Govt Introduced new Rule 86B restricting the use of Input Tax Credit for discharging the output tax liability[Notification No 94/2020-CT dated 22.12.2020]The rule is effective from 1st January 2021Applicability of RuleThis rule is applicable on the registered person whose value of taxable supply other than…

e-Invoice is launched on 1st Oct 2020 successfully for the tax payers having annual turnover more than Rs. 500 Crores. More than 33000 tax payers have accessed this system and generated more than 1250 Lakhs of IRN from the NIC portal, as on date. On average,…

The system has started providing auto-populated GSTR-3B on the basis of GSTR-1 & GSTR-2B from the tax period of November 2020 onwards. In this auto-populated GSTR-3B, liability on account of inward supplies attracting reverse charge auto-populated in Table-3.1(d) is also drawn from GSTR-2B of the taxpayer for…

A. How to opt-in Composition Scheme: The application for opting-in composition scheme for the financial year, 2020-21 has been made available on GST Portal. The taxpayers who are already in composition scheme in previous financial year are not required to opt in for composition again…

Following new enhancements have been made in the E-way bill system, dated December 8, 2020: Recipient GSTIN should be registered and active, on the date of preparation of the document by the supplier. Document Nos. are case sensitive for e-Way bill generation. In the Bulk…