GST

Exporters often face a common problem under GST: cash-flow blockage. If they pay IGST on exports first, they may need to wait for a refund later. Fortunately, GST law offers a practical solution through a Letter of Undertaking, commonly known as LUT. By filing LUT, an eligible exporter can export goods or services without paying […]

Input Tax Credit, commonly known as ITC, is one of the most important features of the Goods and Services Tax system. It helps businesses reduce their overall GST liability by allowing them to claim credit for the GST already paid on eligible purchases and expenses. In simple words, when a business purchases goods or services […]

Normally, a supplier collects Goods and Services Tax (GST) from the customer and deposits it with the government. However, in certain specified transactions, GST law shifts this responsibility from the supplier to the recipient. This system is known as the Reverse Charge Mechanism or RCM. In simple words, under RCM, the person receiving the goods […]

GST return filing is an important compliance requirement for every regular GST-registered business. Among the various GST returns, GSTR-1 and GSTR-3B are the two returns that most regular taxpayers need to deal with every month or quarter. In simple terms, GSTR-1 contains details of your outward supplies or sales. GSTR-3B, on the other hand, summarises […]

GST compliance in India requires businesses to follow prescribed return-filing and tax-payment deadlines. Therefore, every GST-registered taxpayer should maintain a proper compliance calendar throughout the year. If a taxpayer misses a GST deadline, the delay may result in late fees under Section 47 of the CGST Act, interest under Section 50, and other compliance restrictions […]