Clarification on Input Tax Credit for Demo Vehicles – Latest Update
Introduction On September 10, 2024, the Central Board of Indirect Taxes and Customs (CBIC) issued Circular No. 231/25/2024-GST. This circular provides clarification on the availability of Input Tax Credit (ITC) for demo vehicles used by motor vehicle dealers. Specifically, it explains how ITC provisions under the CGST Act apply to demo vehicles used for customer […]
GST Update: How Advertising Services for Foreign Clients Are Taxed
On September 10, 2024, the Central Board of Indirect Taxes and Customs (CBIC) issued Circular No. 230/24/2024-GST. This update provides clear guidance on how Indian advertising agencies should handle taxes when offering services to foreign clients under the Goods and Services Tax (GST). Let’s break down the main points. 1. Are Indian Advertising Agencies Intermediaries? […]
How to Make Sure You Get Your Tax Refund Without Any Problems
Filing your Income Tax Return (ITR) can sometimes feel confusing, especially when waiting for a refund. If you’ve paid more tax than you needed to during the financial year, you’re likely due a refund. Here’s a simple guide to help you get your refund smoothly and fix any issues if they come up. Steps to […]
New GST Rules Simplify Preferential Location Charges (PLC) for Builders and Buyers
The 54th GST Council Meeting has brought much-needed clarity on how Preferential Location Charges (PLC) should be taxed. PLCs are the extra charges builders apply for prime spots in a project, such as units on higher floors or with better views. The recent decision makes it clear that PLCs are part of a composite supply. […]
What is Section 194J: TDS on Professional and Technical Services
Section 194J of the Income Tax Act ensures timely tax collection by requiring the deduction of Tax Deducted at Source (TDS) on payments made for professional and technical services, royalties, non-compete fees, and director’s remuneration. The section applies to businesses, corporations, or individuals liable for an audit under the Income Tax Act. Key Payments Covered […]
Navigating GST Changes for Metal Scrap: Essential RCM and TDS Guidelines
“Metal scrap” refers to discarded or waste metal materials that are often recycled or sold as raw materials for further use. Recycling metal scrap plays a crucial role in conserving resources and promoting sustainability. In India, businesses involved in the sale or purchase of metal scrap need to understand various tax implications such as GST […]
Key Highlights from the 54th GST Council Meeting: Major Updates
The 54th GST Council meeting, led by Union Minister of Finance and Corporate Affairs Smt. Nirmala Sitharaman, brought important changes. These updates aim to simplify GST rates, improve compliance, and streamline procedures. Let’s go over the most significant changes. A. Changes in GST Tax Rates Namkeens and Savory Products:The GST rate on extruded savory products […]
Quick Guide: Aadhaar & Document Verification for GST Registration in 4 States
If you are registering for GST Registration in Bihar, Delhi, Karnataka, or Punjab, the process has changed. These changes make the verification faster and more secure. Here’s a brief look at what you need to know. Key Updates: 1.Biometric Aadhaar Authentication: Applicants are now identified using biometric-based Aadhaar authentication. This includes a photograph and verification […]
Navigating Tax Returns as a Representative Assessee: Essential Tips and Steps
Filing income tax returns as a representative assessee may seem challenging, but it is an important task when the original taxpayer cannot handle their own taxes. This situation can arise if the taxpayer is a minor, incapacitated, deceased, or a non-resident. In such cases, the representative is responsible for ensuring the tax obligations are met. […]
Key Court Rulings on GST Seizures: What Businesses Should Know
Understanding GST law, especially regarding asset GST seizures, can be challenging. Recent court rulings have clarified the limits of CGST authorities’ power to seize assets. This blog will break down a key legal case that affects businesses dealing with the Goods and Services Tax (GST). The Case: CGST vs. Deepak Khandelwal In January 2020, CGST […]