Key Takeaways Table 6 of GSTR 9 is specifically designed to capture the details of the Input Tax Credit availed during the financial year. Ensuring all of the details are properly filled in Table 6 plays a pivotal role in ensuring accurate annual returns under the GST regime. It also helps in avoiding discrepancies between […]
Filing the GSTR-9 annual return is a critical compliance requirement for businesses registered under the Goods and Services Tax (GST) regime in India. However, many taxpayers encounter a common hurdle during this process, the “Schema Validation Failed” error. This error message details discrepancies between the data submitted and the prescribed format outlined by the GST […]
Key Takeaways The GST regime in India has streamlined indirect taxation, making business compliance more systematic. An important component of this process is the GSTR-1 HSN summary report. Accurate classification of products and services in this report ensures correct tax application and eases reconciliation. So, understanding the GSTR-1 HSN summary report is essential for taxpayers, […]
Key Takeaways The GST 2.0 Reform Bill 2025 is one of the major changes introduced to India`s indirect tax system. Under the new system, the old four-slab system has been replaced by a more straightforward three-tier system of 5%, 18%, and the newly implemented 40%. Taxation on essential goods like packaged foods and items of […]
by Key Takeaways Form GST REG-08 is used by a proper officer to cancel GST registration of the TDS (Tax Deducted at Source) deductor or TCS (Tax Collected at Source) collector. It is used when they are no longer liable and have not submitted a defence reply. If the concerned TDS deductor and TCS collector do […]
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