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Why was Rule 42 of CGST Rules Introduced in GST?
The introduction of rule 42 of CGST rules covered an important gap of how input tax credit was being claimed under GST. From the early days of implementation, businesses had…
How Does Invoice Processing Impact Cash Flow Management?
Cash movement determines the comfort in which a business operates every month. Sales on paper doesn’t pay salaries, rent and suppliers. Actual receipts do. Invoice processing lies in the middle…
What are the Common Errors While Filing IFF in GST?
Under the QRMP scheme, small and mid-sized businesses are often dependent on monthly uploads of their invoices for the continuity of the buyer’s credit. The IFF in GST plays a…
How Journal Entry of Cash Sales Impacts Ledger?
Every business that gets immediate payment from their customers deals with cash sales on a daily basis. The Journal Entry of Cash Sales is one of the first accounting entries…
What Types of Payments Can Be Made Using DRC 03 in GST?
Understanding GST Compliance is often based simply on knowing when and how to make the right payment. One such important tool is DRC 03 in GST where the taxpayers can…
What Happens If PIN to PIN Distance GST is Entered Incorrectly?
Every movement of goods under GST is based on precise data regarding transport. The pin to pin distance GST establishes the validity duration of an e-way bill and whether the…
How Does Place of Supply under GST Impact GST Invoicing?
GST invoicing decisions making in India is largely dependent on one of the basic rules that businesses tend to underestimate. The Place of Supply under GST is the issue of…
A Practical Breakdown of Section 194C of Income Tax Act for Work & Labour
Running an Indian business involves a lot of payments to the contractors for their work or labour. The section 194C of Income Tax Act provides for payment of tax to…
What Penalties Can You Face Under Sec 270A of Income Tax Act?
Tax penalties often result from tax fraud, but as often as not, from ineffective knowledge of rules on assessment and reporting requirements. The sec 270A of Income Tax Act was…
Who is Covered Under Sec 111 A of Income Tax Act?
Understanding short-term capital gains taxation is important when equity investments form a part of regular income planning. The sec 111 A of Income Tax Act plays a focused role in…