A Comprehensive Guide to Mandatory Monthly and Quarterly GST Check Points 📆
Introduction Goods and Services Tax (GST) is applicable in India from 1st July 2017. Under the new GST regime, nearly 1.4 crore businesses in India have obtained GST registration. All entities having GST registration are required to file GST returns every month. GST return filing is mandatory for all entities having GST registration, irrespective of […]
🚨 Important Updates: Restricting ITC up to Output Tax rate in case of Motor Cab Services💼
Key Amendments to Central Goods and Services Tax Rates – Notification No. 12/2023 The Indian Ministry of Finance has recently issued Notification No. 12/2023-Central Tax (Rate) on the 19th of October, 2023. This notification introduces significant amendments to a previous tax rate notification (No. 11/2017-Central Tax (Rate)) that was issued back in 2017. These amendments […]
Kerala High Court Slams Unfair Denial of ITC Based on GSTR-2A in Landmark Ruling
In a recent landmark judgment, the Kerala High Court has sent a strong message regarding the fairness and legality of denying Input Tax Credit (ITC) to taxpayers solely on the basis of discrepancies in GSTR-2A. The case, titled “Diya Agencies vs. State Tax Officer,“ has far-reaching implications for the taxation landscape in India, emphasizing the […]
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: Â Â Â Â Â Â Â Â Â (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 […]
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) […]
Job Work Under GST
What is Job-Work Under GST? The definition of Job-work under GST is covered under section 2(68) of the CGST Act, 2017 states “Any treatment or process undertaken by a person on goods belonging to another registered person”. Therefore, a job worker is a person (registered or unregistered) who is processing or treating the goods of […]