Input tax credit: why your GSTR-2B rarely matches your purchase register
Most GST notices start as a small monthly difference nobody chased. Here is what causes the mismatch and how to deal with it while the period is still recent.
3 min read
Blog
Recommendations of the 57th Meeting of the GST Council:
1. GST Council recommends removal of arrest provisions under GST GST Council recommends raising prosecution threshold from ₹1 crore to ₹5 crore.
2. GST Council recommends reduction in general penalty from ₹25,000 to ₹10,000.
3. GST Council recommends wider eligibility for input tax credit and refunds.
4. GST Council recommends further simplification of registration and compliance processes.
5. GST Council recommends faster refunds to improve working capital for businesses.
6. GST Council recommends common standards for GST notices and proceedings.
7. GST Council recommends measures for smoother movement of goods across states.
8. GST Council recommends intelligence-based and authorised interception of goods.
9. GST Council recommends simplified GST registration for small sellers on e-commerce platforms.
10. GST Council recommends measures to facilitate export of services GST Council approves in-principle optional scheme for small consumer-facing businesses with turnover up to ₹5 crore
Documents to collect before your income tax return is prepared
A checklist of what to gather before your return is prepared — and the one statement most people skip that causes most of the notices.
2 min read
Choosing between a partnership firm and an LLP
Liability, compliance cost and what happens when a partner leaves — the three differences that actually decide the choice between a partnership firm and an LLP.
2 min read