September 2024 Compliance Calendar: Key Deadlines You Shouldn’t Miss
As September 2024 rolls in, it’s essential for businesses and professionals to stay on top of their compliance requirements. Missing key deadlines can lead to penalties, so here’s a quick guide to the crucial dates this month. 7th September: TDS Payment for August 2024 Ensure that your TDS (Tax Deducted at Source) for August 2024 […]
Avoiding Costly GST Filing Errors: Insights from the Recent Court Judgment
In GST compliance, even small mistakes can lead to big problems. A recent court judgment highlights the importance of filing returns correctly and the consequences of errors. Let’s explore the details of this case and what it means for businesses. The Error: Filing GSTR-1 for the Wrong Period In the case of Veeran Mehhta vs. […]
New TDS Rules for Partner Payments: What You Need to Know!
Introduction: Starting April 1, 2025, a new section called 194T will change how partnership firms and Limited Liability Partnerships (LLPs) handle payments to their partners. Under this rule, firms must deduct 10% Tax Deducted at Source (TDS) on payments made to partners if the total amount exceeds ₹20,000 in a financial year. Let’s explore what […]
RCM Liability/ITC Statement: A New Transparency Tool on the GST Portal
The GST landscape is evolving to better support taxpayers and enhance transparency in tax transactions. A significant addition to this framework is the new “RCM Liability/ITC Statement” on the GST Portal. Designed to help taxpayers report Reverse Charge Mechanism (RCM) transactions more accurately, this statement bridges the gap between RCM liabilities and corresponding Input Tax […]
Important Advisory: Furnish Bank Account Details Before Filing GSTR-1/IFF
Introduction If you’re a registered taxpayer under the Goods and Services Tax (GST), there’s an important update you need to know. The GST Council has issued Notification No. 38/2023, requiring taxpayers to provide their bank account details before filing GSTR-1 or using the Invoice Furnishing Facility (IFF). This rule will be enforced from September 1, […]
India’s New Income Tax Act: What It Means for You
India is set to introduce a new Income Tax Act within the next six months. Union Finance Minister Nirmala Sitharaman announced that this new law will replace the Income Tax Act of 1961. The primary goal is to simplify the tax code, making it easier to understand and comply with. Why a New Income Tax […]
How to Avoid Notices from Tax Authorities
Receiving a notice from the tax authorities can be a stressful experience for any business owner. It often signals potential discrepancies or issues in your tax filings, which can lead to penalties, interest charges, or even audits. However, by taking proactive steps, you can significantly reduce the likelihood of receiving such notices. This blog will […]
Navigating the New Amendments in the GST Appeals Process
The Goods and Services Tax (GST) system in India is complex, requiring taxpayers to follow specific rules. The GST appeals process is a key part of this system, allowing taxpayers to challenge decisions made by GST authorities. Recently, GST Notification 12/2024 introduced important changes to this process. These changes impact Rules 110 and 111 and […]
Understanding the Key Changes in GSTR-9 & 9C for FY 2023-24
Staying informed about GST updates is essential for businesses. Recently, the government introduced important updates to Form GSTR-9 and GSTR-9C for the Financial Year 2023-24 through Notification No. 12/2024 – C.T. dated 10.07.2024. These changes aim to simplify the reporting process and enhance accuracy. 1. New Entries in GSTR-9 The GSTR-9 form now includes new […]
GSTN Update: Pay GST via UPI & Cards in 17 States/UTs
The Goods and Services Tax Network (GSTN) has introduced a new update that makes paying GST easier for taxpayers. Starting August 6th, 2024, taxpayers in 17 states and Union Territories (UTs) can now pay their GST using Unified Payments Interface (UPI) and Debit/Credit cards. This change is part of GSTN’s ongoing effort to simplify the […]