Credit Note or Debit Note Reporting Under New GST Returns

If you are a business using Tally.ERP 9, you can end the financial year with little drama as possible and be ready to welcome the new financial year.

Except for the periodicity of filing return, the form type, format and details required to be furnished are similar to monthly returns.

The objective of the New Simplified GST Returns is to completely knock off the tax evasion pan India so that the transparency and equality can be attained under the indirect tax mechanism

Headed by honourable Finance Minister, Nirmala Sitharaman, several key decisions were taken during this meeting. Below are the key highlights from the 39th GST council meeting.

Data security and safety has become one of the top priorities of any company. Irrespective of the size of the business, companies are constantly discussing about the best options available in the mark

Sugam is a new GST return for small taxpayers whose aggregate turnover in the financial year does not exceed 5 Crores and their outward supplies consist of B2B as well as B2C.

Sahaj is a type of GST returns for small taxpayers whose aggregate turnover in the financial year does not exceed 5 Crores and their outward supplies are of B2C nature.

Going forward, businesses should make provision for a new form of issuance of invoices and leverage the benefit of technology with which the e-invoice system is built.

The increased threshold will ensure that around 90% of businesses will benefit the simpler compliance under the new GST return framework.