GST paid on a business expense is not automatically available as Input Tax Credit (ITC). Businesses must first determine whether the expense satisfies the conditions under Section 16 of the CGST Act and whether any restrictions under Section 17(5) apply.…
Monthly GST reconciliation helps businesses, CAs, accountants, and finance teams identify discrepancies before they affect tax payments or input tax credit (ITC) claims. By comparing accounting records with GST portal data, businesses can detect missing invoices, validate tax liability, investigate…
A GST invoice mismatch can create problems when a business tries to reconcile its purchase records with supplier filings and GSTR-2B. An invoice may be missing, contain incorrect details, or show a different taxable value from the amount recorded in…
GST compliance is not limited to filing returns on time. Businesses also need to check invoices, reconcile purchase records, review input tax credit (ITC), and make sure tax payments are completed before the applicable deadlines. When these tasks are handled…
As transaction volumes and vendor networks grow, GST reconciliation can become increasingly difficult for finance teams to manage manually. Large numbers of invoices, multiple GST registrations, and frequent differences between books and GST portal data can make reconciliation time-consuming and…
GST applies to the supply of goods, services, or both, making it important for businesses to correctly identify what they are supplying. The GST framework separately defines goods and services, while the concept of supply determines whether a transaction falls…
Employee reimbursements are common in businesses, but their GST treatment depends on what the expense represents, who received the underlying supply, and whether the expense qualifies for ITC. A business expense paid by an employee on behalf of the employer is different…
E-invoicing has made GST compliance more streamlined, but it has also made invoice accuracy more important. Before looking at common errors, it is useful to understand the e-invoicing system concept and how the process works. A small mistake can lead to e-invoice…
Corporate gifting is a common business practice used to reward employees, strengthen customer relationships, recognize dealer performance, and support promotional campaigns. While these initiatives create goodwill, they also raise important questions around Corporate Gifting GST, GST on Corporate Gifts, and…
Generating an E-Way Bill is a mandatory GST compliance requirement for the movement of goods in specified cases. While the process is largely digital, it leaves little room for errors. However, a single mismatch between the invoice and the e-way bill…