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Input Tax Credit can be said to be one of the key elements of the entire Goods and Service Tax (GST) framework with one of the major USPs i.e. flawless flow of credits in the entire GST chain.

GSTR 2A is a self-generated statement where visibility of all incoming supplies made by your supplier in GSTR 1 has been made available to recipients.

The GST law has prescribed the following number of returns. And these returns are prescribed with the due date of filing with its provisions laid in CGST Act 2017.

Goods and Services Tax is often assumed to be a complete unification of all indirect taxes currently levied in India by Central and State governments, but the reality is a little different.

e-way bills can be cancelled by the generator of such e way bills only. The time limit to cancel is within 24 hours of generating the e - way bill. Once cancelled, it is illegal to use such E-Way Bi

Furnish information in Form GST EWB-01 (PART A and PART B) before the commencement of movement of goods (on www.ewaybillgst.gov.in)

What promotes GSTR 3B reconciliation process? Differences between the amount of credit shown in GSTR- 3B and the GSTR 2A and discrepancies between GSTR - 3B and GSTR - 1.

Businesses should follow up with the vendor to ensure that the liability is declared. Otherwise, risks of such credits being disallowed may arise.

TCS refers to the tax which is collected by the e-commerce operator when a supplier supplies some goods or services through its portal.

The base on which TDS is deductible if the aggregate value of contracts exceeds a sum of Rs. 2.5 lacs. For the purpose of determining the value of Rs. 2.5 lacs, taxable value has to be taken.

A Tax Credit Note is a written or electronic document to be recorded and issued by a registered supplier of goods or services on the occurrence of situations as prescribed by the GST Act and Rules.

GSTR 3B form does not require invoice level information. It only requires total values for each field, like a summary, for the month for which filing is done.