Invoice Matching Under GST

Invoice Matching Under GST

  Every month suppliers will be required to upload their invoices to GSTN portal and those will be matched with the purchases from customers. So, invoice matching is going to be a monthly affair for businesses. Use of IT systems for bookkeeping and tax compliance work will be seen even in many small and medium…

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Input Tax Credit (ITC)

  Goods and Services Tax (GST) is considered as the biggest reforms in India. However, one thing that has become the talking point is – the mechanism of input credit under GST. In simple words, Input Credit means at the time of paying tax on sales, you can reduce the tax you have already paid on purchases.…

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GST Changes In ProfitBooks

GST Changes In ProfitBooks

  GST is almost here and you must be wondering about lot of things, like – how this is going to impact my business, which vouchers will change, what are the minimum things I need to do in order to comply with GST and so on. We know this is going to be confusing and…

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Penalties And Appeals In GST

Penalties And Appeals In GST

Being a destination based, transaction wise tax, Goods and Services Tax or GST, ropes in strict compliance procedures for all the taxpayers or people falling under the gamut of the same. Since every transaction is being recorded and tracked between the source and destination, it is obligatory for the taxpayers to maintain and declare information…

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GST Composition Scheme

Goods and Service Tax is a game changer as because with its implementation, a tremendous outflow of benefits are expected. Today in India, there are numerous taxes such as Service Tax, VAT, Excise and many others that are ultimately borne by consumers leading to double taxation or having cascading effect. Post GST, around 17 taxes…

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GST Invoice – Learn Everything About It

If sell products or services in India, you must be issuing invoice to your customers. Every business in India needs to know about the new GST invoice rules going forward. In this article, we’ve explained how to create GST invoice, various components that must be there on invoice, format of GST invoice and much more.…

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