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 […]
GST Filing and Compliance: Recent Changes in Late Filing, Assessments, and Case Updates
Staying compliant with GST regulations is essential for businesses to avoid penalties. Recent legal changes emphasize the need for timely GST returns and provide updates on filing extensions. Let’s explore the latest updates and a case example that highlights these important changes. Why Timely GST Return Filing Matters Filing GST returns, like GSTR-1 and GSTR-3B, […]
Understanding Tax Audits and Form 3CA-3CD: A Comprehensive Guide
Tax audits and form 3CA-3CD are vital for ensuring compliance with tax laws and preventing tax evasion. Established by the Finance Act of 1984 under Section 44AB, this requirement took effect from the Assessment Year 1985-86. The goal is to enhance the accuracy and transparency of income reporting. What is a Tax Audit? A tax […]
Understanding the Invoice Management System (IMS) Under GST: A Comprehensive Guide
The Goods and Services Tax (GST) in India is evolving to make compliance easier for taxpayers. A key improvement is the Invoice Management System (IMS), which is set to launch on the GST portal from October 1st. This new tool aims to help taxpayers manage invoice corrections and amendments more efficiently. It also ensures that […]
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. […]