The claim for a GST refund must be submitted within two years following the relevant date. This is in accordance with the CGST Act of 2017 Section 54. The relevant date may vary based on the kind of refund that is requested. For the majority of refunds, the relevant date is the day th...
There are many types of GST returns filed by the taxpayers in a year. Each GST return form has a particular due date before which we have to file GST return to the tax department. It is necessary for a taxpayer to go for GST return filing before the due date. List of all returns to...
It’s called “value-added tax” because it’s charged whenever value is added to the product throughout the supply chain, from production to the point of sale. VAT is commonly found in Europe. Goods and services tax (GST): GST is a tax similar to VAT in that it is levied whenever...
Services (Banks & NBFCs): An invoice must be issued within 45 days from the date the service is provided. What Are The Types of GST Invoices? 1. Bill of Supply A Bill of supply is similar to a GST tax invoice but does not include tax charges. It is issued when GST does not appl...
Tax liability deferrals represent tax payments that can be delayed. This is due to differences in accounting processes. They are listed as “non-current liabilities.” Depending on your situation, deferred tax liabilities can be neutral or beneficial. This means you owe money but don’t have to...
Transaction Posting Date for Bills The transaction posting date of a bill is the date on which the journal entry of the bill is posted. You can enable this date for your bills to use instead of the bill date for claiming tax returns. Additionally, you can filter your AP aging summary and...
Failure to meet any time to pay agreements will cause the full penalty to be due. You can also appeal against a penalty, providing you have what is considered a ‘reasonable’ excuse. When will it come into effect? There’s been no confirmed date for the measures, but it’s likely ...
GST number sequence issueA posting failure can occur due to missing or incorrect setup of the GST number sequence. To resolve the issue and set up the GST number sequence correctly, complete the procedures in the Define GSTINs and reference number sequences and Set up GST reference number...
The GSTT is assessed when the gift or property transfer is made; GSTs can occur before or after the death of the transferor. While still alive, the transferor can give the gift directly to the skip person; depending on the size of the gift, federal gift taxes may be due. Upon death, ...
If you owe taxes to the CRA and can't pay in full by the due date, you should contact them to discuss payment arrangements. The CRA can work with you to set up a payment plan based on your financial situation. Like many other tax authorities, they may have flexibility on when you ar...