MISMATCH REPORT

As a law, GST has been structured on the fundamental principle of matching of invoices. The GST portal will do the matching and intimate both the parties with mismatch reports. One of the harshest provisions in the GST law is the one which states that if the mismatch that has not intimated is not rectified in the return for the next month, it will be added to the output tax liability. As a concept, when matching has not worked very well even for exciting areas like matrimony, one wonders how it would work with unexciting areas such as invoices. It Read more


LIFE IN THE GST ERA

With the appointed day for GST nearing, all taxpayers should be preparing themselves to transition to the new regime. How is life going to be under GST? While we still do not know the most important part of GST, the rates of GST that would be applicable to individual goods and services, we have a broad idea about the possible rates.         Being a tax that is based on technology, life in the GST era would be spent in front computer screens than in tax offices. There appears to be no limit to the number of forms Read more