Currently, there is an edit facility given to both buyers and sellers to correct any errors even after credit is taken on the tax. The government plans to do away with the flexibility given to buyers ...

GST E-invoice, Steps to generate E-invoice under GST: The Central Board of Indirect Taxes and Customs (CBIC) under the finance ministry through a notification last week had notified the reduction in ...

Businesses must show prices inclusive of GST on all price displays to the public. Hotels and food & beverage establishments that impose a service charge on their goods and services are exempted but ...

A fake GST bill is generated by scammers to dupe businessmen and customers, even without any actual supply of goods or services or GST payment. It is basically generated for various fraudulent reasons ...

The GST Council, at next week’s meeting, is likely to consider a proposal to bring more clarity on action against entities involved in claiming Input Tax Credit (ITC), which has become a major source ...

From raw materials and rent to motor vehicles and construction, businesses can claim ITC on eligible expenses, but GST rules block credit for several categories ...

AI Quick Read Indian businesses paying for overseas software, cloud storage and consulting services may face tighter goods and services tax (GST) compliance requirements as the government considers ...

ISLAMABAD: The estimated sales tax amount evaded through the fraudulent use of flying invoices (irrelevant invoices) would be approximately Rs 5-6 trillion. Sources told Business Recorder that the use ...

GST Council meeting on October 7: Process reforms, ITC and invoice rules likely to take centre stageInstagram The 57th GST Council meeting, scheduled for October 7, is expected to focus on simplifying ...