Understanding Interest on Excess ITC Claimed, ITC Reversal, and ITC Availed But Not Utilized Within the GST framework, businesses encounter three critical scenarios related to Input Tax Credit (ITC) that involve interest implications: Example Calculation: Consider the following scenario: The table below illustrates the calculation of interest for the ITC reversal: Item Details Amount of … Read more
As we know that there is most important documents for partnership firm is Pan Card and deed of the partners. There are situations when firms must register under GST stating a place of business that are neither owned nor rented by them in the e-commerce era where young entrepreneurs do business remotely or from homes, … Read more
To amend the information provided in the core fields during registration, you need to perform the following steps: Access the gst portal by entering the www.gst.gov.in. Login into GST account with correct username and password. Click the Services> Registration > Amendment of Registration Core Fields link. As per requirement, the Taxpayer can amend information in … Read more
What is an Income Tax (IT) Refund? When a tax payer makes excess payment of the tax to income tax department respect to actual income tax liability for a given year,. Then Income tax department refunded the excess amount to the tax payer.This refund is called “Income Tax Refund“. Method-1 Using Income Tax New Portal: … Read more