Mastering GST (Goods and Services Tax)

This table clarifies the mandatory SAC/HSN code requirements based on business turnover for different documents like invoices and e-way bills. Correctly using these codes is essential for accurate GST filing.

A quick guide on HSN code rules. Businesses with turnover below Rs. 5 crore use a 4-digit HSN, while those above use a 6-digit HSN. It's important to double-check this before filing GSTR-1.

A significant GST update for businesses. The time limit to issue credit notes has been extended, giving you more flexibility to claim ITC and adjust invoices. The deadline is now September 30th of the next-to-next financial year.

Know your rights regarding Input Tax Credit. As per Rule 86A, GST officers cannot block more than 10% of the tax demand during checks, protecting businesses from excessive blockage of their ITC.

Proving genuine goods movement is now more stringent for claiming Input Tax Credit. This update from the Allahabad High Court highlights that invoices and e-way bills alone are not enough; freight records and acknowledgements are also needed.

A reminder on a critical deadline from Section 16(4) of the CGST Act. You cannot claim Input Tax Credit for an invoice or debit note after the 30th of November following the end of the financial year.

A common point of confusion for business owners. This visual clarifies that Input Tax Credit is generally not allowed on cars purchased for regular business use, as per section 75 of the GST Act.

Here is a specific exception to the vehicle ITC rule. Input Tax Credit can be claimed on demo vehicles if they are purchased directly from a vehicle manufacturer, a detail relevant for automobile dealerships.

To simplify logistics, an E-Way Bill is not required in certain cases. This includes goods transported by non-motorised vehicles or for intra-state movements within a 10 km radius.