently passed a judgment in M/s. Modicum Enterprise (OPC) Private Limited v. Deputy Commissioner of State Tax/Assistant Commissioner of State Tax [M.A.T No. 1828 of 2022 with I.A. No. CAN 1 of 2022 dated December 22, 2022] regarding the applicability of late fee under Section 47 of the Central Goods and …
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Filing GST (Goods and Services Tax) returns is a necessary requirement for all registered businesses in India. GST returns are periodic statements that contain details of all transactions made by the business during a particular period. Here are the benefits of filing GST returns: In conclusion, filing GST returns is not only a legal requirement, …
