Goods and Services Tax Network issued advisory on New Bank Account Validation GSTN has issued Advisory dated April 24, 2023 on Bank Account Validation. It is recommended that the Goods and Services Tax System now includes capabilities for bank account validation. This feature was added to make sure that the bank information provided by GST …
Case Laws on Input Tax Credit is not available on lift & elevators Lift has become the part of the building and Input Tax Credit shall not be available in terms of Section 17(5)(d) of the Central Goods and Services Tax Act, 2017. In this the Authority For Advance Ruling finds that lift consists of …
Is GST E-invoicing limit going to be can be decreased to INR 1.5? The Goods and Services Tax Council may soon make e-invoice compulsory for Goods and Services Tax taxpayers with turnover of INR 5,00,00,000/-. Now the Central Board of Indirect Taxes and Customs has issued recommendations for mandatory new e-invoicing for Goods and Services Tax …
Two Factor Authentication compulsory from 15/07/2023 for all the taxpayers with AATO above 100 Crore NIC is implementing two-factor authentication for logging into the e-Way Bill/e-Invoice system to increase the security of the system. OTP will be used in addition to the username and password for login authentication. Two-Factor Authentication will be made compulsory from …
CBIC to implement more discloser from June 1 2023 to expedite clarances of Medicinal Products Customs Department will start requiring additional disclosures In order to speed up shipping clearances for the export & import of pharmaceutical products on June 1 onwards. When these new disclosures are put into place, the inquiries that Customs officials frequently …
SOP Instruction for Scrutiny of GST Returns of FY 2019-20 & onwards: CBIC. New instruction issued by CBIC for the Scrutiny of GST returns filed by taxpayers. The Central Board of Excise and Customs has recently issued instruction no. 02/2023-GST on 26.05.2023 regarding the standard operating procedure (SOP) for the scrutiny of Goods and Services …
GSTN has enabled functionality to validate IRN or search Invoice Reference Number (IRN) from document No. The Goods and Service Tax Network has been implemented a useful function that users allows to get the access Invoice Reference Number even if it was not started recorded for credit note, debit note or an invoice,. Above Goods and …
Applicable GST Rates for Restaurants Services All Kinds of Restaurants do have not the right to charge GST on their services provided. In case the Restaurant is registered under the GST, then that restaurant will be eligible to charge GST as per the GST law and can issue an invoice & collect GST in their …
Payment under GST for Taxpayers The Normal GST Taxpayer must pay their taxes each month by the 20th of the next month. When making a payment in the monthly returns, the tax payer must first deposit cash payments in the Cash Ledger. He or she must then debit the ledger and include the appropriate debit …
GSTR-3B Versus GSTR-9 Versus GSTR-1: How do three business returns differ from each other? Every GST Identification Number holder is mandated to file a Goods and Services Tax (GST) return. There are approximately 22 different kinds of Goods and Services Tax returns, four of which are suspended and eight of which are view-only in format. …