Advisory on New e-Invoice Portal
GSTN has onboarded four new IRPs (Invoice Reporting Portals) for reporting e-invoices in addition to NIC-IRP. As a result, the beta launch of a new e-Invoice portal (www.einvoice.gst.gov.in), has been done where taxpayers can find comprehensive information on e-invoice compliance in a user-friendly format, such as check your enablement status, self-enable themselves for invoicing, search […]
Advisory on Geocoding of Address of Principal Place of Business
The Goods and Services Tax Network (“GSTN”) has issued an Advisory dated February 24, 2023 on the Geocoding of Address of Principal Place of Business. 1.GSTN is pleased to inform the taxpayers that the functionality for geocoding the principal place of business address (i.e. the process of converting an address or description of a location into geographic […]
Option to file declarations online has been enabled for GTA on GST portal.
In 47th GST council meeting under the Other miscellaneous changes one of change recommended was Goods transport agency (GTA) is being given option to pay GST at 5% or 12% under forward charge; option to be exercised at the beginning of Financial Year. RCM option to continue. If a GTA selects the option to pay GST on […]
GST fraud worth ₹824 crore by insurance companies
Directorate General of GST Intelligence, Mumbai Zonal Unit detects GST fraud worth ₹824cr by insurance companies. During the course of investigations against sixteen insurance companies on the issue of availment of ineligible input tax credit, it has come to notice that these insurance companies have availed input tax credit on the basis of invoices issued […]
Introduction of Negative Values in Table 4 of GSTR-3B
GSTN allowed Negative Values in Input Table of GSTR-3B from Jan 2023 The Government has notified few changes in Table 4 of Form GSTR-3B for enabling taxpayers to report correct information regarding ITC availed, ITC reversal and ineligible ITC in Table 4 of GSTR-3B. According to the changes, the net ITC is to be reported […]
Recommendations of 49th GST Council Meeting
The 49th GST Council met under the Chairpersonship of Union Minister for Finance & Corporate AffairsSmt. Nirmala Sitharaman in New Delhi today. The meeting was also attended by Union Minister of State for Finance Shri Pankaj Chaudhary besides Finance Ministers of States & UTs (with legislature) and seniorofficers of the Ministry of Finance & States/ […]
NATIONAL SKILL DEVELOPMENT MISSION
Hello Readers, National Skill Development Corporation (NSDC) is a not-for-profit public limited company incorporated on July 31, 2008 under section 25 of the Companies Act, 1956 (corresponding to section 8 of the Companies Act, 2013). NSDC was set up by Ministry of Finance as Public Private Partnership (PPP) model. The Government of India through Ministry […]
AI-BASED VOICE RECOGNITION AND LANGUAGE TRANSLATION TECHNOLOGIES WILL EMPOWER DIGITAL INCLUSION IN INDIA
Hello Readers, INDIA is home to more than a billion people who speak hundreds of different languages and dialects, although only 22 languages are recognized constitutionally. Almost 75% of the population can read, write, and speak in their native language, and a significant percentage prefer voice-based interactions. These communication barriers present challenges for many in […]
FINTECH STARTUPS: SURGING THE DIGITAL ECOSYSTEM
Introduction: Startup India is a flagship initiative of the Government of India, intended to build a strong ecosystem that is conducive for the growth of startup businesses, to drive sustainable economic growth and generate large scale employment opportunities. The explosion of fintech companies as startups isn’t surprising. Fintech is a booming industry that’s on everyone’s mind, especially investors. […]
GUIDELINES OF PROCUREMENT AND MARKETING SUPPORT (PMS) SCHEME
Hello Readers, Marketing, a strategic tool for business development, is critical for the growth and survival of MSMEs. Due to the lack of information, scarcity of resources and unorganized ways of selling /marketing, MSME sector often faces problems in exploring new markets and retaining the existing ones. Keeping in view these facts, the Procurement and […]
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