Advisory for FORM GSTR-1A
The Government of India has introduced a significant update for GST taxpayers through notification No. 12/2024 – Central Tax dated 10.07.2024. That allows taxpayers to add or amend supply details of the current tax period that were either missed out or wrongly reported. This can be done before filing the GSTR-3B return for the same […]
Time of Supply for Construction and Maintenance Services under Hybrid Annuity Model (HAM)
Introduction The Central Board of Indirect Taxes and Customs (CBIC) has issued Circular No. 221/15/2024-GST, dated 26th June 2024. This circular aims to clarify the time of supply concerning the supply of services for the construction and maintenance of National Highway Projects under the Hybrid Annuity Model (HAM) implemented by the National Highways Authority of […]
Place of Supply for Custodial Services Provided by Banks to FPIs.
Introduction The Central Board of Indirect Taxes and Customs (CBIC) has issued Circular No. 220/14/2024-GST to provide clarity on the place of supply for custodial services provided by banks to Foreign Portfolio Investors (FPIs). Place of supply of services provided by a banking company to account holders is the location of the supplier. Background The […]
Recent Amendment Made by GST Council in 53rd Council Meeting.
The 53rd GST Council meeting, chaired by Union Finance Minister Smt. Nirmala Sitharaman, was recently held to address critical issues and streamline the Goods and Services Tax (GST) framework. Here are the recent amendment and decisions from the meeting. Please refer Below list of detailed blogs of amendment approved by GST council :- 1 New […]
GST REFUND – FEBRUARY 2023 To JULY 2024 UPDATES
GST refund processes are designed to ensure that businesses do not face a cash crunch due to accumulated input taxes. It’s crucial for businesses to understand the specific conditions under which they can claim a refund and ensure that their documentation and filings are accurate and timely to avoid delays or rejections in the refund […]
GST – ITC (INPUT TAX CREDIT): FEBRUARY 2023 To JULY 2024 UPDATES
Input Tax Credit (ITC) is a crucial concept under the Goods and Services Tax (GST) regime in India. It allows businesses to claim credit for the tax paid on inputs used to produce taxable goods or services. Here’s a detailed overview of ITC under GST: What is ITC? Input Tax Credit (ITC) is the credit […]
E-COMMERCE SECTOR – FEBRUARY 2023 TO JULY 2024 GST UPDATES
The E-commerce means the supply of goods or services, or both, including digital items, through a digital or electronic network. (E-Commerce Sector Described in Section 2(44) of the CGST Act, 2017) In E-Commerce Sector Operator has been defined as any person that directly or indirectly owns, maintains, or manages a digital or electronic facility or […]
REAL ESTATE SECTOR – FEBRUARY 2023 TO JULY 2024 GST UPDATES
The introduction of GST in the real estate sector has brought several changes aimed at simplifying the tax structure, reducing costs, and increasing transparency. While there are challenges in terms of compliance and cash flow management, the overall impact of GST is seen as positive for the sector, providing benefits to both developers and homebuyers. […]
Clarification on the Place of Supply of Goods to Unregistered Persons
Introduction Recent IGST Act amendments clarify clause (ca) of Section 10(1) regarding the place of supply for goods and addresses. Effective October 1, 2023, the amendment clarifies the place of supply for goods to unregistered persons with different addresses. Key Provisions of Clause (ca) The newly inserted clause (ca) in Section 10(1) of the IGST […]
Latest Circular of GST: Reassignment of Officer Roles
Introduction The Central Board of Indirect Taxes and Customs (CBIC) issued Circular No. 223/17/2024-GST on July 10, 2024. This circular amends Circular No. 1/1/2017-CT, reassigning specific functions under the Central Goods and Services Tax (CGST) Act, 2017, and CGST Rules, 2017. The main change is the transfer of duties from the Assistant or Deputy Commissioners […]