Author: Daniya Kurian

1) Maintaining accurate records:  Maintaining accurate records is an essential tip to avoid common mistakes in GST filing in India. Keeping detailed and organized records of invoices, purchases, expenses, and taxes helps ensure accurate reporting and reconciliation. Accurate records also facilitate smooth audits and enable the proper claiming of input tax credits. 2) Timely reconciliation of… Continue reading Tips to Avoid Common Mistakes in GST filing

e-Invoicing currently applies to- Supplies to registered persons (i.e., B2B supplies), Supplies to SEZs developers (with/without payment of tax), Exports (with/without payment of tax), and Deemed exports, that are made by the notified class of taxpayers. It does not cover Free Trade & Warehousing Zones (FTWZ), import transactions, input service distributors, high sea sales and… Continue reading Supplies currently covered under einvoicing

TDS or Tax Deducted at Source is income tax reduced from the money paid at the time of making specified payments such as rent, commission, professional fees, salary, interest etc. by the persons making such payments. Usually, the person receiving income is liable to pay income tax. Here are some of the income sources that qualify… Continue reading Types of TDS

The exit date should be mentioned for PF withdrawal. The Employees’ Provident Fund Organization (EPFO) has introduced a facility where employees can enter the date of exit from their previous employer in the Unified Member Portal. Previously, only the employer could enter the date of exit, but now even employees can enter the exit date. Below… Continue reading Process to Enter Exit Date for PF Withdrawal

The following documents must be furnished at the time of EPF withdrawal- Composite Claim Form Identity Proof Address Proof Two revenue stamps One blank and canceled cheque (should have visible IFSC and account number) Bank account statement (in the name of the EPF holder, while he/she is alive) Personal details such as- Father’s Name Date… Continue reading Documents Required for EPF Withdrawal

The e-invoicing process involves electronically generating and submitting invoices to a government portal for validation and authentication. While the exact process can vary depending on the country and its specific regulations, here’s a general overview of how the e-invoicing process typically works: Invoice Generation: Businesses generate invoices in a standardized electronic format that adheres to… Continue reading E-invoicing process

Apart from online filing of the GST returns, the GST regime has introduced several new systems along with it. e-Way Bills GST introduced a centralised system of waybills by the introduction of “E-way bills”. This system was launched on 1st April 2018 for inter-state movement of goods and on 15th April 2018 for intra-state movement… Continue reading New Compliances Under GST

Service Accounting Code, also known as SAC, is the code issued by the Central Board of Indirect Tax & Customs (Service Tax Department) to classify and identify the services offered. Each Service provided has a unique SAC code precisely like a unique HSN for different categories of products. People involved in providing services can and… Continue reading HSN and SAC Codes in Business

Salaried individuals whose annual income is included under the taxable slabs are eligible for Form 16. Regardless, an employee must issue Form 16 to an employee if he/she has deducted tax at source from salary.The said form comes in handy for salaried employees and helps them to file an ITR Taxable salary Exemption on allowance under Section… Continue reading Details Required from Form 16 When Filing IT Return

‘e-Invoicing’ or ‘electronic invoicing’ is a system in which B2B invoices and a few other documents are authenticated electronically by GSTN for further use on the common GST portal. In its 35th meeting, the GST Council decided to implement a system of e-Invoicing, covering specific categories of persons, mostly large enterprises. Later on, it has… Continue reading e-invoicing under GST