Designed to address the crucial matter of demand recovery, Form DRC-07 stands as a bridge between taxpayers and tax authorities, ensuring transparency, compliance, and fair resolution of outstanding tax dues. In this blog, we will demystify everything about Form DRC-07 in GST, shedding light on its purpose, usage, and intricacies. What is Form DRC-07 in GST?Form DRC-07 is a document used for the recovery of GST dues from taxpayers. It is issued by the tax authorities when there are outstanding tax liabilities. This form outlines the details of the demand and provides the taxpayer with an opportunity to respond or appeal against the demand.GST Rules on the Use of DRC-07Form DRC-07 in GST embodies the principle of fair tax collection and dispute resolution. The GST rules governing its use ensure taxpayers have a platform to engage with tax authorities, respond to demands, and present their case if needed.

In the complicated world of Indian law, "actionable claims" are a big deal. They matter a lot in things like taxes and business deals. This blog will explore actionable claims related to the Goods and Services Tax (GST) and the Transfer of Property Act (TPA). First, let's see what actionable claims are with two examples.What is an Actionable Claim under GST?In the context of GST, an actionable claim refers to a claim to any debt, whether secured or unsecured, excluding lottery, betting, and gambling. GST treats actionable claims differently than other goods and services, with significant business implications.Examples of Actionable Claims1.

In certain business transactions in India, you need to get a GST Clearance Certificate. This certificate, issued by GST tax authorities, is quite important. In this blog, we will cover everything about it, and how to download GST clearance certificate.What is GST clearance certificateGST Clearance Certificate is a document issued by Indian tax authorities. It signifies that a taxpayer has settled their GST tax dues or is exempt from such payments. This certificate is solely related to GST compliance and serves as proof of adherence to GST regulations, whether through tax clearance or exemption within the GST framework.GST clearance certificate for tenderFor tender applications, securing a GST Clearance Certificate is a must.

Accounts payable vs receivable are two opposite principles that dictate the operations of a business. Understanding these two concepts is imperative for businesses that wish to gain insights into their accounting process.  Lenders and potential investors analyse the accounts payable and receivable equation to learn about a business’s financial condition. Businesses can only achieve success and build positive relations with their customers and suppliers when maintaining a healthy equilibrium between revenues and expenditures. What are Accounts Payable?Accounts payable (AP), also labelled as current liabilities, refer to the funds that a business is yet to pay to its suppliers or creditors. AP is usually recorded upon receipt of an invoice containing mutually agreed payment terms. Upon receiving a bill for goods and/or services, the finance team records it as a journal entry and posts it to the general ledger as an expense.  The balance sheet indicates the total amount of accounts payable without listing individual items.

Invoice processing in accounts payable management is a function carried out by the accounts payable team in efficiently handling supplier invoices. Managing cash flow is often a big worry for businesses. Therefore, invoice processing originates from the invoice’s receipt and comes close once the payment is made and recorded in the books.What is invoice processing for businesses?Today, invoice processing is usually carried out with the help of invoicing software, also known as automated invoice processing or invoice automation. Invoices are provided in various forms, PDFs, paper invoices, emails, and other electronic means. In simple words, the process of handling the invoices from their receipt to the point of fulfilling their payment and recording the same in the books is termed invoice processing.How is invoice processing relevant to the accounts payable process?It is an age-old business practice for the suppliers to send the invoice for services provided to the accounts payable department.

Earlier, e-way bills were unnecessary for interstate or intrastate transit of gold, regardless of value. However, on 12th September 2022, the National Informatics Centre (NIC) introduced an update concerning the e-way bill generation for transporting gold and other precious stones under HSN Chapter 71. Further the GST Council in 2023 has recommended part-A of e-way bill for intra-state movement of gold and precious stones where the consignment value exceeds Rs. 2 lakh or any other limit notified by the respective states/Union Territories. CGST Rule 138F was notified to bring this into effect on 4th August 2023.Continue reading as we discuss the e-way bill applicability on gold and precious stones and updates from the 50th GST Council meeting.e-Way Bill Applicability For Movement Of Gold And Precious StonesFollowing the guidelines set by the GST Council, the e-way bill requirement has been made mandatory for inter-state and intra-state movement of gold and other precious stones. Furthermore, certain functionalities have been modified for e-way bills generated for the movement of gold, including:Part-B details of the e-way bill, which typically include transporter information and vehicle details, cannot be updated by default.There is no provision to update transporter information.There is no option to generate a consolidated e-way bill, which allows multiple consignments under a single e-way bill.An extension of e-way bill validity is permitted without the need to revise the Part-B details.There is no option to include multiple vehicles for a single e-way bill.However, the facilities for cancelling and rejecting e-way bills remain the same for moving gold and precious stones.Details Asked For e-Way Bill Generation For Gold And Precious StonesCreating an e-way bill for gold remains the same as other e-way bills.

To improve the security of the e-way bill and e-invoice system, National Informatics Centre (NIC) has introduced 2-Factor Authentication to log in to the e-way bill or e-invoice system. Besides username and password, the user would now require providing a one-time password (OTP) for authenticating the login. The implementation of 2FA puts an additional burden on the teams logging into the e-invoice and e-way bill portals of NIC. Clear e-Invoicing allows its users to bypass the 2FA hassle yet ensures an utmost secure environment for data handling and privacy. Continue reading the article to know more about the applicability, issues and alternate solutions for 2FA. What is two-factor authentication in e-invoicing?Two-factor authentication (2FA), also referred to as dual-factor authentication or two-step verification, refers to a security process in which users provide two different authentication factors for verifying themselves.Two-factor authentication is implemented to protect both the user’s credentials and the resources the user can access.

Under GST, transporters are required to carry an e-way bill while transporting goods from one place to another whether or not by way of supply if the value exceeds the limit specified by the CGST Rules. As per the CGST rules, the limit is Rs.50,000, which mostly applies to interstate movement. It came into effect from 1st April 2018. However, the states were given an option to set the limits within each state, and each state began implementing it from different dates in the first half of 2018.Latest Updates on e-way bills29th August 2021From 1st May 2021 to 18th August 2021, the taxpayers will not face blocking of e-way bills for non-filing of GSTR-1 or GSTR-3B (two months or more for monthly filer and one quarter or more for QRMP taxpayers) for March 2021 to May 2021.4th August 2021Blocking of e-way bills due to non-filing of GSTR-3B resumes from 15th August 2021.1st June 20211. The e-way bill portal, in its release notes, has clarified that a suspended GSTIN cannot generate an e-way bill.

The rate of GST on mobile phones and accessories were increased to 18% from 12% with effect from 1st April 2020 at the 39th GST Council meeting. Budget 2023 also proposed an increase in import duty on the materials used in making of phones. Such measures increase the prices of mobile phones. In this article, we primarily explain the GST rate on mobile phones, GST on mobile accessories, import impact, whether we can claim GST on mobile phones as input tax credit, and more.How did the price of mobile phones change due to GST?Before GST, excise and VAT were charged on mobile phones. The VAT rates varied from state to state, so it was difficult to set a uniform price for the mobile phone.

Understanding the different GST rates for various industries remains a constant challenge, and one such intricate area is the field of packers and movers. In this blog post, we will discuss the GST on packers and movers in detail. We'll also explore the packers and movers' GST rates for different scenarios.Applicability of GST on packers and moversPackers and movers in India, classified as Goods Transport Agencies, are subject to GST regulations, with movers handling transportation and packers focusing on labour services. Some scenarios, such as transporting goods independently or using inland waterways, qualify for GST exemption. Furthermore, the movement of goods by registered packers and movers charging under Rs.