Blog tagged as Changesingst

In a recent case, a person had given a cheque to another party for a transaction.Later, when a dispute arose, the cheque was lost, and only a xerox copy of that cheque was available.

Imagine waking up one morning and finding a big brown envelope from the Income Tax Department. You open it and your eyes freeze — it says you have undisclosed income of ₹2.28 crore, and you must pay tax and penalty running into tens of lakhs!

Normally in GST, the tax you pay on raw materials (inputs) can be adjusted against the tax you collect on sales (output).

Businesses often face small mistakes in GST invoices – a wrong GSTIN, spelling errors, or address mismatches. But can such technical errors lead to denial of Input Tax Credit (ITC)?

The Goods and Services Tax Network (GSTN) has introduced new features in the Invoice Management System (IMS) to make GST compliance simpler, more transparent, and less burdensome for taxpayers.