What exactly is GST Rule 88C? GST Rule 88C was added as a result of suggestions from the 48th GST Council meeting on December 17, 2022, to provide a process for dealing with the difference in taxpayer liability as noted in GSTR-1 v/s GSTR-3B. There have been several instances where the supplier transferred ITC via … Read more
If done correctly, you can claim GST Input Tax Credit without having your credit blocked. This article focuses on ITC claims in GST and their reliance on the ITC reconciliation process. Claiming GST Input Tax Credit on purchases can be difficult, and obtaining only the eligible ITC can be tricky. However, claiming ITC can be … Read more
Summon implies that something serious and bad is about to happen to you, but it is actually a legal document issued by a court or the government.
The GST ITC-04 form includes specifics about the information sources or capital goods shipped to and returned from such a task laborer.
GST’s Journey of Change in 2022 2022 was a year of recovery from the Covid pandemic, which had a global impact on businesses for nearly two years. GST collections in 2022 show that businesses are resuming normalcy. GST receipts are an excellent predictor of economic activity. A look at GST revenue in 2022 shows a … Read more
At the 48th GST Council meeting, the GST on health insurance was a hotly debated topic. The GST rate on health insurance policies in India will be reduced from 18% to 12%, according to reports. The article discusses the most recent GST rate for health insurance and how lowering the GST rate on insurance will … Read more
The GSTR 6 Return form needs to be filled out by all distributors of input services who have registered for the Goods and Services Tax (GST). The information from form GSTR-6A is provided in the GSTR 6, with the majority of the data being auto-populated. Information about received credits from various invoices is covered in … Read more
There are several problems with Form GSTR 9 and ambiguity regarding its format. Despite the fact that the same information had previously been filed in the monthly and quarterly akin periodic returns, the information would not automatically populate in this form. The majority of the hassles associated with filing an annual return have been removed … Read more
A taxpayer has to file Form TRAN-1 and GSTR-3B before filing Form TRAN-2, Follow These Step
.3.By Step Process to File TRAN-2 Like a Pro.
GSTR 9 must be filed by a registered taxpayer once a year and GSTR 9C is an audit form that taxpayers with a turnover of more than Rs.2 crores.