Tag: Indirect Tax

The Indian government recently issued Notification No. 12/2024 – Central Tax. This notification introduces changes to the Central Goods and Services Tax (CGST) Rules, 2017. These updates, effective from July 10, 2024, are important for businesses to understand. By knowing these changes, companies can stay compliant and make the most of their tax strategies. Let’s […]

GST Taxpayers Must Register as ISD for Common ITC Distribution Introduction Starting April 1, 2025, GST taxpayers registered in multiple states must register as Input Service Distributors (ISD) to distribute common Input Tax Credit (ITC). This requirement, outlined in Notification No. 16/2024 – Central Tax and The Finance Act, 2024, aims to streamline ITC distribution […]

In a recent development, the Central Government has announced significant changes to GST Form 8 and TDS rates. Effective from July 10, 2024, these changes aim to streamline compliance for taxpayers and reduce the financial burden on businesses. Key Changes: Detailed Overview: The government has revised GST Form 8, used by e-commerce operators for filing […]

When it comes to managing GST returns, accuracy is key. Mistakes in filing can lead to discrepancies, affecting your business’s compliance and financial standing. Fortunately, the Indian GST system provides a mechanism to correct such errors: Form GSTR-1A. This blog will guide you through the essentials of GSTR-1A, its purpose, filing procedure, and critical considerations. […]

Introduction The Government of India has introduced Form GSTR-1A, an optional tool for taxpayers. This form allows businesses to amend, add, or correct details of supplies reported in the current tax period’s GSTR-1. It was introduced following the Government’s notification no. 12/2024 dated 10th July 2024, and is available starting from the July 2024 tax […]

The Indian government has introduced a uniform 5% Integrated Goods and Services Tax (IGST) on all aircraft and aircraft parts. This new policy, effective from July 15, 2024, aims to streamline the tax system. And support the growth of India’s Maintenance, Repair, and Overhaul (MRO) industry, positioning the country as a global aviation hub. A […]

The Government of India has introduced a significant update for GST taxpayers through notification No. 12/2024 – Central Tax dated 10.07.2024. That allows taxpayers to add or amend supply details of the current tax period that were either missed out or wrongly reported. This can be done before filing the GSTR-3B return for the same […]

Introduction The Central Board of Indirect Taxes and Customs (CBIC) has issued Circular No. 221/15/2024-GST, dated 26th June 2024. This circular aims to clarify the time of supply concerning the supply of services for the construction and maintenance of National Highway Projects under the Hybrid Annuity Model (HAM) implemented by the National Highways Authority of […]

Introduction The Central Board of Indirect Taxes and Customs (CBIC) has issued Circular No. 220/14/2024-GST to provide clarity on the place of supply for custodial services provided by banks to Foreign Portfolio Investors (FPIs). Place of supply of services provided by a banking company to account holders is the location of the supplier. Background The […]