GST Rate Changes and Clarifications: Highlights from the 55th Council Meeting
Introduction The 55th GST Council Meeting introduced significant changes, including GST rate revisions, clarifications on taxability, and measures to simplify compliance. From updates on used vehicle taxes to exemptions for agricultural goods and improved trade facilitation, these changes aim to streamline the GST framework and resolve key ambiguities for businesses and taxpayers. Key Updates to […]
Everything You Need to Know About the 55th GST Council Meeting
The 55th GST Council meeting, held on December 21, 2024, in Jaisalmer, Rajasthan, introduced several important updates. Union Finance Minister Smt. Nirmala Sitharaman led the session, accompanied by state finance ministers and senior officials. Together, they focused on making GST compliance easier, revising tax rates, and resolving ambiguities. Let’s dive into the significant decisions made […]
Maharashtra Govt Forgives INR 27,000 Crore Under GST Amnesty Scheme
The Maharashtra Government has introduced an Amnesty Scheme under the Goods and Services Tax (GST) regime, waiving INR 27,000 crore in penalties and interest for liabilities accrued between FY 2017 and 2020. Announced by Deputy Chief Minister Ajit Pawar in the state legislature, the scheme allows businesses and taxpayers to settle their dues without additional […]
Enhancing GST Compliance: Key Updates to the E-Way Bill and E-Invoice Systems
As part of its ongoing commitment to improving digital compliance, the GST Network (GSTN) has announced critical updates to the E-Way Bill and E-Invoice systems, effective from January 1, 2025. These updates focus on enhancing security, streamlining operations, and ensuring compliance with government standards. Here’s a breakdown of the major changes taxpayers need to know: […]
Complete Guide to GSTR9: Applicability, Categories, Structure, and Filing Process
The GSTR9 annual return is an essential compliance requirement under India’s GST system. It serves as a consolidated summary of the year’s GST activities for taxpayers, including outward and inward supplies, taxes paid, input tax credits (ITC) claimed, and any reconciliation required. This blog simplifies everything you need to know about GSTR 9: its applicability, […]
55th GST Council Meeting: Key Agendas and Expectations
The 55th GST Council Meeting is scheduled for December 21st, 2024, in the historic city of Jaisalmer, Rajasthan. As a highly anticipated event, this meeting is set to address critical issues in India’s Goods and Services Tax (GST) framework, aiming to foster economic growth and improve tax compliance. Let’s explore the agenda and potential implications […]
The Ultimate Guide to Fully Electronic GST Refund Process in India
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 […]
Changes and Compliances in GSTR 9 & 9C for FY 2023-24
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 […]
Understanding the Difference Between Table 8A and 8C in GSTR-9 for FY 2023-24
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. […]
Real Estate – Understanding RCM Provisions
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 […]