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Key Changes in ITC Reporting for GSTR-9 & GSTR-9C for FY 2024–25 Changes in ITC Presentation in GSTR-9/9C for FY 2024-25 The revised GSTR-9/9C formats for FY 2024-25 have introduced structural and computational changes to ensure accurate demarcation of Input Tax Credit (ITC) pertaining to different financial years and eliminate artificial mismatches in reconciliation tables …
Bank Account Frozen in GST for Over 1 Year? Under the Goods and Services Tax law, the authorities have powers under Section 83 of the CGST Act, 2017 to provisionally attach the bank accounts of taxpayers to protect government revenue during ongoing proceedings. However, such provisional attachment is valid only for 1 year from the …
ITC Best Practices under Goods and Services Tax – Conditions, Documentation Eligibility, and Restrictions etc Input Tax Credit is one of the most significant features of India’s Goods and Services Tax framework. It allows registered taxpayers to reduce their tax liability by claiming credit for the GST paid on purchases or business-related expenses. But, …
Zero Rated Supply under GST Under the Goods and Services Tax (GST) law, a Zero Rated Supply refers to supplies on which GST is charged at 0%, but the supplier can still claim input tax credit for taxes paid on inputs and input services. This ensures that exports remain tax-free but without blocking the credit …
Implementation of Non-Editable Auto-Populated Tax Liability in GSTR-3B from July 2025 Tax Period The GST Portal currently auto-populates tax liabilities in GSTR-3B based on outward supplies declared in GSTR-1, GSTR-1A, and IFF. Until now, taxpayers could edit these auto-populated values directly in GSTR-3B. Upcoming Change: Effective from the July 2025 tax period (to be filed …
HSN Code Requirements Based on Annual Turnover Below Summary table showing the requirement of HSN code reporting under GST based on a taxpayer’s annual turnover Annual Turnover of Taxpayer HSN Code Requirement Up to INR 1.50 crore Optional—HSN code reporting not mandatory INR 1.50 crore to INR 5.00 crore 2-digit HSN code must be mentioned …
GSTN Advisory: Changes Effective from May 2025 Return Period Reporting of HSN codes in Table 12 and list of documents in table 13 of GSTR-1/1A Key Highlights of GSTN Advisory – May 1, 2025 Background: As per Notification No. 78/2020 – Central Tax, dated 15th October 2020, taxpayers must report HSN codes in Table 12 …
Conditions to Avail Input tax credit – Section 16(2) : Input tax credit conditions under GST must comply with before claiming Input tax credit, based on Section 16 of the CGST Act, 2017, Eligibility to Claim Input tax credit – Who can claim Input tax credit : Only a registered person (not under Composition Scheme) using …
Payment to ChatGPT for Add-on Features is covered Under GST GST implications on payments made to OpenAI (ChatGPT) for add-on features is well-structured and aligns with Indian GST laws regarding Online Information and Database Access or Retrieval (OIDAR) Services. GST Compliance Summary: ChatGPT for Add-on features is covered under GST: Classification of ChatGPT Services under …
Finance Bill 2025 Impact on Blocked Credit & Credit Note, ISD The Finance Bill 2025 introduces key amendments under the GST framework, significantly impacting input service distributors, blocked credits, and credit notes. The amendments streamline tax credit distribution, remove ambiguities in blocked credit and credit note adjustments, and settle the taxation of vouchers. These changes …