New Three-Year Limit for GST Returns Filing: What You Need to Know
Introduction The Finance Act, 2023, has introduced a new rule that limits the time taxpayers have to file their GST returns. Starting from October 1, 2023, taxpayers must file their returns within three years from the due date. This blog will explain this change, its impact, and the steps you should take to stay compliant. […]
Essential Tax and Compliance Deadlines in November 2024: A Quick Guide for Businesses
November is a significant month for businesses, with multiple tax and regulatory deadlines. Meeting these deadlines is essential to avoid penalties, maintain compliance, and ensure seamless business operations. Here’s a quick rundown of what to keep in mind for November 2024. 1. TDS Payment (Due by November 7th) Businesses need to deposit the Tax Deducted […]
Advisory on Waiver Scheme Under Section 128A of the CGST Act
The GST Council’s recent decision to waive interest and penalties under Section 128A of the CGST Act, 2017, offers welcome relief for many taxpayers. Announced at the Council’s 53rd meeting on June 22, 2024, the waiver applies to cases where no fraud is involved, helping reduce tax disputes and simplifying compliance. Key Points About the […]
Form GST DRC-03A: A Guide for Taxpayers to Ensure Accurate Payment Adjustment
The Goods and Services Tax (GST) system recently introduced Form GST DRC-03A to help taxpayers link their demand payments accurately to outstanding demand orders. This update addresses issues where payments made via Form GST DRC-03 do not close the demand in the electronic liability register. This blog provides a step-by-step guide to using Form DRC-03A, […]
The New Locking Feature for Auto-Populated Liability in GSTR-3B Benefits and Challenges.
The Goods and Services Tax Network (GSTN) issued an advisory on October 17, 2024, regarding the hard locking of auto-populated values in GSTR-3B. This new step aims to reduce human errors and improve accuracy in GST return filings. What is Form GSTR-3B? Form GSTR-3B is a simplified summary return. Taxpayers use this form to report […]
Understanding the Waiver of Interest and Penalty under Section 128A of the CGST Act
On October 15, 2024, the Indian government introduced Circular No. 238/32/2024-GST. This circular explains Section 128A of the CGST Act, 2017, which aims to help businesses reduce their tax burden. By using this waiver, businesses can avoid penalties and interest charges on specific tax demands. However, to take full advantage, businesses must meet certain conditions […]
Understanding the New Changes in Invoice Management System (IMS) for GSTR-2B: FAQs and Guidance
In October 2024, the GST Network (GSTN) introduced the Invoice Management System (IMS) to make tax filing easier. This platform helps taxpayers manage invoices, credit notes, and debit notes for GSTR-2B returns. Many businesses want to know how these changes affect their filing. Below, we answer common questions to help you understand the new system. […]
Important Advisory for GSTR-9/9C: Key Changes Starting FY 2023-24
As of October 15, 2024, important changes have been made to the GSTR-9 and GSTR-9C forms for the financial year 2023-24. These changes are meant to make the filing process easier and help taxpayers report Input Tax Credit (ITC) more accurately. Automatic ITC Population in GSTR-9 One major update is the automatic filling of eligible […]
New GST Updates: Reverse Charge Mechanism for Metal Scrap Supplies
The Indian Government has made important changes under the Central Goods and Services Tax (GST) Act, 2017. The latest update affects businesses that deal with metal scrap. These changes introduce modifications to the reverse charge mechanism (RCM), simplifying tax compliance for certain transactions. What is the Reverse Charge Mechanism (RCM)? The reverse charge mechanism shifts […]
GST Update: Reverse Charge Mechanism (RCM) for Renting of Non-Residential Property
As of October 10, 2024, businesses renting non-residential properties will need to comply with a new GST rule. Under Notification No. 09/2024-Integrated Tax (Rate), the Reverse Charge Mechanism (RCM) applies when renting non-residential properties from an unregistered supplier. Key Points: Why the Change? This adjustment aims to reduce revenue leakage and ensure proper tax compliance […]