End-of-year bulk orders may not reduce GST liability immediately. Learn about GST ITC, Input Tax Credit, GSTR-3B, ...

The Invoice Management System (IMS) represents a significant leap forward in India's GST compliance journey. IMS fundamentally reshapes tax reporting and compliance by prioritising accuracy ...

One of the most challenging aspects of starting and running any small business can be managing your tax obligations.

Input Tax Credit Claim in GST: The input tax credit (ITC) has been one of the key highlights of the Goods and Services Tax (GST) launched in the country as a major reform to the tax structure. It ...

Input tax credit (ITC) is an essential element of GST which allows to recover tax paid on business expenses incurred in producing goods or rendering services. Read all about how to claim input tax ...

This means an assessee will get input tax credit (ITC) only to the extent of invoices matched. For each and every assessee, the system calculates ITC based on returns filed by her/his supplier.

Now B who is a buyer will be eligible to claim the input tax credit on purchases based on the invoices. So, accordingly, A will upload the details of all the tax invoices issued in GSTR 1.

A Good and Simple Tax that's "simpler, more transparent" and which will "help us in curbing black money and corruption and ...