Maximize Your ITC Tracking Efficiency with GSTN’s New Electronic Credit Reversal and Re-claimed Statements!
You can Refer the below link for detail blog : https://www.rmpsco.com/maximize-your-itc-tracking-efficiency-with-gstns-new-electronic-credit-reversal-and-re-claimed-statements/ This Vlog is only a knowledge-sharing initiative and is based on the Relevant Provisions as applicable and as per the information existing at the time of the preparation. In no event RMPS & Co. or the Author or any other persons be liable for […]
15th Sept 2023 – 2nd Installment of Advance Income Tax
What is advance tax? As the name suggests, advance tax is the practice of paying taxes in advance rather than paying a lump sum amount at the end of the financial year. Also known as ‘pay as you earn’ scheme, these taxes are supposed to be paid in the same year the income is received. […]
Maximize Your ITC Tracking Efficiency with GSTN’s New Electronic Credit Reversal and Re-claimed Statements!
A new feature called Electronic Credit Reversal and Re-claimed Statements on the GSTN portal has been introduced. This statement is here to help you keep track of your ITC, from reversing it (Table 4B(2)) to reclaiming it (Table 4D(1) and 4A(5)). It covers each return period, starting from the August 2023 return period. Correct Reporting, […]
🌱 Early Indications of a Promising Startup Business Model 📈💡
In the early stages of a startup, identifying a viable and scalable business model is crucial for long-term success. While each startup is unique, there are some key indicators that can signal a promising business model. Here are a few early indications to look out for: 1️⃣ Clear Value Proposition: A strong startup business model […]
Latest Notifications Related to E-commerce Operators:
Notification No. 34/2023-Central Tax on 31st July 2023 This notification specifies the category of persons who are exempted from obtaining registration under the said Act, subject to certain conditions. Here are the key points mentioned in the notification: Notification No. 36/2023 – Central Tax on 4th August 2023 CBIC has empowered e-commerce operators with specific […]
Amendment in Import Policy of Laptops, Tablets, Computers etc.
The move seems to be aimed at promoting domestic manufacturing, and probably targeted at China since more than 75 per cent of India’s total $ 5.33 billion imports of laptops and personal computers in 2022-23 was from the neighboring country. Policy conditions are introduced as under: This Article is only a knowledge-sharing initiative and is […]
Recommendations of 51st GST Council Meeting
Clarity on taxation of supplies in casinos, horse racing and online gaming The GST Council in the 50th meeting held on 11.07.2023 had deliberated on the Second Report of the Group of Ministers (GoM) on Casinos, Racecourses and Online Gaming and had recommended that the actionable claims supplied in Casinos, Horse racing and Online gaming may […]
Clarifications regarding applicability of GST on Certain Services
These clarifications were recommended by the GST Council in its 50th meeting held on July 11, 2023.Circular No. 201/13/2023-GST addresses two issues which are as below: Issue 1: Services Supplied by DirectorsThe first issue pertains to whether services supplied by directors of a company in their personal capacity, such as renting of immovable property to […]
2 Factor Authentication (for taxpayers with AATO above 100 Cr) is further extended
Mandatory 2 Factor Authentication (for taxpayers with AATO above 100 Cr) is further extended till 20/08/2023 for the last time, based on requests from some of the taxpayers. After this no further extension will be provided. Users are requested to register for 2FA immediately and also create sub-users so that EWB activities are managed without […]
UNDERSTANDING THE DIFFERENT TYPES OF NOTICES ISSUED UNDER GST
NOTICE: Communication sent by GST Authorities to assesses is named as notice under GST.A notice can be called by different name. i.e., Show cause notice, demand notice, scrutiny notice etc. The common grounds for receiving notices under GST are lapses on the part of the taxpayers such as not registering under GST when otherwise required […]