Key Takeaways Demand and Recovery under GST is a process that the government can initiate to collect unpaid taxes. The tax authorities can recover unpaid tax if a taxpayer has paid an incorrect amount of GST or has wrongly claimed input tax credits. The demand and recovery process begins when the tax authorities identify an […]
Key Takeaways The Goods and Services Tax (GST) is a revolutionary measure that unifies and simplifies indirect taxation in India. This new regime came into effect on July 1st, 2017. Previously, India’s tax system was multi-layered and complicated, creating a domino impact. VAT, excise duty, entry tax and other types of taxes were a part […]
Key Takeaways The GST or Goods and Services Tax system is one of the most significant tax reforms in India. Its implementation was on 1st July, 2027. Its goal is to streamline and simplify an indirect tax system. Before the introduction of the GST tax structure in India, there was a lot of complexity and […]
Key Takeaways Purchasing a home is so much more than having a roof and four walls. It is the most significant investment that you will ever make. While many people focus on choosing the right location and drawing a layout, it is equally important to consider the involvement of taxes in home purchasing, especially Goods […]
by Key Takeaways A new functionality has been introduced on the GST e-invoice portal. It supports businesses in the declaration of their exemptions from electronic invoicing. This update is of much importance for financial institutions and other types of entities which are exempt from generating tax invoices through an e-invoicing system based on annual turnover. The […]
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