Ensuring Compliance with GST: Recovery of Outstanding Dues
Navigating the Goods and Services Tax (GST) landscape can be challenging for businesses. Recently, the Central Board of Indirect Taxes and Customs (CBIC) issued Circular No. 224/18/2024. This circular provides crucial guidelines on recovering outstanding dues when the first appeal has been resolved, and the GST Appellate Tribunal is not yet operational. Understanding the Context […]
Understanding the Recent Clarifications on Input Tax Credit (ITC) under RCM
The Central Board of Indirect Taxes and Customs (CBIC) issued Circular No. 211/5/2024-GST on June 26, 2024. This circular provides essential clarifications regarding the time limit for availing Input Tax Credit (ITC) under the Reverse Charge Mechanism (RCM). This blog covers all the key points from the circular and its implications for businesses. Key Points […]
Important Update: GST Document Upload Size Increased to 500 KB
We are excited to share a significant GST update for all taxpayers regarding the upload of documents for GST registration and amendment. In response to feedback and grievances from the trade community, changes have been made to the size limits for uploading documents related to the Principal Place of Business and Additional Place of Business. […]
Section 14 – Time of supply in case of a change in Rate of tax.
One of the critical sections under the Central Goods and Services Tax (CGST) Act is Section 14. This section deals with the change in the rate of tax in respect of the supply of goods or services. What is Section 14 of the CGST Act? Section 14 of the CGST Act provides guidelines on how […]
Clarification on Input Tax Credit for Optical Fiber Cable Network Components
The Ministry of Finance recently issued a crucial circular. This circular clarifies the availability of Input Tax Credit (ITC) for ducts and manholes used in optical fiber cable (OFC) networks. This update is essential for the telecommunications sector. It aims to ensure uniform implementation of the law and to prevent unnecessary litigation. Background The Cellular […]
Enhancements to Address-Related Fields in GST Registration Functionalities
The Goods and Services Tax Network (GSTN) has introduced several enhancements to address-related fields in the GST registration functionalities. These changes aim to improve the GST registration process for taxpayers by incorporating user feedback and analyzing tickets. Here are the details of these enhancements: 1. Update in Validations for Address Fields a. Address is in […]
GST Reconciliation Made Easy: Compliance Tips for Businesses
Introduction Navigating the complexities of Goods and Services Tax (GST) compliance can be a daunting task for businesses of all sizes. Ensuring accurate GST reconciliation is essential for maintaining compliance and avoiding penalties. This blog will outline the key aspects of GST reconciliation and provide a comprehensive GST compliance checklist to help businesses streamline their […]
New Feature on GST Portal: Track Return Status of Registered Persons Financial Year-Wise
New functionality on the GST portal that will significantly ease the process of tracking the return status of registered taxpayers. This new feature allows you to see the status of GST taxpayers on a yearly basis through the “Search Taxpayer” tab. Key Benefits Yearly Overview Gain a comprehensive view of the return status for each […]
7 Years of GST Has Benefited the Indian Economy
Since its implementation, GST has undergone several phases of evolution, facing both achievements and challenges. Here is a detailed analysis of the 7 years of GST in India. Year 1: Implementation and Initial Challenges (2017-2018) Achievements: Challenges: Year 2: Stabilization and Adjustments (2018-2019) Achievements: Challenges: Year 3: Enhancements and Rationalization (2019-2020) Achievements: Challenges: Year 4: […]
Navigating GST Payment Grievances: A Simple Guide
Dealing with payment issues on the GST Portal can be frustrating. However, knowing when and how to raise a grievance can make the process much smoother. Here’s a guide to help you understand the types of issues for which you can raise a grievance and the steps involved. Issues Eligible for Raising a Grievance You […]