New TDS & GST Provisions for Metal Scrap Transactions and do this on GST Portal now The amendments regarding the applicability of TDS on metal scrap transactions, effective from October 10, 2024, bring several key implications for businesses and the broader metal scrap industry: Overall, this amendment will significantly impact the metal scrap industry by …
CBIC Clarification on claiming ITC on Demo Cars The CBIC’s clarification on the Input Tax Credit (ITC) eligibility for demo cars marks a significant resolution to an ongoing debate in the automobile industry, providing much-needed clarity for both Original Equipment Manufacturers and authorized dealers. Confusion Around ITC for Demo Cars : Background: Demo cars, essential for …
New Invoice Management System (IMS)- Invoice corrections or amendments GSTN has introduced a new feature on the GST portal, called the IMS to facilitate easy invoice corrections and accurate Input Tax Credit claims. The new Invoice Management System (IMS) being introduced on the GST portal from 1st October aims to streamline communication between taxpayers and …
GSTN advisory on Introduction of RCM Liability/ITC Statement The recent advisory by Goods and Services Tax Network introduces a new “RCM Liability/Input Tax Credit Statement” on the Goods and Services Tax portal, which is designed to help taxpayers accurately report transactions under the Reverse Charge Mechanism. This advisory provides a structured approach to ensure compliance with …
Kind of GSTR Return under Goods and Services Tax regime in India The Goods and Services Tax regime in India, there are various returns that need to be filed, depending on the type of taxpayer and the nature of their business. Under GST, there are thirteen returns. GSTR-1, GSTR-4, GSTR-3B, GSTR-5, GSTR-5A, GSTR-6, GSTR-7, GSTR-8, …
GST applicability on Immigration and Passport Visa Services Consultancy Starting a visa consultancy business in India can indeed be a rewarding venture. Starting a visa consultancy business requires careful planning, a deep understanding of immigration regulations, and a commitment to providing exceptional service. from GST prospective we needed to understand the following Provision in relation …
53rd GST Council Meeting Recommendations & Relief Measures We under the blog provide an update on the significant relief measures and recommendations made by the Good and Services Tax Council during the 53rd Good and Services Tax Council Meeting. The 53rd GST Council met in New Delhi today, chaired by Union Minister for Finance and Corporate …
Compare GSTR-3B & GSTR-1 and understand their significance in the GST regime: GSTR-3B (Summary Return): GSTR-3B is a monthly summary return that contains details of both inward and outward supplies, tax liability, and input tax credit (ITC) claimed by the taxpayer. Unlike GSTR-1, GSTR-3B does not require invoice-level details. Instead, it provides a summarized view …
Goods and Services Tax Rate & Harmonized System of Nomenclature Code for Plastic and Plastic Products For the Goods and Services Tax (GST) rates on plastic and plastic products, it depends on the country you’re referring to, as each country has its own tax system and rates. For example, in India, plastics and plastic products …
Input tax credit mismatch as per GSTR-2A and GSTR-3B Top 5 High Court judgments of 2024 related with GST mismatch as per GSTR-2A and GSTR-3B, In the Matter of NRB Bearings Ltd. vs Commissioner of State Tax (14-Feb-2024) Bombay High Court allowed the rectification of clerical error in GSTR-1 to restore Input Tax Credit, prioritizing fairness …