Simplified Compliance for Manufacturers: Key Clarifications from the Latest Circular
In a recent update, the Central Board of Indirect Taxes and Customs (CBIC) issued Circular No.-208/2/2024-GST. This circular provides essential clarifications on the special procedures for manufacturers of specified commodities. These procedures, detailed in Notification No. 04/2024-Central Tax, were revised to streamline compliance and address various industry concerns. Here, we break down the key points […]
Clarification on Taxability and Valuation of Corporate Guarantees.
Date: July 11, 2024 The Ministry of Finance, Department of Revenue, and Central Board of Indirect Taxes and Customs (CBIC) have issued Circular No. 225/19/2024-GST to clarify various issues related to the taxability and valuation of services providing Corporate Guarantees between related persons. Understanding Corporate Guarantees A corporate guarantee is a company’s promise to cover […]
Recent Amendments in GST on Railway, Accommodation’s and Certain Services.
Introduction The Government of India has issued Circular No. 228/22/2024-GST And Notification No. 04/ 2024 – Central Tax (Rate). It’s providing clarifications on Recent Amendments in GST on Railway, Accommodation’s and Certain Services. 1. GST Exemption on the Outward Supplies Made by Ministry of Railways (Indian Railways) Based on the recommendations of the 52nd and […]
Clarification on GST Rates and Classifications: Recent Updates
In the ever-evolving landscape of GST regulations, staying updated on the latest clarifications and amendments is crucial for businesses. Ensuring compliance and optimal tax planning is essential. Recently, the GST Council provided significant updates on GST rates and classifications for various goods. Here, we provide an in-depth look at these updates, helping you navigate through […]
GST Clarification on circular of Life Insurance Premiums
On June 26, 2024, the Central Board of Indirect Taxes and Customs (CBIC) issued Circular No. 214/8/2024-GST. This circular explains how to treat life insurance premiums for GST purposes. It also addresses the reversal of input tax credit (ITC) for the part of life insurance premiums not included in the taxable value. Key Highlights of […]
New GST Circular 226/2024: Mechanism for IGST Refund on Export Price Revisions
Introduction The Central Board of Indirect Taxes and Customs (CBIC) has issued Circular No. 226/2024-GST, dated July 11, 2024. This introduces a new mechanism for exporters to claim refunds on the additional Integrated Goods and Services Tax (IGST) paid following an upward revision in the prices of goods post-export. Overview of the New Mechanism Filing […]
Simplifying GST Refund Process for Canteen Stores Department: A Step-by-Step Guide
Navigating through the GST refund process can often be complex, especially for entities like the Canteen Stores Department (CSD). The recent Circular No. 227/21/2024-GST aims to streamline this process by introducing a new electronic submission method. This blog will guide you through the updated procedure, ensuring a smooth and efficient refund claim experience. Understanding the […]
Ensuring Compliance with GST: Recovery of Outstanding Dues
Navigating the Goods and Services Tax (GST) landscape can be challenging for businesses. Recently, the Central Board of Indirect Taxes and Customs (CBIC) issued Circular No. 224/18/2024. This circular provides crucial guidelines on recovering outstanding dues when the first appeal has been resolved, and the GST Appellate Tribunal is not yet operational. Understanding the Context […]
Understanding the Recent Clarifications on Input Tax Credit (ITC) under RCM
The Central Board of Indirect Taxes and Customs (CBIC) issued Circular No. 211/5/2024-GST on June 26, 2024. This circular provides essential clarifications regarding the time limit for availing Input Tax Credit (ITC) under the Reverse Charge Mechanism (RCM). This blog covers all the key points from the circular and its implications for businesses. Key Points […]
Important Update: GST Document Upload Size Increased to 500 KB
We are excited to share a significant GST update for all taxpayers regarding the upload of documents for GST registration and amendment. In response to feedback and grievances from the trade community, changes have been made to the size limits for uploading documents related to the Principal Place of Business and Additional Place of Business. […]