IRIS GST
128 FOLLOWERS
IRIS GST is a one-stop destination for all things GST. Get the latest updates, notifications, circulars & changes in GST laws along with blog updates.
IRIS GST
2h ago
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
IRIS GST
5d ago
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
IRIS GST
1w ago
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
IRIS GST
2w ago
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
IRIS GST
2w ago
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
IRIS GST
3w ago
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
IRIS GST
3w ago
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
A Guide to All the Latest GST Advisories on Payments, e-Invoicing, Composition Scheme & Fake Summons
IRIS GST
3w ago
The GSTN, the common portal for GST, keeps issuing advisories regarding updates and new functions aimed at enhancing the portal’s capabilities. These updates include upgrades to existing functionalities and the introduction of new options for implementation by taxpayers.
Over the last few weeks, GSTN has released the following advisories to maintain compliance:
GST update on payment with cards
Advisory on GST E-Invoicing: Launch of Enhanced einvoice.gst.gov. Portal
Option for Composition Scheme for FY 2024-25
Fake GST Summons
GST Update on Card Payments
The portal has introduced an update a ..read more
IRIS GST
1M ago
In a recent development, pharmaceutical giant Dr. Reddy’s Laboratories Ltd. has encountered a significant tax notice from the Goods and Services Tax (GST) authority. The demand amounts to a staggering Rs 74.22 crore, marking a notable financial challenge for the company.
Recently, it was reported that the company received a tax notice of Rs 74.22 crore from the GST authority. This development has garnered attention in the business and financial sectors, prompting discussions about the implications for Dr. Reddy’s and the broader pharmaceutical industry. In this blog, we’ll delve into the detai ..read more
IRIS GST
1M ago
The IRISGST Times
Volume 74 | February, 2024
What’s Inside
Dear Readers,
Welcome to the February edition of our IRIS GST Times Newsletter!
There were several changes to the Indian GST landscape in 2023, and with February already behind us, 2024 has gotten off to a flying start. Although we do not have a crystal ball, we anticipate that this trend will continue and that there will be several regulatory developments this year, particularly in the GST realms.
February was a pivotal month for many of us as we gear up for the upcoming tax season. With deadlines loo ..read more