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. […]
Section 14 – Time of supply in case of a change in Rate of tax.
One of the critical sections under the Central Goods and Services Tax (CGST) Act is Section 14. This section deals with the change in the rate of tax in respect of the supply of goods or services. What is Section 14 of the CGST Act? Section 14 of the CGST Act provides guidelines on how […]
Clarification on Input Tax Credit for Optical Fiber Cable Network Components
The Ministry of Finance recently issued a crucial circular. This circular clarifies the availability of Input Tax Credit (ITC) for ducts and manholes used in optical fiber cable (OFC) networks. This update is essential for the telecommunications sector. It aims to ensure uniform implementation of the law and to prevent unnecessary litigation. Background The Cellular […]
Enhancements to Address-Related Fields in GST Registration Functionalities
The Goods and Services Tax Network (GSTN) has introduced several enhancements to address-related fields in the GST registration functionalities. These changes aim to improve the GST registration process for taxpayers by incorporating user feedback and analyzing tickets. Here are the details of these enhancements: 1. Update in Validations for Address Fields a. Address is in […]
GST Reconciliation Made Easy: Compliance Tips for Businesses
Introduction Navigating the complexities of Goods and Services Tax (GST) compliance can be a daunting task for businesses of all sizes. Ensuring accurate GST reconciliation is essential for maintaining compliance and avoiding penalties. This blog will outline the key aspects of GST reconciliation and provide a comprehensive GST compliance checklist to help businesses streamline their […]