Tax authorities in India are strictly monitoring violations of the Goods and Services Tax (GST) law. In fact, around 50,000 show cause notices under GST were issued last year to businesses across India. In this article, we will discuss what is a show cause notice, how to reply to a show cause notice, and the documents to be submitted with a show cause notice reply.  What is Show Cause Notice under GST and Types?A show cause notice under GST...

If the liability declared in the GSTR-1 return or the IFF exceeds the amount paid through the GSTR-3B return by a predefined limit, a taxpayer will receive an intimation in Part A of Form GST DRC-01B. It is mandatory for a taxpayer to reply to the intimation in Part B Form GST DRC-01B, failing which, their GSTR-1/IFF filing for the succeeding tax period will be blocked.In this article, we explain Form DRC-01B and the step-by-step process to...

Goods and Services Tax (GST) is an indirect tax system in India that applies to the supply of goods and services. Every year on 1st July, GST Day is observed by the central government to celebrate the implementation of this significant tax reform.Continue reading to learn more about GST day in India, why GST day is celebrated, the GST Day date, and its significance.Today, 1st July 2025, marks eight years of GST in India.What is GST Day in India?GST, an indirect and...

The financial year 2024-25 is coming to an end. A business owner must ensure to close the GST books with utmost precision and accuracy, because failing to do so can adversely impact the audit report. Also, it’s not just about avoiding the negative repercussions an organisation can face, it's about paving the way for a smooth transition into the next year.For this, you need to have the compliance and filing guide that will ensure you tick all the GST compliance...

The Central Goods and Services Tax (CGST) is an important part of India’s GST system, introduced on July 1, 2017. The GST law replaced several old indirect taxes from the central and state governments with one unified system. Let’s take a closer look at CGST, its key features, benefits, and calculation. What is CGST?Beginning with the full form, CGST refers to Central Goods and Services Tax and is a type of indirect tax...

One of the major aspects of GST compliance is the timely and accurate filing of GST returns. Along with regular monthly and annual return forms such as GSTR-1, GSTR-3B and GSTR-9, various other return formats exist under the GST system for different purposes. For effective compliance, it is essential for taxpayers to understand and file the right return forms. This article discusses the different return formats and how to file GST return step by...

Liquidated damages are typically levied in cases of breach of contract, failure to perform, non-delivery of supplies, etc. Does payment of liquidated damages attract GST? Indian businesses face a lot of confusion regarding charging GST on liquidated damages such as the penalty paid, compensations, etc. Accordingly, the Ministry of Finance issued a circular no.178/10/2022-GST on 3rd August 2022. In this article, we will discuss the meaning of liquidated...

The Finance Bill 2022 introduced a new section in the Central Goods and Services Tax (CGST) Act, 2017 by way of substituting the existing Section 38. The revised Section 38 was proposed in a bid to further tighten input tax credit (ITC) claims, owing to the extent of ITC fraud that takes place by way of fake entities and fake invoices. The provisions of this section will also help avoid any matters of litigations in the court of law.Latest updatesUnion Budget 2025-...

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,...

Compliance risk management is one of the most important factors influencing business success. However, a lot of businesses neglect this part of their operations in favour of more important ones like marketing and cash flow. In this article, you will explore what is compliance risk management and how to manage compliance risk. We will also provide you with the best practices for managing compliance risks efficiently. What is Compliance Risk...