TYASuite - Cloud ERP Solutions

  Due to ever changing due dates of GSTR 3B return fillings and relaxations given by the government from payments of GST liability and interest there upon, there is always a confusion on how to calculate the interest on GST Liability. Interest on GST on Net Tax liability The key question to answer is “whether the interest should be charged on the Gross Liability or the Net Tax Liability if the GSTR 3B is not filed on time”. The provision of interest on late payment of GST liability is enumerated in section 50(1) of CGST Act, 2017. The provision is reproduced hereunder for convenient reading. As per Section 50(1) of the Act: “Every person who is liable to pay tax in accordance with the provisions of this Act or the rules made thereunder, but fails to pay the tax or any part thereof to the Government within the period prescribed, shall, for the period for which the tax or any part thereof remains unpaid, pay, on his own, interest at such rate, not exceeding eighteen per cent, as may ...

  Ever since the idea of e-invoicing was authorized by the GST council, the rumor around e-invoicing has gained dignity among businesses all over the world. Invoice is a key document and e-invoice is basically a reform associated with it. It is very essential for businesses to comprehend it fully and therefore prepare for it. In this blog post, let’s understand everything about GST e-invoice in detail. What is GST e-invoicing? E-Invoice also called ‘Electronic invoice’ that is amethod in which all B2B invoices are electronically uploaded and validated by the established portal. Post successful validation, a unique Invoice Reference Number (IRN) is induced for every invoice by IRP. With IRN, every invoice is digitally approved, signed, and added along with QR code. This procedure is collectively known as  e-invoicing in GST . What are the advantages of e-Invoice Digitalization? Standard reporting and no Duplication Auto-Generation of GST Return E-way Bill No Reconciliation Real...

               Atma-Nirbhar Bharat Prime Minister Sri Narendra Modi emphasized the importance of a ‘Self Reliant India’ in fighting the COVID-19 crisis during his speech on May 12 th , 2020. The Core focus of his speech was  “Go Local”, “Be Vocal”  and  “Make it Global”.  He announced a recovery package of Rs. 20 lakh core which approximates 10% of India’s GDP. The package is targeted to cater to various sections including cottage industry, MSMEs, laborers, farmers & middle class. His vision for a  Self-Reliant India  will stand on the following five pillars: Economy  - Which brings quantum jumps and not incremental jumps Infrastructure  -Which should become the identity of India System  - Which are based on 21 st  century technology Vibrant Demography  - Which is our source of energy for a Self Reliant India Demand  - Whereby our demand and supply chain should be ut...