Understanding the Waiver of Interest and Penalty under Section 128A of the CGST Act
On October 15, 2024, the Indian government introduced Circular No. 238/32/2024-GST. This circular explains Section 128A of the CGST Act, 2017, which aims to help businesses reduce their tax burden. By using this waiver, businesses can avoid penalties and interest charges on specific tax demands. However, to take full advantage, businesses must meet certain conditions […]
Understanding the New Changes in Invoice Management System (IMS) for GSTR-2B: FAQs and Guidance
In October 2024, the GST Network (GSTN) introduced the Invoice Management System (IMS) to make tax filing easier. This platform helps taxpayers manage invoices, credit notes, and debit notes for GSTR-2B returns. Many businesses want to know how these changes affect their filing. Below, we answer common questions to help you understand the new system. […]
Important Advisory for GSTR-9/9C: Key Changes Starting FY 2023-24
As of October 15, 2024, important changes have been made to the GSTR-9 and GSTR-9C forms for the financial year 2023-24. These changes are meant to make the filing process easier and help taxpayers report Input Tax Credit (ITC) more accurately. Automatic ITC Population in GSTR-9 One major update is the automatic filling of eligible […]
New GST Updates: Reverse Charge Mechanism for Metal Scrap Supplies
The Indian Government has made important changes under the Central Goods and Services Tax (GST) Act, 2017. The latest update affects businesses that deal with metal scrap. These changes introduce modifications to the reverse charge mechanism (RCM), simplifying tax compliance for certain transactions. What is the Reverse Charge Mechanism (RCM)? The reverse charge mechanism shifts […]
GST Update: Reverse Charge Mechanism (RCM) for Renting of Non-Residential Property
As of October 10, 2024, businesses renting non-residential properties will need to comply with a new GST rule. Under Notification No. 09/2024-Integrated Tax (Rate), the Reverse Charge Mechanism (RCM) applies when renting non-residential properties from an unregistered supplier. Key Points: Why the Change? This adjustment aims to reduce revenue leakage and ensure proper tax compliance […]
Understanding GST Appellate Tribunal’s New Role in Price Reductions: Key Insights
The Central Goods and Services Tax (CGST) Appellate Tribunal now has new responsibilities. Effective from October 1, 2024, it can review whether input tax credits and tax rate reductions have led to proportional price cuts for consumers. This change, announced in Notification No. 18/2024 – Central Tax(18-2024-ct-eng), affects both businesses and consumers. What’s New? The […]
TDS Entries: How They Affect Accounting
Tax Deducted at Source (TDS) is a vital component of the Indian tax system. Understanding TDS is essential for businesses and accountants because it impacts cash flow, compliance with tax laws, and the accuracy of financial records. This blog will explain what TDS is, its importance, how it affects accounting practices, and how to manage […]
Advisory: GSTN e-Services App to Replace e-Invoice QR Code Verifier App Shortly
The Goods and Services Tax Network (GSTN) is excited to announce the launch of the E-Invoice Verifier App. This app is a new and improved tool designed to make verifying electronic invoices (e-invoices) easier. It replaces the older e-Invoice QR Code Verifier App and offers more features. As a result, businesses can now manage their […]
October 2024 Tax Calendar: Key Dates for Compliance
As Oct 2024 approaches, it’s important for businesses, professionals, and taxpayers to stay informed about their upcoming tax filing and payment deadlines. Missing these deadlines could lead to penalties and interest charges, so staying on top of your obligations is essential. Below is a comprehensive guide to all the key dates in Oct 2024. New […]
Restoration of Archived Return Data: An Important Update for Businesses
On September 24th, 2024, the government issued a new advisory regarding the archival of return data from the Common Portal. This process began as part of the data archival policy, aimed at improving the efficiency of the portal by removing data older than seven years. For example, data for July 2017 was archived on August […]