Input Tax Credit (ITC) is one of the key pillars of GST compliance, allowing businesses to claim credit for the taxes they’ve paid on inputs. Nevertheless, navigating the intricate landscape of ITC litigation presents a formidable challenge for businesses and tax professionals alike. In this blog, we delve into the complexities surrounding ITC litigation, explore the key challenges faced, and outline effective strategies and solutions to master this aspect of tax law. Understanding Input Tax Credit (ITC) ITC allows businesses to offset the tax they pay on inputs, such as raw materials, goods ..read more

The common portal for GST, known as GSTN, frequently issues advisories concerning updates and new functions designed to enhance the portal’s capabilities. These updates encompass upgrades to existing functionalities and the introduction of new options for taxpayers to implement. During March-April 2024, GSTN issued several advisories to upgrade functionalities and enable new options or functions for taxpayers’ implementation. Here’s a summary of the recent updates Self-Enablement for E-Invoicing Auto-Population of HSN Summary in GSTR-1 Advisory on Reset & Re-filing of GSTR-3 Suspension o ..read more

The GSTR-3B form stands as a crucial document for taxpayers when it comes to Goods and Services Tax (GST) compliance. It serves as a summary statement of outward and inward supplies, providing a snapshot of a taxpayer’s tax liabilities and Input Tax Credit (ITC) claims for a particular tax period. The government’s recent changes in Form GSTR-3B have a singular focus: enhancing the accuracy of ITC reporting. Under these amendments, taxpayers can now reclaim ITC previously reversed in Table 4(B)2, subject to specific conditions. Additionally, the reclaimed ITC must be explicitly reported in Ta ..read more

The advent of GST amalgamated various taxes under one umbrella, expanding the scope of tax credit accessibility. The utilization of taxes paid for input goods and services became more flexible, contingent upon meeting specific conditions such as usage for business purposes and actual receipt of goods. Input Tax Credit (ITC), being the cornerstone of GST, holds paramount importance for businesses aiming at optimal utilization and for the government to prevent revenue leakage. However, the landscape surrounding ITC has evolved significantly over the years, with regulations undergoing substantia ..read more

As we bid farewell to the FY 2023-24 and wrap up our financial records for the period, it’s imperative to shift our focus towards ensuring accuracy in GST return filings and reconciliations. Year-end reconciliations are pivotal for businesses operating under the GST regime, guaranteeing the precision of GST return filings, and mitigating any potential discrepancies that could result in penalties or complications. This article aims to throw light on the significance of filing GSTR-1 and GSTR-3B. What is GST Reconciliation? GST reconciliation involves comparing the GST collected and paid by a ..read more

In the dynamic world of venture capitalism and private equity, staying updated with portfolio companies poses significant challenges. Limited visibility into daily operations, diverse sectors with unique KPIs, and the fast-paced start-up environment demand innovative solutions for effective monitoring and decision-making. As regulatory compliance and reporting embrace digital platforms, a wealth of real-time data emerges, offering unparalleled opportunities for informed decision-making. In this blog, we delve into the challenges faced by equity investors and how the innovative IRIS Watch sol ..read more

The IRISGST Times Volume 75  |  March, 2024 What’s Inside Dear Readers, Welcome to our latest edition of our IRIS GST Times Newsletter! As we step into April 2024, the dawn of a new financial year brings forth a flurry of expectations, regulations, and opportunities in the realm of Goods and Services Tax (GST). Here’s a glimpse of what’s inside this month’s edition: Top GST News & Updates in March 2024 Our Industry Interactions via Webinars IRIS GST Software Compliance Calendar for April 2024 With our monthly newsletters, prepare yourself for the challenge ..read more

In the realm of taxation, the Goods and Services Tax (GST) stands as a monumental reform, aimed at simplifying the tax structure and fostering economic growth. However, alongside its implementation came a surge in compliance requirements, leading to a significant increase in GST notices issued to taxpayers. These notices serve as indicators of discrepancies or non-compliance with GST regulations. Understanding the top causes behind these notices is crucial for businesses to navigate the complex tax environment effectively. In this blog, we delve into the primary reasons behind GST notices, s ..read more

As the nation braces itself for the upcoming General Election in 2024, speculation looms over the convening of the next meeting of the Goods and Services Tax (GST) Council. With the schedule for the elections expected to be announced imminently, the government’s silence on the Council’s meeting adds to the prevailing uncertainty. The last convened meeting, the 52nd, took place on October 7, 2023, leaving stakeholders eager for updates and decisions. The GST Council: A Pillar of Economic Decision-making The Goods and Services Tax (GST) Council stands as a cornerstone of India’s economic governa ..read more

In the ever-evolving landscape of taxation and logistics, the integration of technology plays a pivotal role in ensuring efficiency and compliance. Recently, the Goods and Services Tax Network (GSTN) released a new advisory on March 8th, 2024, heralding significant changes in the way businesses manage their transportation operations. This advisory highlights the integration of the E-Waybill system with the new Invoice Registration Portal (IRP) portals, promising a more streamlined and transparent approach to managing e-waybills. Understanding the E-Waybill System The E-Waybill system was intro ..read more