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. …
Attention GST Taxpayers! Important Update on Bank Account Validation for GST GSTN Issued Advisory on Validation of Bank Account Details While Adding Bank Account. The Goods and Services Tax Network has implemented a new validation process for updating bank account details during non-core amendments. Here’s a quick guide to ensure you follow the updated process …
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 …