Update GST Bank Account Details Easily with New Feature
Introduction Staying compliant with GST regulations is crucial for every registered taxpayer. Keeping your bank details up-to-date on the GST portal is a vital part of this process. Recently, a new feature has been introduced on the GST portal that allows registered taxpayers to update their bank account details quickly and efficiently. This guide will […]
CBIC’s New GST Audit Guidelines: Key Update for Taxpayers
The Central Board of Indirect Taxes and Customs (CBIC) has recently issued Instruction No. 03/2024-GST. This new guideline, dated 14th August 2024, impacts how GST audit are conducted in India. It focuses on maintaining uniformity and caution during audits, especially when there are different interpretations of the CGST Act. Key Takeaways from Instruction No. 03/2024-GST […]
Live on GST Portal: Correct GSTR-1A Outward Supplies
Introduction Filing accurate GST returns is essential for every business. Recently, the GST portal introduced the GSTR-1A feature, making it easier to amend your outward supplies for the current tax period. This blog will explain what GSTR-1A is, why it’s important, and how you can use it effectively. What is GSTR-1A? GSTR-1A is a tool […]
CBIC Launches Second Drive Against Fake GST Registrations
The Central Board of Indirect Taxes and Customs (CBIC) has recently issued Guidelines for the Second Special All-India Drive Against Fake Registrations as per Instruction No. 02/2024 dated 12th August 2024. This initiative, running from 16th August 2024 to 30th September 2024, aims to practices in the GST ecosystem and strengthen the integrity of the […]
Small Businesses Exempt from 2023-24 Annual Return Filing!
In an effort to reduce compliance burdens on small businesses, the Government of India has issued a significant update under the GST regime. On July 10, 2024, the Ministry of Finance released Notification No. 14/2024 – Central Tax, which provides much-needed relief by exempting small enterprises from filing annual GST returns for the financial year […]
Key Updates to the Central GST(CGST) Rules 2024
The Indian government recently issued Notification No. 12/2024 – Central Tax. This notification introduces changes to the Central Goods and Services Tax (CGST) Rules, 2017. These updates, effective from July 10, 2024, are important for businesses to understand. By knowing these changes, companies can stay compliant and make the most of their tax strategies. Let’s […]
New ISD Registration Requirement for GST Taxpayers from April 2025
GST Taxpayers Must Register as ISD for Common ITC Distribution Introduction Starting April 1, 2025, GST taxpayers registered in multiple states must register as Input Service Distributors (ISD) to distribute common Input Tax Credit (ITC). This requirement, outlined in Notification No. 16/2024 – Central Tax and The Finance Act, 2024, aims to streamline ITC distribution […]
August 2024 Compliance Calendar: Key Deadlines for Businesses
As a business owner or financial professional, staying on top of compliance deadlines is crucial to avoid penalties and ensure smooth operations. Here’s a guide to the essential tax and regulatory deadlines for August 2024. 07 August: TDS Payment for July 2024 Ensure you complete your Tax Deducted at Source (TDS) payments for July by […]
GST Form 8 Updates: New TDS Rates Effective July 10, 2024
In a recent development, the Central Government has announced significant changes to GST Form 8 and TDS rates. Effective from July 10, 2024, these changes aim to streamline compliance for taxpayers and reduce the financial burden on businesses. Key Changes: Detailed Overview: The government has revised GST Form 8, used by e-commerce operators for filing […]
Understanding Form GSTR-1A: Amendments Made Easy
When it comes to managing GST returns, accuracy is key. Mistakes in filing can lead to discrepancies, affecting your business’s compliance and financial standing. Fortunately, the Indian GST system provides a mechanism to correct such errors: Form GSTR-1A. This blog will guide you through the essentials of GSTR-1A, its purpose, filing procedure, and critical considerations. […]