The Invoice Management System (IMS) is a new feature introduced within the GST portal, designed to help recipient taxpayers manage their invoices effectively. With this tool, recipients can accept, reject, or mark as pending the invoices filed by their suppliers. Continue reading “Invoice Management System (IMS)”
Invoice Management System (IMS) is a facility in GST system, where the invoices/records saved/filed by the supplier in GSTR-1/1A/IFF, can be accepted, rejected or kept pending by recipients in order to correctly avail ITC. Continue reading “FAQ’s on Invoice Management System by GSTN on GST Portal”
New Delhi, Maruti Suzuki India on Wednesday said the Gujarat GST authority has upheld the tax demand of Rs 173.9 crore along with a penalty of Rs 17.4 crore against its arm Suzuki Motor Gujarat Pvt Ltd and the subsidiary company will move the first appellate authority to challenge the order. Continue reading “Gujarat GST authority upholds Rs 173.9 cr tax demand against Maruti Suzuki’s arm”
NEW DELHI: From Hindustan Unilever to ICICI Bank HDFC Bank and Eicher Motors, almost all the big names of India Inc and thousands, if not lakhs, of smaller GST taxpayers have received tax demand on the eve of new year as authorities sought to meet the five-year deadline to raise claims, literally burning the midnight oil. Continue reading “GST Software department goes on tax demand overdrive”
Circular By Bombay Stock Exchange(BSE) & Nation Stock Exchange(NSE) – Filing of Announcements pertaining to Loss of Share Certificate/Issue of Duplicate Share Certificate/Closure of Trading Window and Corporate Insolvency Resolution Process (‘CIRP’) in XBRL format on BSE listing centre
Continue reading “Filing of Announcement in XBRL format by BSE & NSE”
Dear Taxpayers,
1. GSTN is introducing two-factor authentication (2FA) for taxpayers to strengthen the login security in GST portal. Continue reading “GSTN Issued Important Advisory For Taxpayers – Two Factor Authentication For GSTN Taxpayers”
In the fast-evolving landscape of financial reporting, the extensible Business Reporting Language (XBRL) has emerged as a game-changer, revolutionizing the way companies prepare and validate their financial data. With the increasing demand for accurate and transparent reporting, XBRL software has become a crucial tool for businesses of all sizes. In this article, we present a comprehensive list of the best XBRL return software that excel in both preparation and validation, ensuring a seamless reporting experience.
Continue reading “Best XBRL Software for Preparation & Validation of Annual Report in XBRL Format”
FAQs – Geocoding the Address of Principal Place of Business for Existing Regular Taxpayers (Only Applicable for Delhi and Haryana)
Q.1 For which class of taxpayers is the functionality of Geocoding Principal Place of Business available?
Ans. The Geocoding of Principal Place of Business process is applicable for Normal Taxpayer/ Composition/ Casual Taxable Person/ Input Service Distributor (ISD)/ SEZ Developer/ SEZ Unit.
Continue reading “GSTIN Update Advisory on Geocoding the Address of Principal Place of Business”
The 50th meeting of the Goods and Services Tax (GST) Council was held here today, under the chairpersonship of the Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman.
Continue reading “50th Meeting of the GST Council News on New Rates and Updates”
FAQs > Return Compliance in Form DRC-01B (Intimation of difference in liability reported in statement of outward supplies and that reported in return)
The system checks the spike between the liability declared in form GSTR-1/IFF and the liability paid in GSTR-3B/3BQ for each return period. If the liability declared in GSTR-1 exceeds the liability paid in Form GSTR-3B by a pre-defined limit for a return period or the percentage difference between the liabilities declared in GSTR-1 exceeds the configurable percentage threshold from the liability paid in Form GSTR-3B for a return period, an intimation is sent to you.
