Author: Abhisikha Das

goods and service tax

Goods and Service tax a new regime

Goods and Service tax: Congratulations or a satire perhaps  is the  GST law commencement today? GST  have been inaugurated by three hands on the final introduction of largest unbeatable level of one umbrella of taxation. While wondering about what’s these three hands are, let me let you know the trick. The forth hand is technology…
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Impact of GST on businesses with customers across states

Business with customers across states: Business is all about  making profits and more profits at unprecedented way. However,  expanding your business  operations  to spread to the neighbouring states first and the country is a motive every businessmen have.  A curator will always be clear with the current regime of taxation in this case, for uninterrupted…
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Penalties and loss upon failing to file GST returns

Penalties and loss upon failing to file GST returns: Much more can be lose if you do not file your Income  tax return by July 31st. As the date approaches fast enough to trail on,  the people are expected to file and not fall prey for consequences.  As the government is ready to implement GST…
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Input Tax Credit

Situations where Input Tax Credit cannot be availed.

INPUT TAX CREDIT  With the continuing sensations of GST law and implementation, the mechanism can only function when rest on ITC i.e Input tax credit. Input Tax credit can be defined as at the time of paying  tax on output,  one can reduce the tax he,/she have already  paid on inputs. Any individual can avail…
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Advance payment GST

Impact of GST on advance payments

Advance Payment GST: According  to the revised model  of GST law,  the time of Supply  of goods and services should be earliest of date of issue of invoice and receipt  of payment done advance. If in situations where the recipient of goods and services  which made by advance payment gst as in terms to the…
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Reconciliation of GST

Reconciliation of GST : The restoration or reconciliation  under GST would help in keeping  the account books in sync with the filling  done. It will happen between  the purchase ledger you make GSTR-2A,  which shall be auto populated using the sales data uploaded in GSTR-1. Reconciliation of GST will highlight errors in different cases,  among…
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Chartered Accountant

Role of Chartered Accountant in GST

Role of Chartered Accountant in GST: As the pace of GST implementation is on hold,  here goes to the Chartered Accountant to conquer their professional services.  Necessary guidance and support provide by Chartered Accountants will be  undertaken as a content  management to the taxation proceedings by the taxpayers. CAs will act as a body  representatives…
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e-way bill

What is E-way bill under GST? What happens when you don’t update the E-way bill?

  E-WAY BILL: As the day is falling short for GST Implementation, the central government is in favour of postponing its commencement by a few months more as of the process of E-way bill, which requires movement of good above Rs 50000 to be per registered online. As the world is going online for everything,…
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Technology and GST

Technology and GST: The  geographical scenario and the blue print of GST is technology. Tech will be the backbone for GST implementation to be a success  to boost up the Indian economy and fill up the potholes of same, the government is adamant to apply GST for the  promised change. The change is only possible if there is transparency and if the larger crowd get excess to the information. Technology will cast the sustainability of GST permanent. For the smooth implementation of GST, technology will be the crucial figure for ensuring the infrastructure to probate. The reconciliation process the development of simplified taxation is rightly will be done by technical help. In enduring tax compliance across multiple system,  technology is No1 to relied on. Only if the people aspire for end to end transformation of GST,  systematised tax technology  and infrastructure should be taken into consideration for robust of business.   For an effective GST implementation,  tax technology  will be helpful for addressing the determination of tax, compliance  of arrival  at the correct tax amount to prepare and file the returns accurately, reporting and analysis  of tax system.   A role that cannot be ignored  lays foundation for providing audit trail of transactions  and required reports  which will be also be helpful  in internal analysis and audit by both e the government and the consumers and distributors too. The organisation of tax system is healthy for the GDP to grow and Indian economy to rise in the world. And this can be achieved through  accommodation of technology into the tax system like never before.  At operational levels too,  the technology will be officially handling everything accountable to. It can substantially play a vital role in sectors with different  processes and processing  with business  models,  navigate GST regime to work forward for the aspiration of stability in taxation. GST needs a crew of collective efforts by the stakeholders like central and state governments,  CBEC,  tax departments along with software consultants,  banks and the most importantly the IT  sector as the platform provider of GST implementation. The administration totally depend on the technical capabilities,  IT system to handle pros and cons functions like registration approval,  assessment,audit,  adjudication and more.  Tax atomisation  is the new digital format of  pre taxation for the formation of  interfaced taxpayers. And technology is the spoon to feed on the GST implementation. Implementation of technology will also enable efficient tax administration for registration, returns filing, data exchange, and effective investigation, monitoring, auditing and performance analysis with little human support. It will also provide several user-friendly features such as offline capabilities, alerting capabilities, mobile/tablet interface, and additional mechanisms to avoid duplicity…
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Transitional Provisions

Transitional Provisions Under GST Law

Transitional Provisions Under GST Law: Where the common  man’s pocket is burning troll,  GST is also is an expression of opportunities.It is groundbreaking in open up of new revenue  opportunities for some startups.The incorporation of transitional provisions Under GST, to enable  existing taxpayers to migrate to GST in a transparent and systemic manner. As the…
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