A business is required to register under the goods and services tax (GST) even if it qualifies to be exempted according to the GST Act, but has liability to collect tax under the reverse charge ...
The impoters have welcomed the latest Supreme Court orders by which the goods and services tax (GST) is not payable on sea import freight service on reverse charge mechanism (RCM) basis in case of ...
GSTN will soon enforce system-level blocking if ITC reclaimed or RCM ITC exceeds ledger balances. Key takeaway: taxpayers must reconcile ledgers to avoid filing ...
This update explains the major GST and income-tax reforms introduced during 2025. It highlights how simplified rates, faster refunds, and revised tax slabs reduce compliance stress and improve ...
The reconciliation of the tax liability as per the books of account vis-à-vis the GST returns is a tedious exercise for filing of annual return and GST audit. While undertaking the exercise of ...
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