First, you have to know what is a fake invoice GST. Any bill generated without any transaction is a Fake GST bill. It is created for money laundering, GST evasion, fake purchases, etc. It is illegal and punishable. Hence, you have to follow a few steps to identify a fake invoice. H...
bank. The bank’s IT system upon realization of the instrument, will immediately first credit that amount to the GST pool account and then immediately transfer that amount to the respective tax accounts [CGST, IGST, Additional Tax or SGST(39 accounts) as per details in challan (CPIN Data)]...
Unblocking GSTIN for E-way Bill Generation in the case of non-filing of GST Returns is a major concern of the MSME sector. It was supposed to come into effect from 21st November 2019 however same was extended E-way Bill Generation blocking was announced to come into effect from June 21,...
Managing GST effectively is a key part of operations, demanding attention to detail, an up-to-date knowledge of various tax laws and reliable, consistent systems for tax collection and recordkeeping. Below is a guide to what businesses need to know about GST, including how to calculate it and...
construed as legal or tax advice. Stripe does not warrant or guarantee the accurateness, completeness, adequacy, or currency of the information in the article. You should seek the advice of a competent attorney or accountant licensed to practice in your jurisdiction for advice on your particular ...
As we all know that GST registrations are mandatory for anyone with an aggregate turnover, in a financial year exceeding Rs.20 lakhs or Rs.40 lakh for a supplier of goods has to mandatorily register under Goods and Services Tax. For all those who might have a confusion as to what is ag...
As we all know that GST registrations are mandatory for anyone with an aggregate turnover, in a financial year exceeding Rs.20 lakhs or Rs.40 lakh for a supplier of goods has to mandatorily register under Goods and Services Tax. For all those who might have a confusion as to what is ...
Ready to launch a new venture? Here is everything you need to know about how to start a business in 14 effective steps.
Sales tax: If your business sells goods or services to customers within a particular jurisdiction, you might need to collect and remit sales tax. The rate and regulations can vary based on the location and type of product or service sold. State and local taxes: Depending on your business' ...
process. This would translate to a higher amount of total taxes paid, which was then carried down to the end consumer in the form of higher costs for goods and services. The implementation of the GST system in India was, therefore, a measure that was used to reduceinflationin the long ...