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GST turnover and ITR turnover represent two sides of the same business activity but under different tax laws—Goods and Services Tax (GST) and Income Tax. Both must align to ensure transparency, prevent scrutiny, and maintain compliance with the authorities. While GST turnover reflects gross sales and services excluding tax components, ITR turnover represents total income after adjusting for expenses, deductions, and exemptions. Mismatched figures can attract audits, demand no

Filing Income Tax Returns (ITR) is a critical compliance requirement for individuals and businesses in India. For GST return filers,...

Even if your business turnover is below the threshold limit, you might still need to register for GST. Compulsory GST registration is a...

In India, e-invoicing is essential to GST compliance . In fact, the government has worked to make it a standard practice for as many...

Businesses that have registered for GST may issue bills of supply rather than tax invoices. It is used by companies that deal with...

A special tax known as a cess is imposed in addition to other taxes already in place. Funds are raised by the central government for...

In the intricate landscape of GST compliance, GSTR 10 stands as a crucial yet often misunderstood component. Understanding this final...

The central government has added a new rule in the CGST Rules 2017 termed Rule 86B vide Notification No. 94/2020 – Central Tax, dated...

For freelancers and consultants, tax planning is an essential part of managing finances throughout the year. Without proper planning, the...

Opening a bank account is an essential step in managing your finances. In India, it requires submitting specific documents to comply with...