Key Takeaways All registered business operators create GST-compliant invoices daily. Similarly, they need to create a receipt voucher in GST whenever they collect payment for their issued invoices. The GST rates applicable on these receipt vouchers vary based on the category of supplies a business is selling. Regardless of the category, every taxpayer must generate […]
Key Takeaways Businesses frequently notice discrepancies after filing GST returns. This can include improper details in B2B invoices, mismatched exempted sales, inappropriate listings of nil-rated supplies and so on. To rectify the mistakes mentioned above, the GST platform gives an option to change the reported information during certain situations. However, such a procedure requires a […]
Key Takeaways Form GSTR 1 is a statement that every regular and casual taxpayer registered under the GST regime must file on a monthly or quarterly basis. Taxpayers with an aggregate turnover above ₹1.5 crore must file monthly returns, while smaller taxpayers must file quarterly returns. The returns can be filed either online on the […]
Key Takeaways The reconciliation process of GSTR-2A determines the precise amount of Input Tax Credit which taxpayers can claim thereby affecting their financial situation. Every business avoids voluntary tax overpayment. Business organisations maintain precise reconciliation activities to secure complete eligible Input Tax Credit valid for claiming. This guide explains the GSTR-2A reconciliation format and the […]
by Key Takeaways The Reverse Charge Mechanism (RCM) under the Goods and Services Tax (GST) is a unique provision that transfers the tax liability from the supplier of goods or services to their recipient. Instead of the supplier collecting and depositing the tax as in the usual way of taxation, RCM ensures business compliance and direct […]
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Instant Transfer
Lowest Rates
Credit on all transaction