Real Estate Sector – GST Updates from July 2024 to January 2025
From July 2024 to January 2025, significant changes in the Goods and Services Tax (GST) system have impacted the real estate sector. These updates affect various aspects of taxation, including preferential location charges (PLC), reverse charge mechanisms (RCM), and the treatment of immovable property. It is essential for builders, developers, and property buyers to stay […]
GST Return Filing – JULY 2024 to January 25 GST UPDATES
Introduction to GST Return Filing Updates From July 2024 to January 2025, significant updates have impacted the GST return filing process. These updates focus on new deadlines, amended forms, and added features that simplify the filing process. Businesses need to be aware of these changes to stay compliant and avoid penalties. Key Changes in GST […]
GST Recent Amendments – July 2024 to January 2025 Updates
Introduction: Staying updated with GST changes is essential for businesses. The amendments introduced between July 2024 and January 2025 bring significant updates. These modifications impact compliance procedures, tax rates, and industry-specific regulations. By understanding these changes, businesses can remain compliant and avoid penalties. Key Changes and Updates Sr. No Blogs 1 New ISD Registration Requirement […]
GST ITC – Key Updates from July 2024 to January 2025
GST compliance has changed significantly in recent months. The introduction of the Invoice Management System (IMS), revised ITC rules, and improved transparency tools are key updates. These changes simplify tax reporting, reduce mismatches, and enhance accuracy. Sr. No Blogs 1 RCM Liability/ITC Statement: A New Transparency Tool on the GST Portal 2 Understanding the Invoice […]
GST Refund Updates – July 2024 to January 2025
Overview: The period between July 2024 and January 2025 has seen several key updates and clarifications regarding GST refunds, especially for exporters. These changes are designed to streamline processes, reduce compliance burdens, and ensure quicker refunds. In this blog, we will cover all the important GST refund-related developments during this period, along with guidelines for […]
Hard Locking of Auto-Populated Liability in GSTR-3B: What You Need to Know
IntroductionThe GST Network (GSTN) continues to refine the return filing process to enhance accuracy and minimize errors. One of the most recent updates concerns the hard-locking of auto-populated liabilities in GSTR-3B, a move designed to ensure data consistency and simplify compliance. While the initial plan was to implement this change starting January 2025, businesses have […]
Temporary Identification Number (TIN) and Recent GST Amendments
Managing taxes can feel complicated, especially for those who don’t have permanent tax registration. To help with this, the government has introduced a Temporary Identification Number (TIN). This number is for individuals or businesses that need to pay taxes temporarily without registering fully. Let’s break it down step by step so it’s easier to understand. […]
Union Budget 2025 Expectations: A Comprehensive Analysis
As the 2025-26 financial year approaches, Finance Minister Nirmala Sitharaman faces the task of addressing pressing economic challenges while steering India toward sustainable growth. With multiple sectors sharing their expectations, this budget has the potential to reshape the country’s economic trajectory. Below is a sector-wise overview of the primary expectations from the Union Budget 2025. […]
Key GST Compliance Activities for the Financial Year-End
As the financial year draws to a close, businesses must prioritize GST compliance to avoid potential issues and ensure smooth operations. This checklist provides actionable steps for seamless compliance. 1. Sales Reconciliation 2. Input Tax Credit (ITC) Reconciliation for FY 2024-25 3. Reverse Charge Mechanism (RCM) Compliance 4. Letter of Undertaking (LUT) Application 5. Refund […]
How Recent Amendment Impact Tax Rules for Sponsorship Services
The GST Council has introduced significant updates to the Reverse Charge Mechanism (RCM) under Notification No. 13/2017 (Central Tax – Rate), specifically Entry No. 4. These changes, effective from January 16, 2025, as per Notification No. 07/2025, aim to enhance tax compliance and clarify the responsibilities under RCM for sponsorship services. RCM (Reverse Charge Mechanism) […]