If the invoice is found not registered on the IRP, such invoice will not be considered as a valid tax invoice for all GST related matters and hence a penalty of ₹ 10,000 will be incurred for each instance of non-compliance Transportation of goods without a valid tax invoice can be a...
During the audit for the financial year, if the GST auditor finds out any case of short payment of tax or excess claim of theinput tax credit, the taxpayer must make voluntary payment through form DRC-03. This payment consists of taxes, interest, and penalties. The GST Auditor is required...
d. Any body corporate or company or person, or any class of bodies corporate or companies or persons, on a reference made to the Authority by the Central Government in public interest; and e. Body Corporate which is: Incorporated or registered outside India, which is a subsidiary company ...
Royalty revenue, such as for trademarks or patents, must be recognized based on the relevant agreement and accrual basis, e.g., only when book sales determine the amount. Interest: Revenue is recognized based on time percentage, such as recording interest income on March 31, even if it’s ...