Whether you are a business owner, accountant, or CA, you must know all the rules and regulations regarding GST compliance, including how to surrender the GST registration. Though you may not need it, being aware of it is always advisable. In this blog, we will discuss one of the most important and last steps in… Continue reading GSTR-10 Final Return: Applicability, Due Date, Penalty & Format
GSTR-9 Filing: Your Go-to Manual for 100% Accuracy!
The 53rd GST council meeting, held on 22nd June 2024, witnessed multiple recommendations for streamlining GST processes. One key recommendation of the meeting was to relax the filing of GSTR-9/9A for taxpayers with an annual aggregate turnover below Rs. 2 Crore for FY 2023-24. Let’s scroll down to GSTR-9 in detail: What is the GSTR-9… Continue reading GSTR-9 Filing: Your Go-to Manual for 100% Accuracy!
GSTR-4 Annual Return for Composition Scheme: Turnover Limit & Due Date
Small businesses with an annual turnover of less than Rs. 1.5 Crore have an alternative option to file their GST Returns quarterly instead of monthly. This facility is called the Composition Scheme. GSTR-4 is an annual return filed by businesses that opted for the Composition Scheme. In this blog, we will discuss all the details… Continue reading GSTR-4 Annual Return for Composition Scheme: Turnover Limit & Due Date
GSTR-8: Importance for E-Commerce Operators, Due Date & Penalty
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