The GSTN has rolled out major enhancements to the e-way bill system, adding new features, validations and security measures to make generation smoother and reduce errors and misuse. This guide summarises the key e-way bill system enhancements and what they mean for businesses and transporters. A Step Towards Better Traceability, Compliance & Digital Monitoring The
Section 31 of the CGST Act governs the issuance of tax invoices, which are the primary documents for recording taxable supplies and enabling Input Tax Credit (ITC) claims by recipients. Every registered person making a taxable supply must issue a tax invoice containing prescribed particulars within the specified timeline. Non-compliance with invoice requirements can result
The Union Budget 2024, presented by the Finance Minister on July 23, 2024, introduced significant tax reforms focused on employment generation, MSME support, and simplification of the tax structure. Key highlights include a revised tax regime with an enhanced standard deduction of Rs.75,000, restructured capital gains taxation with a flat 12.5% LTCG rate across all
The Goods and Services Tax (GST) framework in India requires taxpayers to submit various forms at different stages of their compliance lifecycle, including registration, return filing, Input Tax Credit claims, tax payments, refunds, and dispute resolution. Each form serves a specific purpose and must be filed by its designated due date to avoid penalties and
The GST registration process in India underwent significant changes in 2024-25, including the introduction of mandatory biometric Aadhaar authentication in select states and updated CBIC directives on document requirements. The Registration is completed online through gst.gov.in using Form REG-01, and the processing time varies from 3 to 30 days depending on the authentication method chosen.
Businesses using Tally ERP software for accounting must extract their GSTR-3B data from Tally and transfer it to the official GST portal for filing. Tally generates a GSTR-3B report that mirrors the portal format, showing outward supplies, inward supplies under reverse charge, Input Tax Credit (ITC) details, exempt supplies, and the net tax payable. This
The YSR Vahana Mitra scheme is a social welfare initiative launched by the Andhra Pradesh Government on October 4, 2019, to support self-employed drivers of commercial vehicles. Administered by the Transport, Roads, and Buildings Department, the scheme provides an annual financial grant of Rs.10,000 to eligible owners of autorickshaws, taxi cabs, and maxi cabs who
GSTR-7 is the monthly return filed by persons required to deduct Tax Deducted at Source (TDS) under Section 51 of the CGST Act. The GSTR-7 offline tool is an Excel-based utility provided by GSTN that allows TDS deductors to prepare return data offline, validate entries, generate a JSON file, and upload it to the GST
A GST return is a mandatory document submitted by every registered taxpayer under the Goods and Services Tax framework, containing details of outward supplies (sales), inward supplies (purchases), Input Tax Credit (ITC) availed, and the net tax payable or paid. Depending on the taxpayer’s category and turnover, returns are filed monthly, quarterly, or annually through
Income from cryptocurrency and other Virtual Digital Assets (VDAs) is taxed at a flat 30% plus cess, with 1% TDS on transfers and no set-off of losses against other income. Such income must be reported in the dedicated Schedule VDA of the ITR. This guide explains how retail investors should report crypto income. The popularity
Form ITR-B is a specialised Income Tax Return form introduced by the Ministry of Finance through Gazette Notification No. 30/2025 (April 7, 2025) for taxpayers subjected to search operations under Section 132 or requisition proceedings under Section 132A of the Income Tax Act, 1961. The form captures and reports undisclosed income identified during such proceedings
Form GST RET-1 was the proposed simplified monthly return designed to replace the current GSTR-1 and GSTR-3B filing system with a single, unified return supported by two annexures: GST ANX-1 (for outward supplies) and GST ANX-2 (for inward supplies). The GST Council approved this new return framework to address compliance challenges faced by taxpayers, but
Comprehensive explanations, FAQs, and updates about Tax, Finance, and Compliance.
Book a free consultation with our tax and legal experts and get your ITR filed today with maximum tax savings.
Next Step
15-min discovery call
status
ITR Filed
Hey!
I'm here to help you with your tax savings.
File Check
Documents reviewed
