Comprehensive Checklist for Accountants During GSTR-9 and 9C Filing
As the financial year concludes, the responsibility of ensuring accurate GST compliance intensifies. Filing the GST annual return (GSTR-9) and reconciliation statement (GSTR-9C) are crucial for maintaining transparency and avoiding penalties. This blog provides a comprehensive checklist for accountants to ensure seamless GST compliance, especially when filing GSTR-9 and GSTR-9C. Understanding GSTR-9 and GSTR-9C Before […]
Understanding Tax Collected at Source (TCS) and Its Accounting Entries
Introduction Tax Collected at Source (TCS) is a provision under the Income Tax Act, 1961, where the seller collects tax at the time of sale and deposits it with the government. This system ensures tax compliance, minimizes evasion, and promotes accountability. For businesses, accurate accounting of TCS is essential for both financial management and legal […]
RCM Time of Supply Rule Changes Effective from November 1, 2024: What Businesses Need to Know
The Central Board of Indirect Taxes and Customs (CBIC) has introduced critical updates to the Reverse Charge Mechanism (RCM) under the Goods and Services Tax (GST), effective from November 1, 2024. These changes aim to enhance compliance, streamline self-invoicing, and ensure accurate input tax credit (ITC) claims. Here’s a detailed breakdown of the updates and […]
Advisory for Reporting TDS Deducted by Scrap Dealers in October 2024
Effective October 10, 2024, as per Notification No. 25/2024-Central Tax, all registered persons receiving supplies of metal scrap (classified under Chapters 72 to 81 of the Customs Tariff Act, 1975) from other registered persons must deduct Tax Deducted at Source (TDS) under Section 51 of the CGST Act, 2017. Issue: Reporting TDS Deducted in October […]
Free Diesel and GST: Clarity from the Uttarakhand High Court
The Uttarakhand High Court recently addressed an important issue under GST. It ruled that free diesel provided by the recipient should not be added to the value of Goods Transport Agency (GTA) services for GST purposes. This decision, given in the case New Jai Hind Transport Service v. Union of India on September 27, 2024, […]
GST on Education Services: A Comprehensive Guide
The Goods and Services Tax (GST) has a significant impact on education services in India. While core educational services enjoy exemptions, many ancillary and commercial education-related services fall under the taxable category. This comprehensive guide outlines the applicability, exemptions, and compliance requirements for GST on education services. 1. Core Educational Services and Taxability What Constitutes […]
Important Advisory on GSTR-2B and IMS
The GST portal has addressed concerns regarding the non-generation of GSTR-2B for October 2024. To ensure compliance and seamless tax filing, it’s essential to understand the key points of this advisory. Key Scenarios for GSTR-2B Non-Generation 1.QRMP Scheme Taxpayers (Quarterly Filers):Taxpayers who file quarterly returns under the QRMP scheme will not receive GSTR-2B for the […]
IMS Implementation Made Smooth Early-Phase Advisory and Supplier Best Practices
Introduction to IMS The Invoice Management System (IMS) on the GST portal helps users manage invoices saved or filed in GSTR-1/1A/IFF, streamlining the process of claiming accurate Input Tax Credit (ITC). How to Access IMS To access IMS, log in to the GST portal and navigate to Dashboard > Services > Returns > Invoice Management […]
Major GST Updates: Key GST Changes Effective from November 1, 2024
On November 1, 2024, significant changes to the Indian GST system took effect. These updates focus on simplifying tax compliance, increasing transparency, and providing relief to taxpayers. Here’s a breakdown of the key changes that can help businesses stay compliant and avoid penalties. Overview of Key GST Changes for Businesses The government’s recent GST updates […]
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. […]