Understanding-the-Invoice-Management-System-IMS-A-Comprehensive-Update

Invoice Management System (IMS): A Comprehensive Update

With the launch of the Invoice Management System (IMS), the GST landscape is set for a major upgrade. Effective from October 1, 2024, IMS empowers taxpayers to manage invoices more efficiently, allowing you to accept, reject, or keep invoices pending. This blog dives deep into the functionalities of IMS, covering frequently asked questions (FAQs) and […]

Understanding GST on Rent After the 54th GST Council Meeting Key Updates and Changes

Understanding GST on Rent After the 54th GST Council Meeting: Key Updates and Changes

The 54th GST Council Meeting introduced several important updates regarding GST on rent for both commercial and residential properties. These changes impact both landlords and tenants based on their GST registration status. Let’s explore these updates clearly and concisely. Commercial Property: GST Rules Explained 1. Both Landlord and Tenant Registered When both the landlord and […]

Revolutionizing-GST-Compliance-The-New-Invoice-Management-System-IMS

Revolutionizing GST Compliance: The New Invoice Management System (IMS)

In a major leap for the GST ecosystem, the GST Common Portal has launched the Invoice Management System (IMS). This system transforms how recipient taxpayers handle invoices. Now, taxpayers can easily accept, reject, or keep invoices pending for future use. As a result, the process becomes more streamlined, improving reconciliation and boosting accuracy. Key Features […]

Re-opening-of-Reporting-ITC-Reversal-Opening-Balance-A-Step-by-Step-Guide

Re-opening of Reporting ITC Reversal Opening Balance: A Step-by-Step Guide

The government has re-opened the reporting of ITC (Input Tax Credit) reversals. Businesses need to follow new steps to comply with this update. In this blog, we’ll explain the changes and how you can report your ITC reversal correctly. What Has Changed? In July 2022, the government introduced Notification No. 14/2022 – Central Tax. This […]

Tax Credit for Demo Vehicles

Clarification on Input Tax Credit for Demo Vehicles – Latest Update

Introduction On September 10, 2024, the Central Board of Indirect Taxes and Customs (CBIC) issued Circular No. 231/25/2024-GST. This circular provides clarification on the availability of Input Tax Credit (ITC) for demo vehicles used by motor vehicle dealers. Specifically, it explains how ITC provisions under the CGST Act apply to demo vehicles used for customer […]

GST Update How Advertising Services for Foreign Clients Are Taxed

GST Update: How Advertising Services for Foreign Clients Are Taxed

On September 10, 2024, the Central Board of Indirect Taxes and Customs (CBIC) issued Circular No. 230/24/2024-GST. This update provides clear guidance on how Indian advertising agencies should handle taxes when offering services to foreign clients under the Goods and Services Tax (GST). Let’s break down the main points. 1. Are Indian Advertising Agencies Intermediaries? […]

Navigating-GST-Changes-for-Metal-Scrap-Essential-RCM-and-TDS-Guidelines

Navigating GST Changes for Metal Scrap: Essential RCM and TDS Guidelines

“Metal scrap” refers to discarded or waste metal materials that are often recycled or sold as raw materials for further use. Recycling metal scrap plays a crucial role in conserving resources and promoting sustainability. In India, businesses involved in the sale or purchase of metal scrap need to understand various tax implications such as GST […]

Key Highlights from the 54th GST Council Meeting Major Updates

Key Highlights from the 54th GST Council Meeting: Major Updates

The 54th GST Council meeting, led by Union Minister of Finance and Corporate Affairs Smt. Nirmala Sitharaman, brought important changes. These updates aim to simplify GST rates, improve compliance, and streamline procedures. Let’s go over the most significant changes. A. Changes in GST Tax Rates Namkeens and Savory Products:The GST rate on extruded savory products […]