Tag: tax
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Tax Relief for High Earners: Breaking Down the New ITR-2 Form
Good news for taxpayers earning between ₹50 lakh and ₹1 crore as the Income Tax Department introduces significant changes to simplify filing In a welcome move for thousands of Indian…
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GST : Updated Refund Filing Process for Key GST Categories
Recent Changes to the GST Refund Application Process The Goods and Services Tax Network (GSTN) has implemented significant modifications to streamline the refund filing process for several important categories. These…
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Denial of ITC due to Supplier’s Non-Filing of GSTR-3B – A Legal and Ethical Paradox
1. Introduction Input Tax Credit (ITC) is one of the cornerstones of the Goods and Services Tax (GST) regime in India. The basic principle of GST is to allow seamless…
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Warning! Missed Invoices Can’t Be Fixed in GSTR-3B After June 2025 – Act Now
The Goods and Services Tax Network (GSTN) is implementing a significant change in the GSTR-3B return filing process starting July 2025. From that month onwards, the liability figures auto-populated in…
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Composition Scheme vs Regular Scheme under GST: Which One is Right for Your Business?
Introduction GST registration opens up two major pathways for businesses in India: the Composition Scheme and the Regular Scheme. Choosing the right one is crucial for compliance, tax burden, and…
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Challenges of RCM in GST: Seigniorage and Royalty Insights
Introduction The Goods and Services Tax (GST) introduced in India is designed to simplify the tax structure and ensure efficient tax collection. One of the critical mechanisms under GST is…
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GST Late Fee in September 2025: Update
Table of Contents 1. Introduction Timely filing of GST returns is one of the most important compliance requirements for businesses in India. Many small businesses delay filing due to cash…
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Wrongly Rejected Invoices on IMS? Here’s How to Reclaim Input Tax Credit
1. What is the Invoice Management System (IMS)? The Invoice Management System (IMS) was introduced by GSTN from 1 October 2024 to improve ITC matching between suppliers and recipients. It…
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Wrongly Rejected Invoices on IMS? Here’s How to Reclaim Input Tax Credit
1. What is the Invoice Management System (IMS)? The Invoice Management System (IMS) was introduced by GSTN from 1 October 2024 to improve ITC matching between suppliers and recipients. It…
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Financial Credit Notes for Post-Supply Discounts under GST – Optimizing Commercial Arrangements without Triggering ITC Reversal
1. Why this topic matters Post-supply discounts are a staple of modern commerce—year-end volume rebates, price-protection credits, secondary or promotional discounts negotiated after the original sale, etc. Under the Goods…
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