Around 14th November 2024, taxpayers faced a puzzling issue with GSTR 2B duplicate issue GST, a crucial document for Input ITC (Tax Credit Claims) unable to generate it on the GST portal. This issue has left the taxpayers wondering how this glitch happened and how it could have been resolved.Background to GSTR-2B Access in November 2024GSTR-2B is a static ITC statement auto-generated so taxpayers can easily view their eligible and ineligible input tax credits. Buyers rely on monthly statements from their suppliers’ filings to claim ITC in GSTR-3B.The new Invoice Matching System (IMS) promised to simplify invoice reconciliation, but technical issues in September and October 2024 frustrated taxpayers. Many reported seeing duplicate invoices in GSTR-2B for September and October 2024, which led to confusion and potential errors in ITC claims.Issue of GSTR-2B Duplicate in GSTMany taxpayers noticed that their GSTR-2B for September and October 2024 contained duplicate invoices, significantly inflating their eligible ITC. This discrepancy raised concerns for two main reasons:Risk of ITC Reversal: Claiming ITC on duplicate invoices will attract penalties for non-compliance, especially during audits.Compliance Challenges: Businesses had to spend extra time reconciling with their books to ensure they didn’t avail of ITC twice, adding to their operational burden.Clarification Given by the GSTNThe GSTN released an advisory to reassure taxpayers that the issue had been identified and steps were being taken to resolve it.The Problem: According to GSTN, the duplication occurred due to a technical glitch in the IMS while processing suppliers' GSTR-1 data.Immediate Resolution: As of mid-November 2024, GSTN has rectified the problem on its portal.

Under the GST law, the central government will collect CGST and SGST or only IGST depending upon whether the transaction is intrastate or interstate, respectively. Types of GST in IndiaUnlike pre-GST regime when there were multiple taxes such as Central Excise, Service Tax, State VAT, etc., the GST law introduces just one tax with four components- CGST: Central Goods and Services Tax SGST: State Goods and Services TaxUTGST: Union Territory Goods and Services Tax and IGST: Integrated Goods and Services TaxWhen the supply of goods or services happens within a state or union territory, also called intra-state transactions, then both the CGST and SGST/UTGST will be collected. Whereas, if the supply of goods or services happens between the states, also called inter-state transactions, then only IGST will be collected.The use of correct GSTIN becomes important to identify the applicability of tax components. Hence, validate with the help of the GST search tool before using the GST number in the sales invoice.It is to be noted that the GST is a destination-based tax, which is received by a State in which the goods are consumed but not by a state in which such goods are manufactured.IGST full form and when IGST is applicableThe full form of IGST is Integrated Goods and Services Tax. Under GST, IGST is a tax levied on all interstate supplies of goods and/or services or across two or more states/Union Territories. Further, IGST levy and collection will be governed by the IGST Act, 2017, as amended from time to time.IGST will be applicable on any supply of goods and/or services in both cases of import into India and export from India.Note: Under IGST,Exports would be zero-rated.Tax will be shared between the Central and State governments.Example for IGST with calculationConsider that a businessman M/s Rajesh Ltd from Chandigarh in India had sold goods to Anand Ltd from Dadra & Nagar Haveli & Daman & Diu in India worth Rs.1,00,000.

You must have heard the phrase, any law is a good law as long as it is well implemented. Penalties and punishments are vital tools of law enforcement. Non-compliance with tax laws in India can attract heavy fines and legal actions against your business. In this article, we cover all penalties for non-compliance in India.What is Non-Compliance?When it comes to India, you have to adhere to many rules and regulations passed by the government. These include:Companies Act 2013Goods and Services Tax (GST) (introduced from 2017)Income Tax Act 1961The Factories Act 1948The Minimum Wages Act 1948Payment of Bonus Act 1965Contract Labor Act 1970KYC Policy of RBIDigital Personal Data Protection Act 2023Foreign Exchange Management Act 1999Insolvency and Bankruptcy CodeThese are just some of the regulations that you need to follow. If you fail to adhere to these laws, it results in non-compliance.Types of Non-Compliance of Tax LawsNow that you know what non-compliance is, it is time to understand the types of non-compliance in tax laws.

Have you seen a sports game? During the game, the players have to follow certain rules. But, referees are put in place to ensure everyone plays by the rules. Similarly, companies self-deploy mechanisms that operate as referees to assure compliance. In this blog, we cover everything you need to know about compliance assurance.What is Compliance Assurance?Various laws, rules, and regulations govern companies in India. Complying with them is non-negotiable for a company to run successfully.

Compliance as a Service is one of the cloud-based solutions through which compliance management is streamlined for your business. Cloud technology helps such innovative approaches make organisations implement compliance proficiently with the rising compliance needs, such as GST, e-invoicing, TDS (Tax Deducted at Source) and corporate law regulations.What is Compliance as a Service?CaaS is Compliance as a Service.Compliance as a Service is a cloud solution that assists companies in accomplishing some of the wide and growing lists of regulatory and industry requirements. Compliance management became much easier with the automation of many processes and real-time monitoring.What is Compliance as a Service in Cloud Computing? This CaaS works in tandem with cloud environments to ensure ongoing compliance, thus reducing the instances of non-compliance and any associated penalties accruing from it.Why Do Businesses Need Compliance as a Service, CaaS?Businesses need CaaS to help them deal with numerous dynamic regulations. The organisations do benefit since they minimise the expensive fines, protecting their reputation and effectively manage compliance. With the providers of CaaS, some of the compliance duties can be offloaded so that core business processes can be optimised while staying compliant.How do CaaS works?CaaS settles within a business infrastructure to help oversee compliance processes.

Modern business data flows are continuous and are of large volume. It also integrates raw data of different types and formats requiring significant time and cost efficiency to extract, load and transform such an enormous volume in real time. ELT is the most obvious answer. This article explains what ELT technology is and how it has changed data engineering, analytics and real-time business intelligence.What is ELT?ELT’s full form is Extract–Load–Transform ELT is a data integration and processing pipeline suitable for modern big and very big data sets. Cloud-integrated data warehouses, data lakes and data lake houses use the ELT pipeline to create analysis and machine-learning data repositories.It is similar to the conventional ETL pipelines, but allows more flexibility in terms of the availability of processing and data transformation tools.

If data is the new oil, then definitely the engine it fuels is business intelligence. And every engine requires high-quality fuel to perform at its best. This article explains ETL as a critical process in the growing fields of data mining, data warehousing and business analytics. Stay with us to learn everything about what, when and how of ETL. What is ETL?The ETL full form is Extract, Transform and Load. It’s a process followed in data mining, extraction and warehousing, especially when data is being collected from multiple sources of varying data structures. The rules and principles followed in designing an ETL process depend on business use cases.

With the help of ELT (Extract, Load, Transform) processes, it became possible to process large amounts of data much faster. This modern approach differs from the ETL (Extract, Transform, Load) method and offers specific advantages in certain cases.What is ETL?ETL is an acronym for the three stages of Extract, Transform, and Load.ETL ProcessExtract: Information is gathered from source systems.Transform: The extracted data is formatted and structured for analysis and processing.Load: The transformed data is stored in a data warehouse or any other data storage system.Pros of ETLData Quality: Cleans and enhances the quality of data before loading.Control: Offers greater control over data transformations.Compliance: Supports compliance with the data governance regulations.Cons of ETLTime-Consuming: The transformation process can be lengthy. Resource-Intensive: The transformation step requires a significant amount of resources.Scalability Issues: May struggle to handle large data sets.ETL ExampleETL is typically applied in traditional data warehousing frameworks, where data collected from different sources is cleansed, transformed, and then loaded into a data warehouse for analysis. For example, financial institutions apply ETL mechanisms to gather transactional data from various systems put it into the data warehouse for reporting.What is ELT?ELT is an acronym that is an abbreviation for three processes, namely Extract, Load, and Transform.ELT ProcessExtract: Information is gathered from different source systems.Load: The extracted data is then transferred to the target system, which is mostly a data lake or cloud storage.Transform: The target system transforms the computation capacity of the data.Pros of ELTSpeed: Reduces calls to the data source since the data is loaded directly without prior manipulation.Scalability: This is more appropriate for large datasets due to the application of powerful cloud storage and computing.Flexibility: It makes it possible to perform individual transformations and analytics as and when required.Cons of ELTComplexity: The management of changes within the target system may not be easy.Data Quality: There is a possibility of having lower-quality data if the transformations are not handled properly.Compliance Risks: There may be difficulties in matters of data compliance and governance.ELT ExampleThe transformation that ELT offers is particularly well-suited to large-scale data architectures such as distributed data lakes, where the cloud’s computational capabilities can be utilised. For instance, firms employing Amazon Redshift or Google BigQuery transfer and load big data and transform the data as required for analysis.Key Differences Between ETL and ELTHere are some key differences between ETL and ELT:FeatureETLELTTransformationBefore loadingAfter loadingSpeedSlower initial loadFaster initial loadScalabilityLimited by ETL toolsHighly scalability with the cloudComplexityComplex to implement and maintain, especially with large data setsCan be simpler to manage but may require a more robust target systemUse CaseTraditional data warehousing, where data needs to be cleaned before loadingBig Data and cloud-based analytics, where raw data is loaded for transformation on-demandMaintenanceHigher maintenance effort due to complex ETL workflows Lower maintenance, as transformation logic is handled within the target systemData LatencyTypically operates in batches, causing delaysCan provide near-real-time data processing, depending on the systemComparison Between ELT and ETLETL and ELT are the two processes of data integration that are used for preparing data for analysis. They involve three primary stages: the process of obtaining data from different sources, cleaning the data to make it understandable for operational use, and then uploading this data into a data warehouse.

The GST Amnesty Scheme was introduced by the government to provide relief to taxpayers who missed filing GSTR-3B for the previous tax periods. In this article, get complete details of the applicability, benefit, and working of this scheme with the latest updates. Also, learn about the late fee relief, the issues that were unresolved and possible solutions. What is Meant by the GST Amnesty Scheme?The GST Amnesty Scheme was first notified to cover periods from July 2017 up to September 2018. A one-time extension to the time limit was provided then. Taxpayers could file these pending returns on or before 31st March 2019.Back in early 2020, several tax professionals and industry leaders urged the government to reopen the GST amnesty scheme for several months due to the COVID pandemic.

GST rates list is crucial for every Indian business and consumer to know. When the GST Council revises the Goods and Services Tax (GST) rates, it hits respective industries, trade bodies and end consumers, impacting the economy. Everyone tends to evaluate their position as a result of this change. Our comprehensive GST rates list for 2024 highlights all the updated rates and the recent changes after the 54th GST Council meeting. Clear HSN cum GST rates finder helps you identify the accurate and latest GST rate applicable for the product/service. Whether you're a business or a consumer, stay informed with the latest GST updates for seamless transactions.In this article, learn the meaning of GST rates, different types, classification, and get all the latest updates on GST rates in India 2024.In this article-Meaning of GST RatesTypes of GST Rates & GST Rate StructureGST Rate Changes at 54th GST Council Meeting GST Rate Changes at 53rd GST Council Meeting GST Rate Changes at 52nd GST Council Meeting GST Rate Changes at 51st GST Council Meeting GST Rate Changes at 50th GST Council Meeting GST Rates for Goods and Services with HSN Chapters Latest Updates8th October 2024Based on the recommendations of the GST Council in its 54th GST Council meeting, GST rates were notified by the CBIC through notifications.Meaning of GST RatesEvery business registered under GST must raise invoices with GST amounts charged on the supply value.