Category: GST

The introduction of the Goods and Services Tax (GST) brought significant changes to India’s tax structure. To ease the burden of tax compliance, the Central Board of Indirect Taxes and Customs (CBIC) introduced a fully electronic GST refund process via FORM GST RFD-01. This streamlined process offers businesses greater efficiency and transparency. Here’s an in-depth […]

Introduction The evolving landscape of GST regulations, combined with departmental audits, has significantly impacted the process of filing annual returns. This article provides a comprehensive overview of the changes in Form GSTR 9 and GSTR 9C for FY 2023-24, along with reconciliations, best practices, and solutions to advanced issues. Key Dates Reconciliations to Perform Essential […]

The Goods and Services Tax (GST) system is always evolving, and taxpayers need to stay updated. For FY 2023-24, changes in the way Input Tax Credit (ITC) is reported in Table 8A and Table 8C of GSTR-9 have caused confusion for many businesses. This guide explains these changes and offers practical solutions to common issues. […]

The new GST scheme requires builders and developers, referred to as promoters, to procure at least 80% of their inputs and input services from registered suppliers (RPs). If this threshold is not met, promoters must pay GST on the shortfall under RCM at 18%. Importantly, this calculation applies project-wise rather than entity-wide. Key Notifications and […]

The period from April to November 2024 brought several important updates in India’s Goods and Services Tax (GST) framework. This blog consolidates major GST circulars, policy updates, system enhancements, compliance requirements, and economic indicators, ensuring businesses and taxpayers stay informed about the evolving tax landscape. GST Circulars and Notifications (April to November 2024) July 2024 […]

E-invoicing has revolutionized the way businesses handle invoicing and tax compliance. This blog explains what e-invoicing is, how it works, and why it is beneficial for businesses in India. What is E-Invoicing? E-invoicing is a digital system where businesses report their invoices to an Invoice Registration Portal (IRP) for validation under GST rules. After uploading […]

As the financial year concludes, the responsibility of ensuring accurate GST compliance intensifies. Filing the GST annual return (GSTR-9) and reconciliation statement (GSTR-9C) are crucial for maintaining transparency and avoiding penalties. This blog provides a comprehensive checklist for accountants to ensure seamless GST compliance, especially when filing GSTR-9 and GSTR-9C. Understanding GSTR-9 and GSTR-9C Before […]

The Central Board of Indirect Taxes and Customs (CBIC) has introduced critical updates to the Reverse Charge Mechanism (RCM) under the Goods and Services Tax (GST), effective from November 1, 2024. These changes aim to enhance compliance, streamline self-invoicing, and ensure accurate input tax credit (ITC) claims. Here’s a detailed breakdown of the updates and […]