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Contributor
2022-07-04

GST & IT Buddies – Bridging the Gap between Masses and Technicalities of Taxation

In a country like India, everything is authorised and needs to be in paper form, approved by the government for a plain and transparent transaction. Taxation is critical for smooth administration in a vast country like India with a massive population and people hustling on various types of livelihood opportunities to earn their bread. There were times in the past when common men suffered from being levied by various types of taxes. The introduction of GST, it has been a huge relief for the common man as it eliminated the cascading effect of taxes, and it demanded all the concerned businesses to register for GST. This requires assistance, which will be provided by the esteemed organization GST & IT Buddies, a firm that provides all types of GST and IT services to businesses and common men.

sunil
2023-12-18

World’s Largest Services Platform

GST & IT Buddies is a network of independent professionals who specialize in various fields such as Legal, Tax, Product Certifications, and all other services rendered by professionals independently.

Dr.sanjay Luniya
2022-07-04

GST & IT Buddies – Bridging the Gap between Masses and Technicalities of Taxation

GST & IT Buddies is a consulting firm that offers services related to customer business and is present all across the nation. They provide several types of services such as GST registration, GST return, GST refund, and GST Reconciliation, Income Tax Services such as ITR file and TDS return file, Company Registration Services such as OPC Company Registration, Pvt Ltd Company registration, LLP Company registration, Nidhi company registration, Proprietorship Firm registration and Partnership Firm registration and various other registrations such as NGO or Trust registration, MSME registration, Trademark registration, food license registration, account services, ISO certificate, digital signature and import-export code registration.

Economic Times
2024-01-12

Delta Corp says Rs 23,200 crore-GST demand arbitrary

Online gaming firm Delta Corp on Tuesday said the GST demand worth over Rs 23,200 crore is arbitrary and contrary to provisions of law and hence it has not made any provisions towards the same. The company, which is also a casino operator, reported a 59 percent year-on-year decline in its consolidated net profit for the quarter that ended December 2023 at Rs 34.48 crore. The income from operations stood at Rs 181.54 crore, 18 percent lower than the year-ago period.

New Indian Express
2024-01-13

GST on online gaming: Govt to issue clarification

NEW DELHI: The Finance Ministry will likely issue a clarification soon on whether the amendment to GST rules pertaining to online gaming, casinos, and horse racing would be implemented retrospectively or prospectively, as per highly placed sources. Though Finance Minister Nirmala Sitharman recently said in parliament that the new valuation rules would be applicable prospectively, experts say that more clarity needs to be given as the companies are getting tax demand notices for the previous years based on the recent amendment. The GST authorities have issued show cause notices worth over R1.12 lakh crore to online gaming companies for tax evasion so far.

live Mint
2024-01-17

GST authorities drop plans to enforce stricter e-way bill norms

New Delhi: Goods and Services Tax (GST) authorities have dropped a plan to block generation of goods transportation permits, or e-way bills, from 1 March for companies that fail to produce 'e-invoices' for their wholesale transactions through designated portals. These portals aid in more accurate data capturing across various tax forms using a standardized invoice.

Business Line
2024-01-18

GST authorities drop ₹7.08 crore service tax demand on Competition Commission

In a relief for the Competition Commission of India (CCI), GST authorities have dropped a ₹7.08 crore service tax demand on the competition watchdog, ruling that the regulator is not liable to take service tax registration and hence no demand for service tax arises. This demand of ₹7.08 crore includes service tax of ₹6.78 crore, education cess of ₹ 2.57 lakh, secondary and higher secondary education cess of ₹1.28 lakh, Swach Bharat cess of ₹15.52 lakh, and Krishi Kalyan cess of ₹9.53 lakh. This order came from a CGST Commissioner audit on an appeal filed by the CCI against the show cause notice issued by the Directorate General of GST Intelligence (DGGI), Delhi Zone.

Live Law
2024-01-19

GST ITC Can Be Availed On Roof Top Solar System As It Constitute Plant And Machinery: AAR

The Gujarat Authority of Advance Ruling (AAR) has ruled that roof-top solar systems with installation and commissioning constitute plant and machinery. The bench of Amit Kumar Mishra and Riddhesh Raval has observed that applicants are eligible to avail of ITC on rooftop solar systems with installation and commissioning under the GST Act. The applicant is engaged in the business of manufacturing and selling welding wires. The applicant supplies its products and services after discharging 8% GST. The applicant has entered into an interconnection agreement with the power distribution licensee (Madhya Gujarat Vij Company Ltd.) for the captive use of power generated by rooftop solar systems. The applicant has recently installed a rooftop solar system with a capacity of 440 KW (AC) on the factory roof for power generation. The applicant stated that the generated power is solely and captively used for manufacturing welding wires within the same premises.

Business Line
2024-01-20

GST law yet to be amended to exclude extra neutral alcohol used for human consumption

The wait for liquor companies to get clarity on the taxation of Extra Neutral Alcohol (ENA), used for distilling alcoholic liquor for human consumption, is getting prolonged as the GST Act is yet to be amended. Companies assert that they are paying Value Added Tax (VAT) in some states and GST in others. Also, they are getting notices for non-payment of GST in some states and for VAT by VAT authorities in other states.

Times Of India
2024-01-23

Lessor has to pay GST on rent if property is used for commercial purposes

MUMBAI: The Rajasthan bench of the Authority for Advance Rulings has held that GST (Goods and Services Tax) is applicable on the rent if a residential property is used for commercial purposes by a lessee (who is registered for GST purposes).

Times Of India
2024-01-29

Patna HC slaps cost of Rs 5k on GST officer: Illegal recovery

PATNA: The Patna high court has slapped a cost of Rs 5,000 on a Goods and Services Tax (GST) officer for "forcible and illegal recovery" of percent tax amount from a person waiting to avail the statutory remedy of appeal before the GST tribunal which has not been made functional in Bihar. A division bench of Chief Justice K Vinod Chandran and Justice Rajiv Roy passed the order on Thursday while allowing the writ application filed by National Insurance Company, Patna regional office.

कुमार विवेक
2024-02-02

पेटीएम पेमेंट्स बैंक पर आरबीआई ने की कार्रवाई, 29 फरवरी के बाद बैंकिंग और वॉलेट सेवाएं देने पर रोक !

भारतीय रिजर्व बैंक ने कहा है कि 29 फरवरी के बाद पेटीएम पेमेंट्स बैंक लिमिटेड को कस्टमर अकाउंट या वॉलेट और फास्टैग जैसे प्रीपेड इंस्ट्रूमेंट में डिपॉजिट एक्सेप्ट करने या क्रेडिट ट्रांजेक्शन या टॉप-अप की परमिशन देने से रोक दिया गया है।

Hindustan Times
2024-02-05

January records 2nd highest monthly GST revenue at ₹1.72 L cr

Goods and Services Tax (GST) revenues surpassed ₹1.72 lakh crore in January, the second highest monthly collection and the third over the ₹1.70 lakh crore threshold, data released on Wednesday showed, with experts attributing the high number to the resilience of the Indian economy and better tax compliance.

Business Today
2024-02-07

Pan masala, tobacco manufacturers may have to pay Rs 1 lakh penalty for packing machines not registered under GST.

Pan masala and tobacco manufacturers that do not register their packing machines with goods and services tax (GST) authorities may face a penalty of Rs 1 lakh per machine. Further, the machine could also be confiscated by the GST department. To this effect, the Finance Bill, 2024, which was tabled along with the Interim Budget 2024-25, has introduced section 122 in the Central Goods and Services Tax Act in a bid to improve compliance in the evasion-prone sector.

Economic Times
2024-02-09

GST Council may consider pan-India rollout of biometric-based authentication for registration: CBIC

New Delhi: The GST Council may take up a proposal to make biometric-based Aadhaar authentication mandatory pan-India for suspicious persons, seeking GST registration, CBIC chief Sanjay Kumar Agarwal said on Friday. Currently, two states -- Gujarat and Andhra Pradesh -- and the Union Territory of Puducherry have launched Aadhaar authentication of taxpayers on a pilot basis. "That is giving encouraging results. The number of (registration) applications has come down in Gujarat. That is an indication that with these measures, the people who were using other's identities to create fake ITC firms, are now in check.

Indian Express
2024-02-12

Parliament panel proposes composite license for insurers, cut in GST rates

In a significant boost to the insurance segment in the country, the Standing Committee on Finance of the Lok Sabha has recommended that insurance companies should be allowed composite licensing which will enable an insurer to offer both life and non-life insurance products, including health, motor and term policies. The committee has also proposed a reduction in GST rates from the current level of 18 percent in the case of health insurance and term policies A composite license can cut costs and compliance hassles for insurers, as they can run different insurance lines under one roof. “It can offer customers more choice and value, such as a single policy that covers life, health, and savings,” the panel said in its performance review and regulation of the insurance sector.

Financial Express
2024-02-16

Star Health receives GST demand notice for Rs 170 crore, penalty of Rs 8.7 crore

Star Health and Allied Insurance Company Ltd on Thursday announced that it had received a tax demand order for Rs 170 crore, along with a penalty of Rs 8.7 crore on non-payment of GST liability on the re-insurance commission received by the company during the period April 2018 to March 2019. “The company has received a demand order from the Office of the Deputy Commissioner (ST)-II, Large Taxpayers Unit, Chennai-35 under Section 73 of the Central Goods and Services Tax Act, 2017, February 14, 2024, alleging a total demand of Rs 170,67,13,561 and imposing a penalty of Rs 8,67,25,664. The alleged demand and the impugned demand order pertains to non-payment of GST liability on the re-insurance commission received by the company during the period April 2018 to March 2019,” the company said in a regulatory filing.

CNBC TV 18
2024-02-19

DGGI summons 10 foreign airlines operating in India over alleged GST evasion.

In a major crackdown to curb Goods and Services Tax (GST) leakage by foreign airlines operating in India, the Directorate General of GST Intelligence (DGGI) is understood to have issued summons to the Indian offices of these airlines. According to sources, "DGGI has summoned Indian offices of all foreign airlines for alleged tax evasion on account of import of services from head office by Indian branch offices. And detailed clarifications have been sought, and DGGI is in talks with all foreign airlines."DGGI, the investigative arm under the GST regime, alleges that foreign airlines, headquartered abroad have branch offices in India that are permitted by RBI to remit forex related to passenger sales and cargo sales, however, other air services are offered by the head office abroad which include rental, maintenance of aircraft, crew salary, etc. Thus, these services coming from abroad were liable to GST under the reverse charge mechanism, which these airlines have not paid.

Business Line
2024-02-22

Launch of trade in Electronic Gold Receipt mired in GST tangle

More than two years after it was first announced by the market regulator SEBI, the proposed trading in the country’s first spot physical gold exchange product, Electronic Gold Receipt, remains a non-starter due to taxation issues. EGRs are like depository gold receipts traded on the stock exchanges and held in demat accounts, just like shares. In the Union Budget 2021-22, Finance Minister Nirmala Sitharaman announced the setting up of a SEBI-regulated gold spot exchange, and the entire bullion industry welcomed the move as it was operating in a vacuum without regulatory oversight. Subsequently, in September 2021, SEBI introduced two new investment instruments, EGR and silver ETFs, in its board meeting. It also laid down a detailed guideline for EGR and gave approval to BSE to launch gold EGR on its platform. While silver ETF has taken off nicely, EGR has hit the wall due to the GST issue.

Business Line
2024-02-29

GST portal’s new data sharing mechanism to facilitate seamless credit for assessees

Getting credit from banks and other financial institutions for GST assessments will be more seamless as the GST portal can now share data with public tech platforms for frictionless credit only after consent. Experts believe that such a move will also have an impact on compliance. According to the notification by the Finance Ministry, ‘Public tech platform for frictionless credit’ means an enterprise-grade open architecture information technology platform conceptualized by the RBI and developed by its wholly-owned subsidiary, Reserve Bank Innovation Hub. It is meant for the operations of a large ecosystem of credit and to ensure access to information from various data sources digitally and where the financial service providers and multiple data service providers converge on the platform using standard and protocol-driven architecture, open and shared Application Programming Interface (API) framework.

News 18
2024-03-04

GST Collections In February 2024 Jump 12.5% YoY To Rs 1.68 Lakh Crore

Gross GST collection in February 2024 jumped 12.5 percent year-on-year (YoY) to Rs 1,68,337 crore, according to an official statement released on Friday.

Economic Times
2024-03-07

GST landscape alarmed: Profiteering concerns pose key challenges for India Inc

It was widely perceived that the anti-profiteering mechanism set up under the GST regime was an initial nudge aimed to ensure that companies passed on the 'benefit' - be it a fall in tax rates, or an enhanced input tax credit - arising from the GST roll-out to the end consumer by way of commensurate reduction in prices. The adjudicating authority, National Anti-Profiteering Authority (NAA) set up in 2017, had a two-year tenure. But this was extended twice, till November 2022, with the mantle passed on to CCI subsequently.

Construction World
2024-03-11

Real Estate Firms Seek GST Clarifications

Real estate companies in India have approached the Finance Ministry seeking clarifications and addressing concerns over recent Goods and Services Tax (GST) notices. This move reflects the industry's proactive engagement with regulatory authorities to seek clarity and resolve potential challenges arising from GST-related matters.

Business Line
2024-03-15

E-way bill surge signals potential GST revenue boost

E-way bill generation surged to 9.73 crores in February. This is the highest in four months and also the new second-all all-time-high generation. This is expected to have a positive impact on GST collection in March. February figures are also important as the month had only 29 days. The Finance Ministry will come out with the collection of data for March on April 1.

International Tax Review
2024-03-19

Indian GST litigation series, part one: proceedings for assessment

In the Indian goods and services tax (GST), an assessment order must be passed within the period fixed under the relevant statute. This poses a challenge to officers as they seek to complete the adjudication of demand notices promptly. In any case, the adjudication process cannot bypass principles such as fair play that are ingrained in India’s legal system. Therefore, disputes between the Indian Revenue Service and taxpayers regarding adjudication will remain an eternal issue. Distinctively in GST law, the proceedings prior to the issuance of show cause notices are completely codified. The authors are of the opinion that the principles applicable to an adjudication process can be extended to proceedings leading up to the issuance of show-cause notices/demand notices.

Live Mint
2024-03-21

GST council postpones review of 28% levy on online gaming; likely to be taken up after Lok Sabha elections 2024

The Goods and Services Tax (GST) council on Tuesday postponed the review of the 28% levy imposed on the proceeds from online gaming, news platform NDTV Profit reported. The 28% tax on online gaming was implemented on October 1, 2023, and was scheduled to be reviewed after six months, but the people with knowledge of the matter have informed that this might be taken now after the Lok Sabha elections 2024. The postponement comes after the Revenue Secretary's remarks last month, who said that the six-month period will be over by March 31, so the issue will be not decided in the next meeting, but after the completion of the deadline. “A review does not necessarily mean that we change the rates. A review is only to take stock and see if anything needs to be done," Revenue Secretary Sanjay Malhotra told Moneycontrol.

Times Of India
2024-03-26

No GST on women hostels as end-use not commercial

Chennai: Pointing out that rentals attract GST only if the rented building is used for commercial purposes, the Madras High Court has quashed GST demand on hostels for working women and girls.

Times Of India
2024-03-28

Exercise caution & probe deeper before arrests in GST fraud cases

Hyderabad: Exhorting GST authorities to exercise caution and deeper examination before authorizing the arrest of businessmen for tax evasion, Justice Ujjal Bhuyan of the Supreme Court on Saturday said the reasons “you have to suspect a person cannot be equated with the reasons to believe”. The extreme action of arresting a person should be backed by strong reasons to believe that the person was an evader and the same should be recorded in writing, he said.

Economic Times
2024-03-30

Madras HC stays Rs 80 cr GST demand on Hyundai seconded employees pay

NEW DELHI: The Madras HC has stayed a GST demand of about Rs 80 crore on salary paid by Hyundai Motors to seconded employees.

Business Today
2024-04-03

Buoyant GST collections in FY24 may give Centre room to raise target for FY25 in full Budget

According to official data released by the finance ministry on April 1, gross GST collections in FY24 exceeded Rs 20 lakh crore and came in at Rs 20.18 lakh crore, while on a net basis, it was Rs 18.1 lakh crore. Central GST collections amounted to Rs 8.63 lakh crore as against the revised estimate of Rs 8.11 lakh crore.

Economic Times
2024-04-04

Setback for HUL, Nestle, Patanjali and others as HC upholds anti-profiteering provisions under GST

In what could be termed as a setback for more than 50 top companies in India, the Delhi High Court on Monday upheld the constitutional validity of various provisions of the anti-profiteering provisions under the Goods and Services Tax (GST) framework.

The Hindu
2024-04-06

SC transfers to itself 27 pleas challenging 28% GST levy on online gaming

The Supreme Court on Friday transferred to itself 27 writ petitions which are pending across nine State High Courts, challenging the levy of 28% Goods and Services Tax (GST) on all forms of online real-money gaming. Chief Justice of India D.Y. Chandrachud said rather than different High Courts hearing the same issue and possibly giving different judgments, it would be better to have the Supreme Court hear the case and deliver an authoritative ruling. The Centre had sought the transfer of the petitions from the High Courts to the Supreme Court.

NDTV Profit
2024-04-16

Minimal Variation in GST Mop-Up Across States Despite Income Disparities: Crisil

Despite vast income disparities across states, there is minimal variation in the goods and services tax collections, according to a recent Crisil report. While per capita GST, a proxy for per capita consumption expenditure, is higher in richer states, the growth in GST collections appears unrelated to the state's income level, the rating agency said. For instance, the average GST growth during the five-year period, i.e., between fiscal 2020 and 2024 in Telangana — with the highest per capita income at Rs 3,44,219 — stood at 14.7%, not much different from the 15.6% growth in Bihar, which has the lowest per capita income at Rs 59,639.

Money Control
2024-04-26

No relief likely, GST from online gaming jumps five times: Government Official

Online Gaming companies have been reeling under a slew of retrospective tax notices since September 2022, with Gameskraft, Delta Corp, and others receiving notices to pay Rs 1.12 lakh crore (the total due), as per the GST department’s calculations (at 28 percent on the face value of bets). The sector might also not get any prospective relief at the next GST council meeting scheduled to be held in June, after the formation of the new government, as many companies are hoping.

Money Control
2024-05-14

GST on online gaming companies: SC likely to hear pleas challenging 28% GST in July

The Supreme Court on May 3 indicated that in July 2024 it would hear a batch of petitions challenging demand notices asking online gaming companies to pay 28 percent Goods and Services Tax (GST) on the full face value of bets. A bench led by Chief Justice of India (CJI) DY Chandrachud said this while hearing a plea filed by Baazi Networks Private Limited, which owns Baazi Games, challenging notices issued to them.

Business Standard
2024-05-18

Five states ready for GST registration based on Aadhaar technology

Five states, including Karnataka, Tamil Nadu, and Telangana, have shown interest in rolling out Aadhaar-based authentication for GST registration, an official said on Monday. The biometric-based authentication was discussed at the third National Coordination Meeting of senior Central and State GST officers earlier this month. Currently, two states, Gujarat and Andhra Pradesh, and the Union Territory of Puducherry have launched the Aadhaar authentication of taxpayers on a pilot basis.

Manorama
2024-05-27

Massive tax fraud in Kerala: Raids unearth scrap traders used fake bills worth Rs 1,000 cr

Eyebrows were raised when, on May 20, the Kerala Goods and Services Tax (GST) Department began a six-day residential training session for its 200-odd staff at a five-star property in Kochi. The government had sanctioned Rs 46.65 lakh for the training, and Rs 38.10 lakh was used up for accommodation alone. Such extravagance, by a wing of the Finance Department itself at a time of intense fiscal distress, was seen as odd.

Financial Express
2024-06-07

GST probe wing set to widen scrutiny of pharma companies

The Directorate General of GST Intelligence (DGGI) is set to intensify the scrutiny of suspected tax evasion by pharmaceutical companies, over non-payment of dues. In addition to the notices sent already, the DGGI is likely to ask many more companies to explain what it perceives as under-payment of tax by them in the current year, FE has learned. The notices could pertain to non-payment of GST on brand transfer sales, claiming fake input tax credit (ITC) on expired drugs and for business support services, and non-payment under the reverse charge mechanism, according to official sources.

Business Today
2024-06-20

GST Council to refer GST rates on cigarettes, bidis to rate rationalization panel

GST Council meeting: The Goods and Services Tax (GST) Council may refer the issue of GST rates on cigarettes, and bidis to the Rate Rationalisation Committee to notify the maximum tax rate of 20% under CGST and 20% under SGST from the current 28%, sources told Business Today on Tuesday. Last week, the Centre declared the next Goods and Services Tax (GST) Council on June 22, eight-and-a-half months after its last meeting. Though the meeting's agenda is not known yet, state Finance Ministers are expected to propose changes to the indirect tax system for the upcoming Union Budget during the forthcoming meeting.

Live Mint
2024-07-10

E-way bill generation moderates but remains above 100 million in June

Over 100 million e-way bills or electronic permits were raised for shipment of goods within and across states in June, indicating strong manufacturing activity in the last month of the first quarter of 2024-25. It is the fourth time that e-way bill generation has crossed the 100-million mark. The country saw 103.1 million e-way bills in May and a record 103.5 million e-way bills in March. Last year, it surged past 100 million in October, according to data from the Goods and Services Tax Network, or GSTN, the company that processes GST return forms. In June 2023, the number stood at 86 million.

Telegraph India
2024-08-29

GST payers without valid bank account to be barred from filing GSTR-1 from September 1

GST taxpayers who do not furnish bank account details to GST authorities will be barred from filing outward supply return GSTR-1 from September 1, GST Network (GSTN) has said in an advisory.

News 18
2024-09-19

Curbing GST Evasion In OIDAR Services: DGGI Suggests Info Sharing With Foreign Govts, Blocking Websites

GST investigation arm DGGI has suggested reciprocal arrangements with foreign governments for information sharing and enforcement measures as well as blocking of websites to prevent tax evasion in OIDAR services like e-gaming, online education and advertisement. The move has been necessitated as it has come to DGGI’s notice that there are entities, including online casinos that are based out of tax havens and also those which operate through offshore VPNs and cloud-based platforms. These entities are non-cooperative and appear to intentionally avoid tax compliance, and hence an information exchange with global law enforcement agencies would help crack down on any evasion.

The Print
2024-09-24

Chemistry of curd to physics of paratha, GST rates on food are a multi-disciplinary tangle

New Delhi: What’s the difference between a roti and a paratha? Is yogurt different from curd? Are papad and fryums really all that different? No, these aren’t off-brand philosophy questions, but rather all-too-real vexatious tax issues under India’s Goods and Services Tax (GST) regime. The issue of GST on food items made headlines, again, following an interaction last week between Union Finance Minister Nirmala Sitharaman and stakeholders in Coimbatore. During the interaction, the owner of a restaurant chain appealed to her to look into diverse GST rates applied on different food items that can often appear on the same bill.

Money Control
2024-10-09

GoM may gradually phase out of 12% GST slab to rationalise rates, sources say

The Group of Ministers (GoM) on Goods and Services Tax (GST) rate rationalization is likely to push for phasing out the 12 percent tax slab by gradually shifting items to either the 5 percent or 18 percent slabs to simplify the tax framework and ease compliance for businesses, people familiar with the development said.

Times Of India
2024-10-11

Govt cuts GST on three cancer drugs

Patna: The state commercial taxes department on Wednesday notified the reduction of GST on three medicines—Tratstuzumab Daruxtecan, Onimartinib, and Durvalumab—used for the treatment of cancer, and also on extruded salty items. It also freed govt undertakings, research associations, colleges, and institutions that conduct research and development with govt or private grants under Section 36 of the IT Act, from the GST.

Business Line
2024-10-14

GST notices to foreign airlines ‘regularized’

Acting on the recommendations of the GST Council, the Central Board of Indirect Taxes & Customs (CBIC) has ‘regularised’ past show cause notices for tax demand issued to foreign airlines. It has also issued a circular regarding the applicability of GST on Preferential Location Charges (PLC) for residential or commercial properties.

Economic Times
2024-10-15

Uber effect: CBIC to meet with ecommerce operators on Monday to resolve GST on rides

The Central Bureau of Indirect Taxes and Customs (CBIC) has called for a meeting of app-based ride-hailing services in Delhi on Monday to resolve differences over the applicability of goods and services tax (GST) on rides booked through e-commerce platforms after Uber India raised concerns about a lack of uniformity and level playing field.

Economic Times
2024-10-17

GST Compensation Cess Future: Group of Ministers proposes merger with taxes

The GoM on GST discussed merging compensation cess with GST. States suggested no new items should be added during this transition. Compensation cess ends in March 2026. GoM will submit its report by Dec 31. The cess, which finances states' revenue loss, needs restructuring for its future integration into GST.

Business Standard
2025-01-04

CBIC clarifies rules, says no GST to apply on pre-paid gift vouchers, cards

In a recent clarification, the Central Board of Indirect Taxes and Customs (CBIC) provided insights into the goods and services tax (GST) treatment of transactions involving vouchers. According to the CBIC, vouchers can be categorized into two types.

Hindustan Times
2025-01-07

DGGI can now send takedown orders against online money gaming apps evading GST

An officer from the Directorate General of GST Intelligence (DGGI) headquarters can now send takedown notices to intermediaries to block online money gaming apps and websites that evade Goods and Services Tax (GST) under Section 79(3)(b) of the Information Technology Act, the government said in a notification on Monday. The Department of Revenue has appointed an additional or joint director (intelligence) at the DGGI headquarters as the nodal officer for this purpose.

New Indian Express
2025-03-18

GST frauds involving Rs 1.95 lakh cr detected in FY25

The Goods and Services Tax (GST) department has detected Rs 1.95 lakh crore tax evasion in over 25,000 cases so far in the current financial year. According to the finance ministry, of the Rs 1.95 lakh crore evasion detected, taxpayers have voluntarily submitted Rs 21,500 crore.

Story Board18
2025-03-20

SC 28% GST gaming case, Govt seeks adjournment

On Tuesday, the Indian government sought adjournment at the Supreme Court in the 28% GST case levied on gaming companies. Gaming companies are mounting a strong defense against what they call an unjustified tax burden that could cripple the sector. The case, with an estimated financial impact of ₹2.5 lakh crore, is one of the biggest tax battles in India’s history.

Sunil
2025-11-28

GST Refunds in India: Complete Guide, Process, Timelines & Common Issues (2025 Update)

Sunil
2025-11-29

New GST Rates in India 2025: Updated Slabs, Goods & Services List, and Key Revisions

India’s GST 2.0 reform for 2025 introduces a simplified three-slab structure—5% for essential goods, 18% for standard goods and services, and a new 40% slab for luxury & sin items. The update aims to reduce confusion, make compliance easier, lower costs on daily-use products, and increase revenue from harmful or premium goods. Overall, the revised GST rates bring more transparency, easier classification, and a balanced impact on both consumers and businesses.

Sunil
2025-11-30

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Sunil
2025-12-01

Did you check the latest changes in GSTR-1 & GSTR-3B filing rules?

GST Update Alert! Check out the latest changes in GSTR-1 and GSTR-3B filing rules—new ITC restrictions, stricter compliance, and improved auto-population. Stay updated to avoid penalties!

Sunil
2025-12-02

How Will the New GST Slab Structure (5%, 18% & 40%) Impact Consumers and Prices?

Discover how the new GST 2.0 slab structure — 5%, 18% & 40% — will impact daily expenses, product prices, and consumer spending. Essentials get cheaper, standard items stay stable, and luxury goods become costlier. A quick, clear breakdown for easy understanding.

Sunil
2025-12-18

GST Year-End Complaince: What Finance Teams Should Do Before 31 Dec 2025

As 2025 closes, the compliance landscape under GST has shifted significantly from return-filing reforms to stricter invoice controls, e-way bill timelines, and systemic ITC safeguards. For finance teams, the difference between a clean audit and a penalty rests on proactive checks, timely filings and updated processes. Below is a detailed checklist with context, deadlines and action items to help you close the year with confidence.

Sunil
2025-12-18

6 Tasks a GST Software can do to Simplify your Compliance beyond just Return Filing

GST has been evolving ever since it was introduced in July 2017. The journey hasn’t been smooth as expected given the numerous updates in provisions of law, return formats and the process. Initially, the focus of everyone in the ecosystem right from taxpayers to solution providers and also the Government was to see returns are filed consistently and correctly. Now that GST returns have become a stable process, the focus is now shifting.

Sunil
2026-01-02

GST Compliance Calender - january 2026

GST Compliance Calendar – January 2026 January brings with it a sense of fresh beginnings, renewed focus, and the motivation to start the year on a strong note!

Sunil
2026-01-09

6 New GST Rules From 1 January 2026? | India Tax Update

Starting 1 January 2026, new GST rules and several important Goods and Services Tax (GST) compliances came into effect in India. These GST updates matter if you’re running a business, filing returns, or planning tax compliance for the new fiscal year. Some of these new GST rate changes tighten compliance. Others closed old loopholes businesses quietly relied on. Together, the latest GST rules changed how returns are filed, how ITC is claimed, and how closely the GST portal now tracks errors.

Sunil
2026-01-10

5 Major GST Changes from 1st January 2026

The beginning of 1st January 2026 marks a critical compliance shift under GST laws in India. Several deadlines lapse on 31st December 2025, and multiple system-driven restrictions and consequences become applicable thereafter. Missing these changes can result in late fees, interest, loss of ITC, suspension of GST registration, and higher tax outgo. This article explains all important changes effective from 1st January 2026, including some commonly ignored but high-risk compliance points. 1. GSTR-9 / GSTR-9C Due Date Over – Late Fee Becomes Applicable The due date for filing GSTR-9 and GSTR-9C for FY 2024-25 is 31st December 2025. From 1st January 2026, these returns can still be filed but with late fees, which are turnover-based: GSTR-9 Late Fee Structure (FY 2022-23 onwards)

Sunil
2026-01-12

Budget 2026: IMMA Requests GST Reforms in the Micro-Fertiliser and Single Business Scheme

The Indian Micro-Fertilizers Manufacturers Association (IMMA) has formally solicited revisions from the central government in advance of the upcoming Union Budget. Among their key proposals are the extension of the 5% Goods and Services Tax (GST) to encompass all fertilizers regulated under the Fertiliser Control Order, the acceleration of GST credit refunds to enhance liquidity for manufacturers, and the establishment of a unified licensing framework to streamline regulatory compliance. These requests were articulated by IMMA’s president, Rahul Mirchandani. The group admired GST 2.0 as a major improvement, specifying the GST reduction from 12 per cent to 5 per cent on Schedule 1G items and their mixtures. However, manufacturers are facing issues with an inverted duty structure where they pay higher GST on raw materials than on finished products.

Sunil
2026-01-13

Avoid These E-Way Bill Mistakes to Prevent GST Penalties

The E-Way Bill (EWB) system continues to be a critical compliance requirement in GST, especially for businesses involved in the movement of goods. Under Rule 138 of the CGST Rules, an EWB must be generated for goods exceeding the prescribed value threshold before they are moved. Even small errors in the EWB can result in the movement being treated as “without a valid E-Way Bill,” which then attracts heavy penalties under Sections 122, 129 and 130 of the CGST Act. To help businesses stay compliant, here are the seven most common E-way Bill mistakes highlighted along with the actual e-way bill penalties that apply under GST law.

Sunil
2026-01-15

Budget 2026: FACSI Urges Government to Implement MSME-Focused GST Reforms to Support Business Growth

All content published is sourced from reliable and verified references and is released only after due review. While every effort is made to ensure accuracy, any unintentional discrepancy or non-factual variation should be treated as a human oversight. Our blogs are intended solely to share updated and informative content. Readers are welcome to raise questions related to the subject matter of the blog. However, please note that we do not offer consultancy services and therefore may not be able to respond to consultancy-related inquiries. Any responses provided are based on general practical understanding, and readers are strongly advised to validate details with qualified professionals or appropriate authorities for confirmation.

Sunil
2026-01-16

ISMA Urges GST Reform and Policy Support for India’s Net-Zero Goals

"All the information given is from credible and authentic resources and has been published after moderation. Any change in detail or information other than fact must be considered a human error. The blog we write is to provide updated information. You can raise any query on matters related to blog content. Also, note that we don’t provide any type of consultancy so we are sorry for being unable to reply to consultancy queries. Also, we do mention that our replies are solely on a practical basis and we advise you to cross verify with professional authorities for a fact check."

Sunil
2026-01-17

GST Changes from January 2026: 5 Critical Updates & Compliance Checklist

As the calendar flips to January 2026, businesses and taxpayers must brace for significant GST Changes from January 2026 and broader GST Updates from Jan 2026 onwards that tighten compliance and introduce portal-driven validations. These regulatory shifts largely driven by automation and digital enforcement require meticulous attention. Missing out can lead to late fees, blocked returns, suspended registrations, and loss of crucial

Sunil
2026-01-19

How Will GST Changes in 2026 Impact Small Businesses and MSMEs?

The Goods and Services Tax (GST) system in India continues to evolve, and the changes proposed in 2026 are expected to significantly impact small businesses and MSMEs. These updates aim to improve compliance, reduce tax leakage, and simplify procedures, but they also bring new responsibilities for taxpayers. One of the key impacts in 2026 is stricter compliance and return filing rules. Authorities are focusing more on real-time data matching between GSTR-1, GSTR-3B, and e-invoicing. Small businesses that delay filings or report incorrect data may face higher penalties, interest, and automated notices. This means MSMEs must ensure timely and accurate GST return filing.

Sunil
2026-01-20

20.01.2026: Legal representatives are not personally liable for GST dues beyond the value of the estate inherited: Andhra Pradesh High Court

The petitioner, being the son and legal heir of a deceased registered person under the GST regime, challenged an assessment order whereby tax, interest and penalty liabilities pertaining to his late father were sought to be fastened upon him. The assessment proceedings were initiated after the death of the original registered person, and the impugned order was passed treating the petitioner as the legal heir. It was contended that assessment proceedings cannot be validly initiated or continued against a deceased person, and that such proceedings, if at all permissible, must necessarily involve either the person continuing the business of the deceased or, where the business has been discontinued, the legal representative holding the estate of the deceased. The petitioner therefore assailed the validity of the assessment proceedings on the ground that they were contrary to settled legal principles and the scheme of Section 93 of the CGST Act, 2017.

Sunil
2026-01-21

Top 6 GST Rules From 1 January 2026

GST new rules from 1st January 2026 explained. Know new GST rules, ITC changes, return deadlines, compliance updates and a checklist for MSMEs in India.

Sunil
2026-01-22

Who needs FSSAI registration or licence?

Any individual or business involved in the food industry in India is required to obtain FSSAI registration or an FSSAI licence. This applies to all stages of the food supply chain, including manufacturing, processing, storage, distribution, transportation, and sale of food products. FSSAI registration ensures that food businesses follow prescribed safety and hygiene standards and operate legally.

Suneel
2026-02-26

“Private Limited Company vs LLP: Which is Better for Your Business?”

Private Limited Company vs LLP: Which is Better for Your Business? Choosing the right business structure is one of the most important decisions for any entrepreneur. In India, two of the most popular options are: Private Limited Company Limited Liability Partnership Both offer limited liability and separate legal identity, but they differ significantly in ownership structure, compliance, taxation, funding ability, and long-term scalability. This detailed guide will help you decide which structure is better for your business.

Sunil
2026-02-27

Composition vs Regular GST: Which is Better for Small Businesses in 2026?

Choosing between the Composition Scheme and the Regular GST Scheme is one of the most important decisions for small businesses under the Goods and Services Tax regime. Your choice directly affects tax rate, compliance burden, pricing strategy, input tax credit eligibility, and overall profitability. In 2026, with increased GST scrutiny, AI-based notice systems, and stricter compliance tracking, selecting the correct scheme has become even more critical. Let’s understand both in depth. 1️⃣ What is the Composition Scheme? The Composition Scheme is a simplified taxation option under GST designed for small taxpayers. ✅ Eligibility (2026) Turnover up to ₹1.5 crore (₹75 lakh for special category states) Service providers up to ₹50 lakh (under composition for services) Not engaged in: Inter-state outward supply of goods E-commerce supply through operators like Amazon or Flipkart Manufacturing of notified goods (like ice cream, pan masala, tobacco)

Sunil
2026-02-28

New Income Tax Slabs FY 2026–27 Explained (AY 2027–28)

If you are a salaried employee, freelancer, business owner, or MSME in India, understanding the Income Tax Slabs FY 2026–27 is crucial for proper tax planning. With continuous compliance improvements and digital monitoring by the Income Tax Department, taxpayers must carefully evaluate whether to opt for the Old Tax Regime vs New Tax Regime. This detailed guide covers: ✅ Latest income tax slab rates FY 2026–27 ✅ Comparison of Old vs New Tax Regime ✅ Tax planning tips for salaried & business taxpayers ✅ Impact of recent Income Tax Department updates

Suneel
2026-03-09

Input Tax Credit (ITC)

Input Tax Credit (ITC) Rules in 2026: Complete Guide for Businesses Input Tax Credit (ITC) is an important feature of the Goods and Services Tax that allows businesses to reduce their tax liability by claiming credit for the GST paid on purchases. It helps avoid double taxation and improves cash flow for businesses. To claim ITC under GST, businesses must meet certain conditions. They must be registered under GST, possess a valid tax invoice, receive the goods or services, and ensure that the supplier has filed their GST returns so the invoice appears in GSTR-2B on the portal managed by the Goods and Services Tax Network.

Suneel
2026-03-10

Private Limited Company Compliance Checklist 2026 (Complete Guide)

Running a Private Limited Company in India requires strict adherence to statutory compliance rules. These compliances ensure transparency, proper governance, and legal operation of the company. Companies registered under the Ministry of Corporate Affairs must follow several annual and event-based compliances as prescribed under the Companies Act, 2013. This guide explains the Private Limited Company Compliance Checklist for 2026, including annual filing requirements, ROC compliance, Director KYC, and penalties for non-compliance.

Suneel
2026-03-11

GST Cancellation vs GST Surrender: What is the Difference?

If you are running a business in India, you may eventually face a situation where you need to close your GST registration. Many taxpayers get confused between GST cancellation and GST surrender. Although these terms are often used interchangeably, they refer to slightly different situations under the Goods and Services Tax (GST) law. In this blog, we will explain the difference between GST cancellation and GST surrender, the reasons behind them, and the procedure to close a GST registration properly.

Suneel
2026-03-12

GST Notice Received? Complete Guide to Replying to GST Notices in 2026

Receiving a GST notice can be worrying for businesses and taxpayers. Many people assume that receiving a notice automatically means they have violated tax laws. However, this is not always the case. In most situations, a GST notice is simply a request from the tax department seeking clarification, documents, or correction of errors in returns. With the advancement of data analytics, automated compliance systems, and e-invoicing integration, GST authorities in 2026 can easily detect mismatches in tax filings. As a result, the number of automated notices issued to taxpayers has increased significantly. Understanding why GST notices are issued, how to respond to them, and how to prevent them is essential for maintaining smooth business operations and avoiding penalties. This guide explains everything you need to know about GST notices in 2026, including their types, reasons, and the correct procedure to reply.

Sunil
2026-03-14

E-Way Bill Discrepancies Under GST: Causes, Consequences, and How to Avoid Them

In the Goods and Services Tax (GST) system, the E-Way Bill plays a crucial role in monitoring the movement of goods across India. It ensures transparency in the movement of goods and helps authorities track taxable supplies. However, many businesses receive GST notices due to discrepancies between E-way bills, invoices, and transport documents. Even small documentation errors can lead to detention of goods, penalties, or tax scrutiny. Understanding the causes of E-way bill discrepancies and how to prevent them is essential for businesses involved in logistics, trading, manufacturing, and transportation.

Suneel
2026-03-16

GST Return Filing: Types of GST Returns and Due Dates in India

GST Return Filing is an essential compliance requirement for businesses registered under the Goods and Services Tax (GST) system in India. Every registered taxpayer must report details of their sales, purchases, tax collected, and input tax credit (ITC) through GST returns filed on the GST portal. Timely filing of GST returns helps businesses maintain compliance, avoid penalties, and ensure smooth claiming of input tax credit. This guide explains the different types of GST returns and their due dates, which every taxpayer should know. What is GST Return Filing? A GST return is a document filed by a registered taxpayer that contains details of: Outward supplies (sales) Inward supplies (purchases) GST collected from customers Input Tax Credit (ITC) Total tax liability These returns are submitted online through the GST portal. GST return filing allows the government to monitor tax compliance and ensure proper tax collection.

Suneel
2026-03-17

Why ROC Compliance Services Are Important for Businesses in India | Complete Guide

What are ROC Compliance Services? ROC (Registrar of Companies) compliance services refer to the mandatory legal filings and documentation that companies must submit to the **Ministry of Corporate Affairs under the provisions of the **Companies Act 2013. These services ensure that a company regularly updates its financial and operational information with the government.

Suneel
2026-03-17

Why ROC Compliance Services Are Important for Businesses in India | Complete Guide

What are ROC Compliance Services? ROC (Registrar of Companies) compliance services refer to the mandatory legal filings and documentation that companies must submit to the **Ministry of Corporate Affairs under the provisions of the **Companies Act 2013. These services ensure that a company regularly updates its financial and operational information with the government.

suneel
2026-03-18

Why is the FSSAI License Important for Every Food Business in India?

In India’s rapidly growing food industry, ensuring safety, hygiene, and legal compliance is not optional—it’s mandatory. The Food Safety and Standards Authority of India (FSSAI) plays a crucial role in regulating and supervising food businesses across the country. Whether you run a small home kitchen, restaurant, cloud kitchen, or food manufacturing unit, obtaining an FSSAI License is essential for sustainable growth and legal operations.

suneel
2026-03-19

Why does income tax exist in India? What is its actual purpose?

Introduction Income tax is one of the most important financial contributions made by individuals and businesses in India. Many people often wonder—why does income tax exist? And where does our money actually go? Understanding the purpose of income tax helps build awareness about how a country functions and develops. What is Income Tax? Income tax is a direct tax imposed by the Government of India on the income earned by individuals, businesses, and other entities. It is governed by the Income Tax Act, 1961, and collected by the Income Tax Department under the supervision of the Central Board of Direct Taxes.

suneel
2026-03-20

Do Small Businesses Handle GST Themselves or Outsource It?

Goods and Services Tax (GST) compliance is one of the most critical responsibilities for small businesses in India. From GST registration to filing returns and maintaining records, the process can be time-consuming and complex. A common question many entrepreneurs ask is—should they manage GST on their own or outsource it to professionals?

suneel
2026-03-23

Is Resolve Federal Tax Group Affordable for Tax Relief Services?

What is Resolve Federal Tax Group? Resolve Federal Tax Group is a U.S.-based tax relief firm that helps individuals and businesses resolve tax issues such as: IRS debt settlement Offer in Compromise (OIC) Penalty abatement Wage garnishment release Tax audit representation Their services are designed to reduce tax liabilities and help taxpayers become compliant with IRS regulations.

suneel
2026-03-24

How a Business Tax Consultant Can Legally Reduce Tax Liability for Small Businesses in India

Running a small business in India comes with multiple financial responsibilities, and tax compliance is one of the most critical. However, paying taxes does not mean overpaying. With the right strategies, a business tax consultant can help legally reduce tax liability while ensuring full compliance with laws. In this blog, we’ll explore proven and legal ways tax consultants optimize taxes for small businesses.

suneel
2026-03-26

“How long does GST registration take?”

⏱️ GST Registration Time in India Under the Goods and Services Tax Network, the timeline is: ✅ 3–7 working days (normal case) ⏳ 7–15 days (if verification or clarification is required)

suneel
2026-03-27

Capital Gains Tax on Property in India: Complete Guide (2026)

Selling a property can bring significant profit, but it also comes with a tax liability known as Capital Gains Tax on Property. Whether you’re a homeowner, investor, or business owner, understanding how capital gains tax works in India is crucial to avoid penalties and save money legally. In this complete guide, you’ll learn about LTCG (Long-Term Capital Gains), STCG (Short-Term Capital Gains), tax calculation, exemptions under Section 54 & 54F, and smart tax-saving strategies. 📊 What is Capital Gains Tax on Property? Capital Gains Tax is the tax you pay on the profit earned from selling a property such as land, house, or commercial real estate. 👉 Formula: Capital Gain = Selling Price – Purchase Price – Expenses This gain is categorized into: Short-Term Capital Gain (STCG) Long-Term Capital Gain (LTCG)

suneel
2026-03-28

Save up to ₹1.5 lakh tax with the best Section 80C investments in India. Explore ELSS, PPF, LIC, FD & more with examples, benefits, and FAQs (2026 guide).

Looking to save income tax in India legally? Section 80C of the Income Tax Act is one of the most powerful ways to reduce your taxable income. You can claim deductions up to ₹1.5 lakh per financial year by investing in the right instruments. In this guide, we explain the best tax-saving investments under Section 80C, their benefits, and how to choose the right one. 💰 What is Section 80C? Section 80C allows individuals and HUFs to reduce their taxable income by investing in specified financial instruments. ✔ Maximum Deduction: ₹1,50,000 ✔ Applicable for: Salaried & self-employed individuals ✔ Helps in: Tax planning + wealth creation

suneel
2026-03-30

MSME Registration Benefits You Didn’t Know (2026 Guide)

If you are a small business owner, freelancer, startup founder, or trader, getting MSME Registration (Udyam Registration) can unlock powerful benefits you may not even be aware of. In 2026, with increasing government support for small businesses in India, MSME registration has become one of the most important steps to grow your business legally and financially. In this guide, we will explore hidden MSME benefits, eligibility, registration process, and why you should apply today.

suneel
2026-03-31

Company Registration in India: Types, Process & Best Business Structure Guide (2026)

🚀 Company Registration in India: Types of Business Structures & Complete Guide (2026) Starting a business in India begins with one of the most important decisions — choosing the right business structure. The type of company you register impacts your taxes, compliance, liability, and growth opportunities. In this blog, we’ll explain the types of company registration in India, their benefits, and how to choose the best one for your business.

suneel
2026-04-01

Which ITR Form Should You Choose? (Complete Guide for 2026)

Filing your Income Tax Return (ITR) correctly starts with choosing the right ITR form. Selecting the wrong form can lead to rejection, notices, or delays in refunds. This guide will help you understand which ITR form you should choose, based on your income type, profession, and financial situation.

Suneel
2026-04-30

Why Stock Market is Falling Today & What Should Investors Do? (2026 Guide)

The stock market doesn’t fall randomly — it reacts to economic signals, global events, and investor sentiment. If you’re wondering “why is the stock market falling today?” and “what should I do now?”, this blog breaks it down in a simple, actionable way. 🔍 Why is the Stock Market Falling Today? Here are the major reasons behind today’s market fall: 1. 🌍 Global Uncertainty & Geopolitical Tensions Any tension between major countries creates panic in global markets. 👉 Investors shift money to safer assets like gold or US bonds.

suneel
2026-04-04

Will AI Replace the Jobs of CA & CS? The Truth Every Finance Professional Must Know

Artificial Intelligence (AI) is transforming industries at an unprecedented pace. From automated accounting software to intelligent compliance tools, the finance and legal ecosystem is undergoing rapid evolution. This raises a critical question: Will AI replace Chartered Accountants (CA) and Company Secretaries (CS)? If you're a student, professional, or business owner, understanding this shift is essential. Let’s break it down with a practical, future-focused perspective. 🔍 What AI Is Already Doing in Finance & Compliance AI is not just a buzzword—it’s actively reshaping how financial and compliance work is done. Today, AI tools can: Automate bookkeeping and data entry Generate financial reports instantly Detect fraud using pattern recognition Assist in tax filing and compliance checks Analyze large financial datasets in seconds This means repetitive and time-consuming tasks are already being handled by machines more efficiently than humans.

suneel
2028-04-06

When Clients Focus Only on Tax Refund While Filing ITR – What You Need to Know

Filing your Income Tax Return (ITR) is not just about getting a refund. However, many taxpayers in India believe that the sole purpose of filing an ITR is to receive a refund from the government. This mindset can lead to missed opportunities, compliance risks, and even penalties. In this blog, we’ll break down why focusing only on a tax refund is not the right approach and what you should actually prioritize during ITR filing.

suneel
2026-04-07

Stock Market Crash: How Global Events Like US-Iran Conflict Impact Indian Investors

Stock Market Crash: How Global Events Like the US-Iran Conflict Impact Indian Investors 📌 Introduction Global events don’t just stay global—they directly impact your investments. The recent tensions between the US and Iran have triggered significant volatility in the Indian stock market, with the Sensex and Nifty experiencing sharp corrections and investor wealth eroding substantially. In fact, geopolitical tensions have wiped out lakhs of crores from Indian markets, creating panic among retail investors. But why does a war thousands of kilometres away affect your portfolio? Let’s break it down.

suneel
2026-04-08

Income Tax Slab Rates FY 2025-26 | New vs Old Tax Regime Explained

Check the latest income tax slab rates for FY 2025-26 in India. Compare new vs old tax regime, tax calculation examples, and save more tax legally. 📊 Income Tax Slab Rates for FY 2025-26 If you are planning your taxes, understanding the income tax slab rates for FY 2025-26 is very important. The government continues to offer two tax regimes: 👉 New Tax Regime (Default) 👉 Old Tax Regime (With Deductions) Let’s break it down in a simple way 👇

suneel
2026-03-10

Avoid costly GST mistakes! Learn how to correctly claim Input Tax Credit (ITC), prevent ITC reversal, and stay compliant with GST rules in India. Maximize tax savings with expert ITC strategies.

🔍 What is Input Tax Credit (ITC)? Input Tax Credit (ITC) allows businesses to reduce the GST paid on purchases from their total GST liability on sales. 👉 This means you only pay tax on the value addition, not on the entire transaction. ✅ How ITC Helps You Save Tax Reduce GST Liability: Pay only net tax after ITC adjustment Improve Cash Flow: Lower tax outflow = more liquidity Boost Profitability: Efficient tax planning increases margins Better Compliance: Clean records reduce chances of notices

suneel
2026-04-11

Impact of Middle East Tensions on NRIs & Indian Businesses in 2026

The rising Middle East tensions in 2026 are not just regional issues—they have global consequences. For India, with millions of NRIs (Non-Resident Indians) working in Gulf countries and strong trade ties, the impact is significant. From oil price fluctuations to job market uncertainty, these geopolitical tensions directly affect Indian businesses, investors, and expatriates.

suneel
2026-04-13

GSTR-2B vs GSTR-3B: Key Differences Explained (2026 Guide)

Understanding the difference between GSTR-2B and GSTR-3B is crucial for every business registered under GST in India. Many taxpayers face Input Tax Credit (ITC) mismatches, notices, and penalties due to confusion between these two returns. In this guide, we’ll break down GSTR-2B vs GSTR-3B, their purpose, differences, and how to reconcile them properly

suneel
2026-04-14

UPI Payment Rules 2026 – Daily Limits, Charges, RBI New Updates Explained

🔥 Introduction Digital payments in India have grown rapidly, and UPI (Unified Payments Interface) has become the most popular way to transfer money instantly. In 2026, new updates have been introduced focusing on security, transaction limits, and fraud prevention. If you use apps like Google Pay, PhonePe, or Paytm, these changes are important for you.

Suneel
2026-04-15

Complete GST compliance checklist for small businesses in India. Avoid GST penalties, late fees, and notices with this step-by-step guide for GST filing, ITC claims, and compliance.

GST compliance is no longer optional—it’s a critical survival factor for small businesses in India. Even minor mistakes in GST returns, invoicing, or Input Tax Credit (ITC) can trigger penalties, notices, or audits. If you want to stay 100% compliant and penalty-free, follow this practical GST compliance checklist designed specifically for small businesses.

suneel
2026-02-16

What challenges are small and medium business owners facing now in their business aside from money?

Top Challenges Faced by Small and Medium Business Owners (Beyond Money) Introduction When people talk about business struggles, the first thing that comes to mind is money. But in reality, small and medium business owners face several non-financial challenges that directly impact growth, sustainability, and profitability. Understanding these issues is crucial for building a scalable and future-ready business. 🔍 1. Talent Acquisition & Employee Retention Finding and retaining the right talent is one of the biggest challenges for SMEs. Skilled employees prefer large corporations High employee turnover affects productivity Training costs increase due to frequent hiring 👉 Impact: Reduced efficiency and increased operational stress

suneel
2026-04-17

How to File Income Tax Return Online in India (Step-by-Step Guide

Filing your Income Tax Return (ITR) online in India is now simpler than ever. Whether you’re a salaried employee, freelancer, or business owner, this guide will help you file ITR online step-by-step with ease. 🔍 Why Filing ITR is Important? Filing your income tax return online is not just a legal requirement—it also helps you: Claim income tax refunds Avoid penalties & notices Build financial credibility (for loans/visa) Carry forward losses

Suneel
2026-04-21

How Businesses Handle TRN in E-Filing and VAT Returns

If you’re registering for GST/VAT or filing returns online, you’ve likely come across a TRN (Temporary Reference Number). It’s a small code with a big role—especially during registration and return filing workflows. In this guide, you’ll learn what TRN is, how businesses use it in e-filing and VAT returns, common mistakes, and best practices to avoid delays.

suneel
2026-04-23

How does invoice processing affect account reconciliation?

Accurate **invoice processing** is the backbone of smooth **account reconciliation**. If your invoices are delayed, incorrect, or poorly recorded, your books won’t match—leading to errors, compliance risks, and cash flow issues. **What is Invoice Processing?** **Invoice processing** is the workflow of receiving, verifying, approving, and recording invoices in your accounting system. It includes: * Invoice data entry * Validation against purchase orders * Approval workflows * Posting to accounts

suneel
2026-04-24

Can a Business Tax Consultant Help During a Financial Audit, or Is It a Separate Specialist Role?

When a financial audit notice arrives, most business owners feel one thing—pressure. Whether it’s an internal review or a government audit, the stakes are high. A common question that arises is: Should you hire a business tax consultant, or do you need a separate audit specialist? Let’s break this down clearly.

suneel
2026-04-25

Is GST Registration Mandatory for MSME in India? (2026 Guide)

🧾 Is GST Registration Mandatory for MSMEs in India? (2026 Guide) If you run a Micro, Small, or Medium Enterprise (MSME), one of the most common questions is: 👉 “Do I need GST registration?” The answer is: It depends on your turnover and business type. 📌 When GST Registration is Mandatory for MSME 1. Based on Turnover Limit GST registration becomes compulsory if your annual turnover exceeds: ₹40 lakhs → For goods businesses ₹20 lakhs → For service providers ₹10 lakhs → For special category states If your MSME crosses these limits, GST registration is mandatory.

suneel
2026-04-28

Do You Need GST & Documents to Sell on Amazon Globally? (Complete Guide for Indian Sellers)

Selling on Amazon globally is a powerful way to scale your business—but before you start, understanding GST requirements, export rules, and documentation is critical to avoid compliance issues. 🧾 Do You Need GST to Sell on Amazon from India? Yes, GST registration is mandatory if you want to sell on Amazon—even for exports. ✅ Why GST is Required: Amazon only allows GST-registered sellers (for most categories) You need GST to generate invoices Required for input tax credit (ITC) Mandatory for interstate and export transactions 👉 Even if you sell internationally, your business operates from India, so GST compliance applies.

suneel
2026-04-28

Do You Need GST & Documents to Sell on Amazon Globally? (Complete Guide for Indian Sellers)

Selling on Amazon globally is a powerful way to scale your business—but before you start, understanding GST requirements, export rules, and documentation is critical to avoid compliance issues. 🧾 Do You Need GST to Sell on Amazon from India? Yes, GST registration is mandatory if you want to sell on Amazon—even for exports. ✅ Why GST is Required: Amazon only allows GST-registered sellers (for most categories) You need GST to generate invoices Required for input tax credit (ITC) Mandatory for interstate and export transactions 👉 Even if you sell internationally, your business operates from India, so GST compliance applies.

suneel
2026-04-29

How Compliance Craft Helps Businesses with Tax Compliance in India: Complete Guide for GST, Income Tax & Regulatory Success

In today’s fast-changing regulatory environment, tax compliance in India is no longer just about filing returns—it’s about protecting your business from penalties, improving financial accuracy, and ensuring smooth operations. From GST return filing and income tax compliance to TDS management and regulatory advisory, businesses need reliable compliance partners to stay ahead. This is where Compliance Craft becomes a valuable partner for startups, SMEs, professionals, and growing enterprises looking for dependable tax and compliance services in India.

suneel
2026-05-01

is the GST Certification Course by MSME Valuable ?

If you’re planning a career in taxation, accounting, or compliance, the GST certification course by the Ministry of Micro, Small and Medium Enterprises (MSME) is often one of the first options people consider. But is it actually worth your time and money? Let’s break it down with a practical, no-nonsense view. What is the MSME GST Certification Course? The MSME GST course is a government-backed training program designed to help individuals and business owners understand: GST basics and structure GST registration process Return filing (GSTR-1, GSTR-3B, etc.) Input Tax Credit (ITC) rules Compliance and penalties It is usually offered through MSME training institutes and affiliated centers across India.

suneel
2026-05-02

What is the proper process for conducting an inventory audit in a growing business?

Managing inventory efficiently is critical for scaling any business. A well-structured inventory audit process ensures accurate stock levels, prevents losses, and improves financial reporting. If your business is growing, regular audits are not optional—they’re essential. In this guide, you’ll learn the step-by-step inventory audit process, best practices, and tools to streamline operations. What is an Inventory Audit? An inventory audit is the process of verifying that your physical stock matches your recorded inventory data. It helps identify discrepancies caused by theft, damage, mismanagement, or system errors.

Suneel
2026-05-04

Is it true that filing ITR early helps you get refunds faster, or does it not really matter?

Filing your Income Tax Return (ITR) on time is important—but does filing ITR early actually help you get faster refunds? This is one of the most common questions among taxpayers in India. In this blog, we’ll break down the truth, benefits, and myths around early ITR filing, along with expert insights to help you maximize your tax refund speed. ✅ Does Filing ITR Early Mean Faster Refunds? Short Answer: Yes, in most cases. When you file your ITR early, your return enters the processing queue sooner at the Income Tax Department. Since refunds are issued only after processing, early filers usually receive refunds faster compared to those who file closer to the deadline. 🚀 Why Filing ITR Early Speeds Up Refunds 1. Faster Processing Queue Early filers face less congestion in the system. As the deadline approaches, the number of returns increases significantly, which can delay processing.

suneel
2026-05-05

What Services Does a Tax Consultant Provide Beyond Tax Returns? (Complete Guide for Businesses & Individuals)

When most people think of a tax consultant, they usually associate them with filing income tax returns. But in reality, a professional tax consultant offers far more strategic, high-value services that can directly impact your financial growth, compliance, and long-term business success. If you're a business owner, startup founder, or even a salaried individual, understanding these services can help you save taxes legally, avoid penalties, and make smarter financial decisions. Let’s break it down 👇 1. Tax Planning & Strategy (Not Just Filing) Filing returns is reactive — tax planning is proactive. A tax consultant helps you: Structure your income to minimize tax liability Choose the right tax regime (old vs new) Plan investments for maximum deductions Optimize salary structure (for business owners & directors)

Suneel
2026-05-06

How Should a Startup in India Handle Data Privacy Compliance from Day One

In today’s digital-first ecosystem, data is not just an asset—it’s a responsibility. For startups in India, ignoring data privacy compliance can lead to legal risks, financial penalties, and loss of customer trust. The good news? If you build compliance into your business from day one, it becomes a growth advantage rather than a burden. Let’s break down how Indian startups can handle data privacy compliance effectively—while staying lean and scalable. Why Data Privacy Compliance Matters for Startups With increasing awareness and regulations, customers now expect transparency and security. Laws like the Digital Personal Data Protection Act, 2023 and global frameworks such as General Data Protection Regulation have made it essential for startups to adopt strong data governance practices early. Ignoring compliance can result in: Heavy penalties Loss of investor confidence Reputational damage Operational disruptions

suneel
2026-05-07

How IT Compliance Services Improve Customer Trust and Data Protection

In today’s digital world, businesses handle massive amounts of customer data every day. From financial records and personal details to payment information and confidential business files, protecting data has become more important than ever. This is where IT compliance services play a crucial role. Companies that follow proper IT compliance standards not only protect sensitive information but also build strong customer trust and business credibility

suneel
2026-05-08

What are the latest updates regarding the gift tax issued by the Income Tax Department in India

Gift taxation in India has become a major focus area for the Income Tax Department in 2026. With stricter reporting rules, new Income Tax Rules 2026, and increased scrutiny on high-value transactions, taxpayers must understand how gift tax provisions work under Section 56(2)(x) of the Income Tax Act. Although India does not have a separate “Gift Tax Act” anymore, gifts received in cash, property, jewellery, shares, crypto, or other assets can still be taxable under “Income from Other Sources.” The latest amendments and compliance measures are aimed at preventing tax evasion and improving financial transparency. What Is Gift Tax in India? The Gift Tax Act was abolished in 1998. However, gift taxation now falls under Section 56(2)(x) of the Income Tax Act, 1961. Under this provision, gifts received without consideration or at a lower-than-market value may become taxable if they exceed prescribed limits.

suneel
2026-05-09

How Do I File My Tax Return? A Complete Step-by-Step Guide for 2026

Filing your income tax return may sound complicated, but with the right process, it becomes simple and stress-free. Whether you are a salaried employee, freelancer, business owner, or professional, filing your tax return on time helps you stay compliant, claim refunds, and avoid penalties. In this guide, we’ll explain how to file your tax return in India step by step using easy language. What Is an Income Tax Return (ITR)? An Income Tax Return (ITR) is a form submitted to the Income Tax Department where you report: Your total income Tax paid during the year Deductions and exemptions claimed Refunds or taxes due Filing an ITR is mandatory if your income exceeds the basic exemption limit or if you meet certain financial criteria.

suneel
2026-05-09

How Do I File My Tax Return? A Complete Step-by-Step Guide for 2026

Filing your income tax return may sound complicated, but with the right process, it becomes simple and stress-free. Whether you are a salaried employee, freelancer, business owner, or professional, filing your tax return on time helps you stay compliant, claim refunds, and avoid penalties. In this guide, we’ll explain how to file your tax return in India step by step using easy language. What Is an Income Tax Return (ITR)? An Income Tax Return (ITR) is a form submitted to the Income Tax Department where you report: Your total income Tax paid during the year Deductions and exemptions claimed Refunds or taxes due Filing an ITR is mandatory if your income exceeds the basic exemption limit or if you meet certain financial criteria.

suneel
2026-05-11

How Has the Introduction of Digital Tax Filing Portals Changed Daily Interactions with Tax Authorities?

The introduction of digital tax filing portals has completely transformed the way businesses, professionals, and taxpayers interact with local tax authorities. Earlier, tax compliance involved long queues, paperwork, manual submissions, and frequent visits to government offices. Today, digital tax filing systems have made the process faster, more transparent, and highly efficient. With the rise of online GST filing, income tax e-filing portals, and digital compliance systems, taxpayers can now manage taxes from anywhere with ease.

suneel
2026-05-12

How to Start a Business Without GST Worldwide in 2026

Complete Guide to Starting a Low-Tax Business Globally Starting a business is easier than ever in 2026. Many entrepreneurs, freelancers, and digital creators are looking for ways to legally start a business without GST registration to reduce costs and simplify operations. The good news is that in many countries, small businesses can legally operate without GST or VAT registration until they cross a certain revenue threshold. This guide explains: How to start a business without GST worldwide Countries with GST exemption thresholds Best online business ideas without GST Legal and tax considerations for startups High-profit businesses with low compliance costs What Is GST? GST (Goods and Services Tax) is an indirect tax charged on goods and services in many countries.

suneel
2026-05-13

What Are the Charges for GST Monthly Return Filing in India?

If you are a business owner, freelancer, startup founder, or shopkeeper registered under GST, one of the most common questions is: “How much does GST monthly return filing cost?” The answer depends on your business type, turnover, number of invoices, and whether you file GST returns yourself or hire a professional. In this blog, we’ll explain the GST monthly return filing charges in India, factors affecting pricing, penalties for late filing, and how businesses can save money while staying compliant. What Is GST Monthly Return Filing? Under the Goods and Services Tax (GST) system, registered taxpayers must regularly file GST returns to report: Sales Purchases Output GST collected Input Tax Credit (ITC) Tax liability The most common monthly GST returns include: GSTR-1 – Details of outward supplies (sales) GSTR-3B – Summary return and tax payment Businesses with higher turnover generally need to file these returns every month.

suneel
2026-05-14

Mandatory Documents Required for GST Registration for a New E-Commerce Startup

Starting an e-commerce business in India is exciting, but before you begin selling online through platforms like Amazon, Flipkart, or your own website, obtaining GST registration is one of the most important legal steps. Under Indian GST laws, most e-commerce sellers are required to register for GST, even if their turnover is below the normal threshold limit. Missing documents or incorrect details can delay the registration process and impact your business operations. In this blog, we’ll cover the mandatory documents required for GST registration for a new e-commerce startup in India.

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