Integration of Parcel Management System with E-Way Bill System The integration of the Parcel Management System with the E-Way Bill system by Indian Railways and GSTN is a significant development aimed at improving the efficiency and accuracy of goods transportation under GST compliance. Indian Railways’ Parcel Management System (PMS) is now seamlessly integrated with the …
Central Board Of Indirect Taxes & Customs issued Clarifications regarding applicability of GST on certain services GST Dept issue circular provides clarifications on several GST-related issues, based on the GST Council’s recommendations during its 54th meeting on 9th September 2024. CBIC Clarifications (CBIC Circular No. 234/28/2024-GST No. CBIC-190354/149/2024-TO(TRU-II)-CBEC) on the following issues are being issued …
Restoration of GST returns data: The Goods and Services Tax Network has issued a crucial update following its advisory from 24th September 2024 concerning the archival of Goods and Services Tax return data from the portal after seven years. Initially, the return data for July 2017 and August 2017 was archived on 1st August and 1st …
Significance of GST, TAN, PAN New three-letter terms such as TIN, TAN, VAT, PAN, DSC, and DIN start to be spoken to entrepreneurs who are launching new businesses. It is imperative for any Entrepreneur or Business Owner to understand the distinctions and definitions of these three-letter words. The distinctions between and significance of TAN, PAN, …
Recent CBIC Updates on GST Electronic Cash Ledger- Payment Mechanism under GST Regime Electronic Credit Ledger is blocked due to Input Tax Credit denial : The Madras High Court recently addressed a significant issue regarding the pre-deposit requirements when a taxpayer’s access to the Electronic Credit Ledger is blocked due to Input Tax Credit (ITC) …
Ministry of Finance issued 16 circulars under GST dated 26/06/2024- as per recommendations of 53rd GST Council On June 26, 2024, the Ministry of Finance issued 16 circulars under the Goods and Services Tax (GST) framework as per recommendations of 53rd GST Council. These circulars cover various updates and clarifications related to GST policies and regulations. …
Introduction of Form GSTR-1A under GST The introduction of GSTR-1A is a significant step towards enhancing the GST return filing system, providing taxpayers with more flexibility and accuracy in reporting In the 53rd GST Council Meeting, Union Finance Minister Nirmala Sitharaman proposed the introduction of GSTR-1A, a new optional facility designed to facilitate amendments in …
GST Collections reached a historic peak of INR 2.10 lakh Cr in April 2024 In April 2024, India’s Goods and Services Tax (GST) collections reached a historic peak of ₹2.10 lakh crore, marking a significant milestone in the country’s fiscal landscape. This represents a substantial year-on-year increase of 12.4%, driven primarily by robust growth in …
Taxation implications on Payment of Labour Change The Labour contractor is not registered under Goods & Service Tax: In case Supplying agency is not registered under Goods and service Tax Act, Service receiver should charge Goods and service Tax under RCM Mechanism. Labour contractor registered under Goods and service Tax: In case supplier agency is registered under …
Complete Explanation of Section 16(4) of Central Goods and Services Act, 2017 : Section 16(4) of the Central Goods and Services Act, 2017, pertains to basic conditions & eligibility of taking ITC. ITC allows businesses to claim a set-off on the goods and services taxes, which is paid on inputs used during the normal course …