GST | Tax Masala

Introducing Khaata : Worry Less Ecommerce Accounting in India

Posted by CA Tarannum Khatri | Mar 14, 2020 | GST |

Running ecommerce business in India is challenge. Specifically when you have limited available tools in Indian software market. Being profitable is challenging but what happens when you start getting orders and earning profit ? GST compliance I guess !! That’s why we introduce you with Khaata. Khaata : Ecommerce accounting automation software in India What is Khaata ? Khaata is ecommerce accounting automation software invented by Green Duck Innovation – Hyderabad based IT firm. It automates amazon and flipkart accounting. Its easy to use importation feature imports 70 vouchers per minute in tally. This software is beneficial to ecommerce...

E-invoicing under GST- Beat the Tediousness in one strike

Posted by CA Tarannum Khatri | Mar 13, 2020 | GST |

Introduction to e-Invoicing The Government has introduced the system of standardized reporting of B2B Invoices to the GST System, termed as ‘Electronic Invoicing’ or e-Invoicing under GST. Implemented on a voluntary basis from Jan 1st, 2020, and as a compulsion from April 2020 for Businesses having annual,aggregate turnover more than 100 Cr. As per the rule, the generation of Invoice shall be done in a specified format, from the ERPs and uploaded/reported on a unified official site called Invoice Registration Portal (IRP). For each E-Invoice a unique Invoice Reference Number (IRN) and a Quick Response (QR) Code...

GSTR 9C : GST Reconciliation Statement – Table wise Explanation

Posted by CA Tarannum Khatri | Sep 30, 2019 | GST |

GSTR 9C is an annual reconciliation statement. This reconciliation statement may be in similar terms understood as conduction GST Audit. For Financial Year 2017-18, the due date for filing GSTR 9C has been extended to 30th November, 2019. This statement is required to be filed by those registered dealers whose aggregate turnover for the financial year exceeds Rs. 2 crores. What is GST Audit? As per sec 2(13), audit means the examination of records, returns and other documents maintained or furnished by a registered person under the GST Act or the rules made there under or under any other...

GST Refund Claims: Step by step Guide

Posted by CA Tarannum Khatri | Sep 20, 2019 | GST |

Claiming GST refund has been always a very difficult, time consuming and cumbersome procedure. Under the GST regime the refund system is implemented as a standardized form for making any such claim for refunds. Under the new GST scheme and regulations, the claim and sanctioning procedure is to be completely online and time bound. Let’s understand GST Refund procedure step by step. Goods and Service Tax (GST) is new tax regime introduced in India which has replaced major indirect taxes. After GST implementation approximately 17 indirect taxes regime will be substituted under one tax regime.This new tax regime is...

Input Tax Credit ( GST Credit ) under GST India : The easiest guide

Posted by CA Tarannum Khatri | Aug 31, 2019 | GST |

A very important concept for calculating and making GST payment is “Input Tax credit” ( GST Credit). In simple terms, Input credit means the adjustment of GST tax payable on sales of goods or services against GST tax receivable on purchase. Input Tax Credit in GST: ( GST Credit ) Goods and Service Tax (GST) is new tax regime introduced in India which has replaced major indirect taxes. This new tax regime is expected to bring a better control mechanism for tracking and payment of indirect taxes.Under this new system, most of the indirect taxes levied by Central and...