Advisory on Waiver Scheme Under Section 128A of the CGST Act
The GST Council’s recent decision to waive interest and penalties under Section 128A of the CGST Act, 2017, offers welcome relief for many taxpayers. Announced at the Council’s 53rd meeting on June 22, 2024, the waiver applies to cases where no fraud is involved, helping reduce tax disputes and simplifying compliance. Key Points About the […]
Form GST DRC-03A: A Guide for Taxpayers to Ensure Accurate Payment Adjustment
The Goods and Services Tax (GST) system recently introduced Form GST DRC-03A to help taxpayers link their demand payments accurately to outstanding demand orders. This update addresses issues where payments made via Form GST DRC-03 do not close the demand in the electronic liability register. This blog provides a step-by-step guide to using Form DRC-03A, […]
The Secret to Business Growth: Mastering Effective Communication!
In the competitive business world, effective communication is more than just exchanging information; it’s the key to driving sustainable growth. From improving team collaboration to enhancing customer relationships, mastering communication can transform your business. In this blog, we’ll explore how effective communication can propel business growth, and we’ll share practical tips to help you harness […]
The New Locking Feature for Auto-Populated Liability in GSTR-3B Benefits and Challenges.
The Goods and Services Tax Network (GSTN) issued an advisory on October 17, 2024, regarding the hard locking of auto-populated values in GSTR-3B. This new step aims to reduce human errors and improve accuracy in GST return filings. What is Form GSTR-3B? Form GSTR-3B is a simplified summary return. Taxpayers use this form to report […]
Understanding the Waiver of Interest and Penalty under Section 128A of the CGST Act
On October 15, 2024, the Indian government introduced Circular No. 238/32/2024-GST. This circular explains Section 128A of the CGST Act, 2017, which aims to help businesses reduce their tax burden. By using this waiver, businesses can avoid penalties and interest charges on specific tax demands. However, to take full advantage, businesses must meet certain conditions […]
GST Update: New Registration Compliance for Metal Scrap Buyers Using Form GST REG-07
The Goods and Services Tax Network (GSTN) has rolled out a crucial update to streamline the registration process for metal scrap buyers. This update, which aligns with the new GST provisions, was introduced following the advisory issued on October 13, 2024. The core objective is to enhance compliance and ensure businesses involved in metal scrap […]
Actionable Strategies to Promote a Growth Mindset within Your Business Culture!
A growth mindset is the belief that abilities and intelligence can be developed through dedication, learning, and hard work. In today’s fast-paced business world, fostering a growth mindset is crucial for long-term success. By promoting a growth mindset within your business culture, you can encourage continuous learning, innovation, and resilience among your employees. This not […]
Understanding the New Changes in Invoice Management System (IMS) for GSTR-2B: FAQs and Guidance
In October 2024, the GST Network (GSTN) introduced the Invoice Management System (IMS) to make tax filing easier. This platform helps taxpayers manage invoices, credit notes, and debit notes for GSTR-2B returns. Many businesses want to know how these changes affect their filing. Below, we answer common questions to help you understand the new system. […]
Important Advisory for GSTR-9/9C: Key Changes Starting FY 2023-24
As of October 15, 2024, important changes have been made to the GSTR-9 and GSTR-9C forms for the financial year 2023-24. These changes are meant to make the filing process easier and help taxpayers report Input Tax Credit (ITC) more accurately. Automatic ITC Population in GSTR-9 One major update is the automatic filling of eligible […]
Why Every Business Needs a Virtual CFO: Benefits and Insights!
In today’s fast-paced business environment, financial management is more crucial than ever. For many businesses, especially startups and small to medium enterprises (SMEs), hiring a full-time Chief Financial Officer (CFO) may seem like a luxury rather than a necessity. However, with the rise of Virtual CFO (vCFO) services, businesses can now access expert financial guidance […]