GSTR-2B EXCEL MODULE INTRODUCED WITH 6 MORE TABLES STARTING JAN 2025 Starting January 2025, the Goods and Services Tax system in India has introduced significant updates to the GSTR-2B Excel module, incorporating six additional tables to enhance the identification of ineligible Input Tax Credit. These new tables categorize rejected ITC for taxable inward supplies, amendments, …
ITC denial to Bonafide purchasers due to sellers’ non-compliance The Gauhati High Court’s ruling in the case of National Plasto Moulding Pvt. Ltd. vs. State of Assam & Ors. is a critical development in GST law, addressing the denial of Input Tax Credit to bona fide purchasers due to non-compliance by sellers. This ruling is …
Supreme Court: Stay INR 1.5 trillion worth of GST notices against Online Gaming Co. The recent Supreme Court decision to stay INR 1.5 trillion worth of goods and services tax notices against online gaming companies has significant implications for both the gaming industry and tax authorities. Here’s a detailed breakdown of the developments Key Details …
Credit Note Disclosure in GSTR-9 Annual Return Filing Under GST, suppliers of goods or services must issue a tax invoice for every taxable supply. However, when the taxable value of the supply decreases due to specific circumstances, the supplier is required to issue a credit note. This ensures proper adjustment of tax liability and helps …
GST Compliance for Credit Notes: a separate SAC or HSN code In GST, credit notes for trade discounts and cash discounts are linked to the original transaction and are not assigned a separate SAC (Service Accounting Code) or HSN (Harmonized System of Nomenclature) code. Here’s how it works: Reference to the Original Invoice: A credit note …
GSTN advisory on implementation of reporting HSN codes in GSTR-1 & GSTR-1A GSTN advisory issued by GSTN regarding the implementation of Phase-III for reporting HSN codes in GSTR-1 and GSTR-1A introduces significant enhancements to streamline the reporting process. The advisory regarding HSN code reporting in Table 12 of GSTR-1/1A highlights several changes introduced in Phase-3 …
Input Tax Credit & GST Refunds for zero-rated supplies Input Tax Credit (ITC) ITC is the mechanism under the Goods and Services Tax system that allows businesses to claim a credit for the GST paid on their purchases of goods and services, which are used for business purposes. This system ensures that businesses involved in …
Metal Scraps Recipients is Liable for Tax under RCM Even if Supplier is Below GST Threshold, 2% Tax Deducted at Source Apply The recommendations from the 54th GST Council meeting underscore the government’s commitment to strengthening GST compliance in the metal scrap sector. Introduced significant updates concerning Tax Deducted at Source and the Reverse Charge …
Summary of the GSTN Notification No. 25/2024-CT on TDS for Metal Scrap under GST : On October 9, 2024, the government issued Notification No. 25/2024-CT, introducing TDS compliance for the supply of metal scrap under the GST framework, effective from October 10, 2024. Key Points of TDS @2% on Metal Scrap Purchases Applicability of TDS @2% …
RCM on Renting of Commercial Properties : Important GST Update A corrigendum to Central Board of Indirect Taxes and Customs Notification No. 09/2024-CTR has been released, bringing important clarity to the application of Reverse Charge Mechanism on the renting of properties. CBIC Issued Corrigendum to Provide RCM is Applicable Only on Renting of Commercial “Immovable” Property. …