Explains the legal situations where suppliers can correct excess GST through credit notes. Highlights that reduction in tax liability is conditional on timelines, ITC reversal, and absence of unjust ...

The Goods and Services Tax (GST) software is the front-end IT infrastructure for Indian businesses under the tax system to file their returns, upload invoices, create challans for making payments, and ...

Gradual reduction in the annual turnover threshold for mandatory e-invoicing for business-to-business supplies may help large firms fully claim their input tax credit (ITC), which often gets stuck due ...

Businesses must show prices inclusive of GST on all price displays to the public. Hotels and food & beverage establishments that impose a service charge on their goods and services are exempted but ...

According to an official, better credit flow to MSMEs is crucial as they are the backbone of the Indian economy as it is one of the major contributors of India’s gross domestic product (GDP). The ...

Fake GST Bill: For some time now, GST officials have been trying to stop GST fraud. According to the GST Council, most of the GST fraud in the country are done through fake invoice bills. Goods and ...

The government is increasing the number of portals for registering e-invoices from just one to six as it takes the digital route to plug indirect tax collection leakages in the run-up to a meeting of ...