GSTR-2 Return Filing

Understanding GSTR-2

Goods And Services Tax, whether you like it or not, is a structured approach in detailing the transactions that happen in India and further, reporting them on a line item basis. There are supposedly 8.4 million assessees registered with GST, 6.2 million are already registered in the GST portal. These assessees are expected to file…

Credit Notes & Debit Notes

Credit Notes & Debit notes Under GST

There comes a time when humans err in making an entry or a transaction. These cases often lead to anomalies and a further reconciliation is required between the interacting parties to make correct, such anomalies. This can happen due to a machine malfunction as well. Such an erroneous situation leads to the creation of what…

GSTR-1 Return Filing

Understanding GSTR-1

GST is soon going to roll out and pave the way for a uniform and systematic reporting system that is seldom found anywhere else. This transaction-wise, destination-based reporting system provides for a much effective credit flow, removes chances of corruption and illegal transactions. To achieve this, the government has come up with an effective form-based…

Reverse Charge In GST

Reverse Charge Under GST

Goods and Service tax, popularly known, as GST is the new tax regime that will replace many of the current indirect taxes and will remove the complexities of it. The Finance Ministry department has set the target date of 1 July 2017, to get GST implemented to the whole nation. The GST enrollment procedure for migration…

What Is HSN Code Under GST?

The World has been thriving ever since International Trade and Commerce came into picture. There are thousands of products being transacted around the World, some specific to a country and some relating to most of the countries. It has thus become imperative to have a common understanding of the goods being traded and countries speaking…

GST Refund Process

GST Refunds

GST is all about a smooth flow of funds and compliances till the end. To facilitate such a smooth flow, it is imperative for the Government to provide for a hassle-free refund process. The current tax structure is cumbersome, and it takes months and sometimes years to get refunds from the Government’s kitty. GST provides…