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The Goods and Services Tax (GST) implementation in its starting phase, 2017-18 and 2018-19, posed difficulties in the reconciliation of Form GSTR-2A and GSTR-3B. Section 16 of the CGST Act 2017  was causing certain issues in several instances during the initial GST enactment (i.e., 2017-18 and 2018-19). The section defines the criteria and conditions for availing of Input Tax Credit (ITC) . It was noticed that accurate information regarding outward supplies was not furnished by the supplier invariably in GSTR-1, resulting in differences or discrepancies in the Form GSTR-2A of the recipient. Nevertheless, recipients claimed ITC (input tax credit) for such supplies in Form GSTR-3B. While authorities were carrying out scrutiny/investigation/Audit, it was discovered that in some cases, ITC had been claimed in GSTR-3B. but was not shown in GSTR-2A. Circular No. 183/15/2022 – Dated: 27/12/2022, was released to provide an explanation, to deal with this issue consistently. As per the circular,

Since 2018, hoteliers have expressed their apprehensions that this tax incongruity results in a decline in restaurant patrons, who prefer standalone restaurants due to the tax advantages they provide. Industry stakeholders advocate for a standardized 5% GST rate across all dining establishments to create equitable ground. In a landscape where standalone restaurants thrive nationwide, intensifying competition, the hotel industry questions the relevance of a hotel room rate in determining dining options. Compounding the challenges is the growing trend among hotel guests to opt for food delivery services from external sources. The process of the GST department which ties the dining GST to the hotels declared room tariff and the hotel restaurants at a competitive disadvantage. For instance, a meal costing ₹2,000 at a standalone restaurant incurs only ₹100 in GST, whereas the same meal at a hotel restaurant would attract ₹360 in taxes. The predicament is further intensified for mid-market

In today's competitive business world, optimizing payroll procedures is essential for efficiency, cost reduction, and compliance with tax laws. Gen Desktop Payroll Software stands out as a comprehensive solution suitable for businesses of any scale, offering an array of features that simplify payroll management and improve HR functions. What are the Advantages of Using Gen Desktop Payroll Software?  Mentioned Below are some of the different  features of the Gen payroll software  for HR Administration -  #1. Simplify Tax Returns Filing and Compliance  Remaining updated with evolving tax regulations, the software ensures businesses adhere to all statutory requirements. It automatically computes and deducts various taxes such as TDS, PT, and local taxes, simplifying tax compliance and mitigating the risk of penalties. Moreover, it facilitates effortless e-return filing for PF, ESI, and other obligatory filings, ultimately saving time and simplifying these processes. #2. Complete HR Ad

The Madras High Court has decreed that flavored milk will be subject to a reduced GST rate of 5%. This ruling also curtails the authority of the GST Council in product classification, emphasizing that its role is merely advisory, not determinative. In a recent ruling prompted by a writ petition from Parle Agro disputing the categorization of flavored milk, the Madras High Court referenced a Supreme Court case, Mohit Mineral Private Limited . The apex court's stance emphasized that the GST Council's suggestions aren't binding on the Union and states. Applying the principle of noscitur a sociis to interpret 'Beverage containing milk,' the High Court concluded that it exclusively refers to plant or seed-based milk, excluding dairy milk. Chapter 4 of the GST tariff classification covers dairy products, including milk. Justice C. Saravanan, in the Madras High Court's single bench, classified flavored milk under GST tariff heading 0404. However, the Court highlighted

The GST return filing process (FORM GSTR-3B) E-Flyer has been released by the SAG Infotech Private L:imited. Process of return filing Filing Form GSTR-3B – Monthly and Quarterly Return by Normal Taxpayer What is the method to make, save, pay taxes, and file the Form GSTR-3B return? Form GSTR-3B is said to be the easier summary return, its objective is for the assessees to show their GST obligation summary for a certain tax duration and the discharge of these liabilities. A normal assessee is needed to file the FORM GSTR-3B returns for every tax period. Login and Navigate to Form GSTR-3B Monthly Return page: 1. Access the www.gst.gov.in URL. The GST Home page is shown. Login to the GST Portal with valid credentials. 2. Tap on the Services > Returns > Returns Dashboard option. 3. The file returns page is shown. Choose the Financial year, Quarter (Quarter 1 – 4), and period (month) for which you wish to file the return from the drop-down list. Tap on the SEARCH button.  4. The file

A Tax deduction at source (TDS) is a difficult landscape that requires efficient tools to navigate. Companies and people use user-friendly TDS return filing software in this digital age of tax. The aim of this intro is to examine five cutting-edge solutions developed to facilitate TDS management and ensure adherence to tax laws.  Users can effortlessly handle their tax debts with these software choices, thanks to involuntary interfaces and powerful features. With these creative TDS filing solutions, you can supervise your taxes to the highest degree of comfort and accuracy. #1. Gen TDS Software Gen TDS Return Software is developed to make your TDS and TCS filing procedure hassle-free. With its easy-to-use interface, you can file TDS and TCS returns online without taking extra burden. The platform is designed to keep all the regulations of TRACES and CPC as a priority. This makes sure that your filing adheres to all the regulations.  The platform is equipped with features such as pre-d

A tax expert answers the question- ‘the requirements of advance tax provisions under the Income-tax Act 1961’. Advance tax, as the name itself indicates that the tax paid by individuals in the financial year when the corresponding income is earned, rather than in the assessment year when the income is assessed for taxation purposes. This payment is calculated based on the consolidated income earned and expected to be earned from various sources, such as salary, rent, interest, and more. It takes into account applicable deductions, exemptions, and credits for taxes deducted at source (TDS) or taxes collected at source (TCS). According to section 208 of the Income Tax Act, 1961, individuals whose estimated tax liability for the year amounts to Rs. 10,000 or more are required to pay advance tax. However, senior citizens aged 60 years or above who are residents and do not earn any income from business or profession are exempt from paying advance tax. Typically, advance tax payments are ma

Managing Tax Deducted at Source (TDS) is a critical aspect of tax compliance for both businesses and individuals in India. It involves intricate calculations, deductions, reporting, and filing, necessitating precise solutions due to its complexity and evolving regulations. SAG Infotech's Gen TDS software has gained significant recognition in the Indian market for its comprehensive features and tools designed to simplify TDS compliance. In this overview, we'll explore the key attributes, benefits, and importance of Gen TDS software within the tax context. What is Tax Deducted At Source (TDS)? In India, the government employs Tax Deducted at Source (TDS) to gather taxes from various income sources. Essentially, when making payments to recipients, a specific percentage of tax is deducted by the payer and then remitted to the government. TDS applies to various types of income, such as commissions, rent, interest from fixed deposits, salaries, and more. Understanding TDS is