Advisory: Biometric Authentication Now Available for Directors in Home State
Introduction In a significant move towards streamlining the GST registration process, GSTN has introduced an enhancement in Biometric Authentication functionality. This update allows certain Promoters/Directors to complete Biometric Authentication at any GST Suvidha Kendra (GSK) within their Home State, rather than being restricted to their jurisdictional GSK. This initiative aims to improve convenience and reduce […]
March 2025 Tax Compliance Calendar: Key Deadlines & Due Dates
March is a crucial month for tax compliance, with several key deadlines for businesses and individuals. Staying on top of these due dates helps avoid penalties and ensures smooth financial operations. Below is a structured compliance calendar for March 2025. Key Tax Deadlines for March 2025 Early March Compliance Mid-March Compliance Late March Compliance Why […]
GST Rates Clarifications as per Circular No. 247/04/2025-GST
The Ministry of Finance, Department of Revenue (Tax Research Unit) has issued Circular No. 247/04/2025-GST, dated 14th February 2025, to clarify GST Rates and product classifications. These updates stem from the 55th GST Council Meeting held on 21st December 2024 in Jaisalmer. The goal is to ensure consistent tax implementation across different regions. Below are […]
ITC in Real Estate: A Guide for Developers, Contractors & Buyers
Introduction The restriction on Input Tax Credit (ITC) in real estate arises from Section 17(5) of the CGST Act, 2017. This section classifies specific expenses as ineligible for credit. Further, amendments and notifications have added constraints, mainly affecting residential and commercial projects. ITC under GST allows businesses to offset tax paid on inputs like raw […]
GST in E-Commerce: Impacts, Advantages, and Challenges
Introduction The Goods and Services Tax (GST) has revolutionized India’s tax landscape since its introduction on July 1, 2017. Designed to streamline taxation, reduce cascading taxes, and promote transparency, GST has played a pivotal role in shaping the e-commerce sector. While GST has simplified tax compliance for many industries, e-commerce sellers face unique challenges due […]
Builders & Promoters: GST Rules for RCM and 80% Purchase Compliance
Builders & Promoters must follow Reverse Charge Mechanism (RCM) rules when purchasing goods and services. To qualify for a lower 1% or 5% tax rate, they must buy at least 80% of input goods and services from registered dealers. If they fail to meet this rule, they must pay 18% GST under RCM on the […]
GST on Export of Services: A Complete Guide to Refunds and Compliance
GST on Export of Services offers several advantages, yet businesses must navigate tax compliance requirements carefully. This guide simplifies the GST framework for exporting services, covering refunds, compliance, and essential documentation to ensure a smooth process. Table of Contents Understanding GST on Export of Services Under GST, the export of services is classified as a […]
Form ENR-03: E-Way Bill Enrolment for Unregistered Dealers
The E-Way Bill (EWB) system has introduced a new feature that simplifies compliance for unregistered dealers engaged in goods transportation. Starting February 11, 2025, businesses without GST registration can enrol using Form ENR-03 to obtain a unique Enrolment ID. Consequently, they can now generate e-Way Bills effortlessly without requiring a GSTIN. This update, introduced through […]
GST Registration Process: Key Guidelines for Taxpayers
Introduction With recent changes in the GST Registration process, taxpayers must follow updated procedures to ensure a smooth experience. Rule 8 of the CGST Rules, 2017 outlines specific steps based on Aadhaar authentication preferences. Below is a simplified guide to help you complete your registration without delays. 1. Steps for Applicants Not Opting for Aadhaar […]
New Income Tax Bill 2025: Key Changes Taxpayers Can Expect
The Income Tax Bill, 2025, introduced in Parliament on February 13, 2025, marks a significant step toward modernizing India’s taxation framework. This new bill replaces the Income Tax Act, 1961, aiming to simplify tax laws, improve compliance, and enhance transparency. The government’s objective is to align taxation with the evolving economic landscape, making it easier […]