Why Businesses Prefer Online Legal India/Fastinfo over Top Accounting Firms/Companies
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E invoicing applicability generally depends on the aggregate annual turnover of a business. It has an turnover of Rs. 5 crore in any financial year. If it has an more than Rs. 10 crore, they must report invoices within 30 days to the IRP. Read more.
Section 50 of CGST Act outlines the interest on delayed GST payments. This is usually 18% per year on the tax paid in cash. The 24% per year is charged for wrongly claimed Input Tax Credit (ITC). Keep reading to stay informed.
Section 73 of CGST Act manages tax recovery in the purpose of non-fraudulent errors, short payment, or Wrong Input Tax Credit or refunds (Non-fraud cases). This allows paying tax and interest within 30 days to avoid penalties for business purposes.
Section 122 of CGST Act focuses on penalties for certain offences. The penalties can include fake invoicing, wrongful ITC claims, tax evasion, and non-registration and so on. This can range from Rs. 10, 000 or the tax amount involved. Read to know more.
-of-cgst-act.webp "section 17 (5) of cgst act")
Section 17 (5) of CGST Act primary outlines the blocked credits. This means the Input Tax Credit (ITC) cannot be claimed, even if they are used for business. It includes motor vehicles, food, health services, club memberships, construction, and so on.
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