Advisory: Person supplying of Online Money Gaming services or OIDAR or Both– Form GST REG-10 and Form GSTR-5A
General: In terms of the recent amendments made in the CGST/SGST Act, the IGST Act and the CGST/SGST Rules, any person located outside taxable territory making supply of online money gaming to a person in taxable territory, is liable to get registered in GST and is required to pay tax on such supply. In this […]
Facility of enrolment for supply of goods through e-commerce operators by GST un-registered suppliers.
1.In terms of the recent amendments to the Act and the rules and notification number 34/2023 dated 31.07.2023, persons supplying goods through e-commerce operators shall be exempt from mandatory registration under the CGST Act even if they supply goods through e-commerce operators (ECO) if they satisfy the following conditions: (a)such person is engaged in the […]
Facility for the e- commerce operators through whom unregistered suppliers of goods can supply goods
GSTN has also provided APIs for ECOs (through whom unregistered persons can supply goods) to integrate with GSTN to obtain the details and facilitate the unregistered suppliers. The APIs are for validating the demographic details of the said suppliers and also for use in tracking and reporting supplies by such persons. The details of the […]
“GST Updates: Reversing ITC When Suppliers Miss the September 30th Deadline”
Summary: Rule 37A is applicable if for a particular Invoice/Debit Note, Supplier has duly filed GSTR-1 (along with details of such invoice/debit note) but not its GSTR-3B for that period. Also, Buyer has availed credit based upon its GSTR-2B (auto populated from such GSTR-1 filed by the Supplier). Heading Reversal of Credit (Required or Not) […]
Refunds Under GST
Allowable Refunds 1. Refund of unutilized input tax credit (ITC) on account of exports without payment of tax. 2. Refund of tax paid on export of services with payment of tax; 3. Refund of unutilized ITC on account of supplies made to SEZ Unit/SEZ Developer without payment of tax. 4. Refund of tax paid on […]
CBDT extends due date for filing of Form 10B/10BB and Form ITR-7 for the Assessment Year 2023-24
Latest Update: Introduction: The Central Board of Direct Taxes (CBDT) has issued Circular No. 16/2023, dated 18th September 2023, addressing concerns raised by taxpayers and stakeholders regarding the filing of Form 10B, Form 10BB, and ITR-7 for the Assessment Year 2023-24. In this article, we’ll delve into the key points of this circular and its […]
Income Tax Audit u/s 44AB: Applicability, Due Date, Form 3CA, 3CB & 3CD 📊💼📅
What is Tax Audit? 🧾🔍 The term “audit” essentially refers to inspection or assessment and under various laws and regulations, different audits are required to be performed, such as company audits, cost audits, etc. Under Section 44AB of the Income-Tax Act, a taxpayer is required to undergo an audit of the business accounts on fulfilling […]
🎉 Exciting Launch: Presenting the ‘Mera Bill Mera Adhikaar’ Scheme with opportunities to win up to 1 Crore! 🏆
If you have questions or need more information about how to join in the ‘Mera Bill Mera Adhikaar’ Scheme, simply call us at 📞 9512453531. We’re ready to assist! https://www.rmpsco.com/%f0%9f%8e%89-exciting-launch-presenting-the-mera-bill-mera-adhikaar-scheme-with-opportunities-to-win-up-to-1-crore-%f0%9f%8f%86/ 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 […]
🎉 Exciting Launch: Presenting the ‘Mera Bill Mera Adhikaar’ Scheme with opportunities to win up to 1 Crore! 🏆
In an ambitious move to transform our purchasing culture, the ‘Mera Bill Mera Adhikaar’ Scheme encourages every Indian to confidently demand bills/invoices for all their purchases. 🗓 Launch Details: 📌 Key Aspects of the Scheme: 🎁 Prize Breakdown: 🔍 How Do You Participate? 📣 Important Information: This pilot scheme is not just a chance to […]
TDS Rate Chart For FY 2023-24 (AY 2024-25) with TDS Section List
Staying compliant with TDS regulations is crucial for businesses as non-deduction, wrong deduction and even deduction under wrong TDS section could attract huge penalties. It’s important that businesses know the applicable rate, TDS section and exempt limit for each nature of payment. Note: Here is the latest income tax slab for AY 2023-24 (FY 2022-23) […]