Invoice Management System (IMS): A Comprehensive Update
With the launch of the Invoice Management System (IMS), the GST landscape is set for a major upgrade. Effective from October 1, 2024, IMS empowers taxpayers to manage invoices more efficiently, allowing you to accept, reject, or keep invoices pending. This blog dives deep into the functionalities of IMS, covering frequently asked questions (FAQs) and […]
Understanding GST on Rent After the 54th GST Council Meeting: Key Updates and Changes
The 54th GST Council Meeting introduced several important updates regarding GST on rent for both commercial and residential properties. These changes impact both landlords and tenants based on their GST registration status. Let’s explore these updates clearly and concisely. Commercial Property: GST Rules Explained 1. Both Landlord and Tenant Registered When both the landlord and […]
Revolutionizing GST Compliance: The New Invoice Management System (IMS)
In a major leap for the GST ecosystem, the GST Common Portal has launched the Invoice Management System (IMS). This system transforms how recipient taxpayers handle invoices. Now, taxpayers can easily accept, reject, or keep invoices pending for future use. As a result, the process becomes more streamlined, improving reconciliation and boosting accuracy. Key Features […]
Understanding Advance Tax: A Comprehensive Guide
Advance tax is an essential part of income tax management in India. It allows taxpayers to spread their tax payments throughout the financial year rather than making a large payment at the end. This guide will explain what advance tax is, who needs to pay it, important due dates, and how you can pay it […]
Re-opening of Reporting ITC Reversal Opening Balance: A Step-by-Step Guide
The government has re-opened the reporting of ITC (Input Tax Credit) reversals. Businesses need to follow new steps to comply with this update. In this blog, we’ll explain the changes and how you can report your ITC reversal correctly. What Has Changed? In July 2022, the government introduced Notification No. 14/2022 – Central Tax. This […]
Updates on Circular No. 233/27/2024-GST: Clarification on IGST Refunds for Exporters
The Central Board of Indirect Taxes and Customs (CBIC) issued Circular No. 233/27/2024-GST on 10th September 2024. This circular clarifies the rules on IGST refunds for exporters who previously availed tax exemptions on imported inputs. Key Points: Rule 96(10) of CGST Rules, 2017: Amendment to Rule 96: This update helps exporters regularize their payments and […]
Income Tax Act, 1961 vs. Direct Tax Code, 2025: What’s Changed and Why It Matters
India is preparing for a significant shift in its tax landscape with the introduction of the Direct Tax Code (DTC) 2025. Back in 2017, the Ministry of Finance formed a task force to draft a new direct tax law. The goal of this law is to simplify tax regulations, expand the tax base, and make […]
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 […]