Since E-commerce operators are so busy in their day-to-day operations, they often delay or even forget their compliance obligations. As a result, they have to pay late fees or penalties. In rare cases, this may attract scrutiny from tax authorities. Here’s the solution: Read this blog on GSTR-8 e-commerce GST return to learn how to… Continue reading GSTR-8: Importance for E-Commerce Operators, Due Date & Penalty
GST Late Fees: Insights into Filing Guidelines to Avoid Penalties!
GST late fees for GST returns refer to penalties for not filing or delayed tax filing. When a business fails to file GST returns or pay tax liabilities, it must pay late fees and Interest. Let’s scroll down to see What is the late fee for GST Return. Introduction to GST Late Fees Late fee… Continue reading GST Late Fees: Insights into Filing Guidelines to Avoid Penalties!
Mastering GSTR 3B Filing: Due Date, Format & Comparison with GSTR-1
India’s Gross Goods and Services Tax (GST) collection in September 2024 was over 1.73 lakh crores. Do you know that a GSTR-3 return enables you to determine the tax liability in the given tax period? This return calculates how much tax you have to pay, making it one of the most important returns for businesses. … Continue reading Mastering GSTR 3B Filing: Due Date, Format & Comparison with GSTR-1
Types of GST Returns: Insights You Shouldn’t Miss!
Taxpayers registered under goods and services tax law file returns for every GSTIN. All GSTRs differ in their filing process, due dates, frequency, and more. Let’s scroll down in detail to the GSTR forms list. Types of GST Returns: A Microscopic View into Every GSTR Type! GSTR-1 Return Filing GSTR-1 is a one of the… Continue reading Types of GST Returns: Insights You Shouldn’t Miss!
Filing GST Returns: 5 Mistakes That Can Attract Penalty
Did you know that a penalty of Rs. 10,000 or the amount equivalent to the tax amount must be paid if any mistake occurs in GST compliance? If you want to prevent such situations, then you must know the most common mistakes in filing GST returns. In this blog, we shall discuss various types of… Continue reading Filing GST Returns: 5 Mistakes That Can Attract Penalty
5 Best Practices To Follow for Efficient Inventory Management System
There are multiple factors contributing to the business success and inventory management system falls under the same bracket. Efficient warehouse operations cater to customer satisfaction, profitability, and operational efficiency. Improved inventory control is the secret to customer retention and loyalty. It helps you cater to customer requirements and avoid situations like stock-outs. Also, it swiftly… Continue reading 5 Best Practices To Follow for Efficient Inventory Management System
How to Increase Sales Using Billing and Invoicing Software: A Guide for Businesses
Finance management software is buzzing in the Indian business world. Startups and other mid-sized companies constantly brainstorm strategies for financial growth and keep track of activities that help them grow sales. However, maintaining these records can be a bit tedious. Here’s when billing and invoicing software comes into play. Let’s scroll down to see how… Continue reading How to Increase Sales Using Billing and Invoicing Software: A Guide for Businesses
GST Registration Process 101
On 1st July 2017, Goods and Services Tax (GST) came into effect across India replacing the multiple indirect taxes in India. Since its inception businesses across India have embraced this new indirect tax system with open hands, as of January 2023 there are over 14 million registered GST taxpayers, according to Statista. If you are… Continue reading GST Registration Process 101
5 Must-Have Reports in Your Accounting Software Dashboard
Every business needs to manage and consolidate financial information. For a profitable business, you need to monitor the numbers and develop strategies to improve them. The only way to do this is through efficient cash flow management, which comes from a detailed analysis of your financial records. Accounting software dashboards present modern tools for monitoring… Continue reading 5 Must-Have Reports in Your Accounting Software Dashboard
Pro Forma Invoice Vs. Tax Invoice: Key Differences
In a Survey conducted by Atradius, almost 55% of companies responded that they delayed payments to their own B2B suppliers. The stat highlights the issue of delayed payments is prominent in the industry. To prevent further delays, you need to ensure that you have sent the right kind of invoice to the client. Pro Forma… Continue reading Pro Forma Invoice Vs. Tax Invoice: Key Differences