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Latest Posts by Nrsr&co

Amnesty Schemes Under GST Expiring on 30th June 2023

June 15, 2023 4953 Views 3 comments Print

Learn about reduced late fee for filing GSTR-4, GSTR-9, and GSTR-10 for earlier periods between July 2017 and March 2019. Find out the conditions, reduced fee amounts, and the deadline for filing within April-June 2023.

Reverse Charge Mechanism (RCM) under GST- Hidden Liability in books

June 1, 2023 19656 Views 3 comments Print

Unlock the intricacies of Reverse Charge Mechanism (RCM) under GST in this comprehensive article. Delve into the legal aspects, key sections, and benefits of RCM, along with the consequences of non-payment. Understand registration criteria and considerations for RCM transactions, ensuring compliance with GST regulations. Explore a detailed list of goods and services subject to RCM, and grasp the benefits, consequences, and important considerations for businesses involved. Stay informed to navigate the complexities of RCM successfully.

E-Invoice Era In India under GST Regime

June 1, 2023 12603 Views 0 comment Print

Explore the E-Invoice era in India under the GST regime. Learn about the applicability, threshold limits, and footprints of the E-invoicing system. Discover the process of generating E-invoices, exemptions, QR code requirements, and consequences of non-compliance. Gain insights into the types of documents covered and the mandatory data embedded in the QR code. Stay informed about the cancellation process, penalties for non-compliance, and the significance of E-invoices for businesses with turnovers exceeding specified limits.

Section 16 of CGST: Eligibility, Conditions & Restrictions for ITC

June 1, 2023 38031 Views 2 comments Print

Dive into the intricacies of CGST Section 16: Eligibility, Conditions & Restrictions for Input Tax Credit (ITC) on goods and services. Learn about the criteria, time limits, and consequences of non-compliance. Explore the importance of valid invoices, restrictions on personal consumption, and the reversal of ITC. Stay informed to navigate the complexities and avoid penalties while optimizing your tax benefits.

Input Tax Credit under CGST Act, 2017

April 8, 2023 16530 Views 0 comment Print

From the combined reading of sections 2(62) and 2(63) we understand that tax paid in the form of CGST, SGST\UTGST, IGST for procurement of goods or services by a registered person including GST paid under RCM method for import and inward supplies will be called as Input Tax Credit.

Basics of E-Way Bill Under GST Act 2017

April 3, 2023 7059 Views 0 comment Print

Discover the essentials of E-Way Bill under GST Act 2017. Learn about the requirements, contents, and cancellation process. Understand the validity duration and extension possibilities.

Tax Invoice/Bill of supply Under GST

March 21, 2023 57810 Views 6 comments Print

Understand the nuances of Tax Invoices and Bills of Supply in GST. Learn who can issue them, when to issue, mandatory requirements, and key precautions to ensure compliance.

Annexure – V- Declaration by GTA Business under GST

March 12, 2023 82809 Views 18 comments Print

Learn about Annexure V, a declaration form for Goods Transport Agencies (GTA) to opt for paying GST under forward charge, impacting tax liabilities and compliance procedures.

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