GST Updates for September 2024: New Compliance Requirements and Reporting Rules Decoding Form DRC-03A: How It Streamlines GST Liabilities for Taxpayers New RCM Liability & ITC Statement: What Businesses Need to Know Now, let us look at GST due dates for October 2024. Here is a comprehensive ...
GST Updates for September 2024: New Compliance Requirements and Reporting Rules Decoding Form DRC-03A: How It Streamlines GST Liabilities for Taxpayers New RCM Liability & ITC Statement: What Businesses Need to Know Now, let us look at GST due dates for October 2024. Here is a comprehensive ...
GST Rules to Claim Input Tax Credit (ITC) Ensure you have valid documents like tax invoices, debit notes, and bills of entry to claim ITC. Tax invoices must comply with e-invoicing requirements. For supplies under reverse charge, a self-invoice is required for claiming ITC. You must have ...
As the deadline for filing GST returns under the new, revised mechanism is approaching, many taxpayers are still confused regarding the new rules for claiming a refund of input tax under GST. So, they are now waiting for some kind of clarification from the government’s side over the ...
oIt will help the government in ascertaining the revenue for each tax type, which will enable smooth revenue-sharing mechanism. 5.How do I claim Input Tax Credit (ITC) for the purchase of capital goods? There is no separate process for claiming ITC for the purchase of capital goods. The ...
The golden rules of grammar, style and consistency are thoroughly followed Font and size that’s easy to read and remain consistent across all imprint and digital publications are applied One thought on “GST Invoice Management System (IMS) – Streamline ITC Claims and Compliance for GSTR-3B” ...
The general processes outlined for export under GST must be followed when filing returns for the deemed export. Claiming refunds on exports In addition to paying customs duties, you might also have to pay GST. The good news is that you may be able to recover part of your payment of tax....
get tax deductions that you have paid on the inputs at the time when you are paying the tax on the output. Input tax credit or ITC enables businesses to reduce the tax liability as it makes a sale by claiming the credit depending on how much GST was paid on the business’s purchases...
AAR held that since CSR expenses are not incurred voluntarily and have to be incurred regularly, they are not to be treated as ‘gift’ and thus, should not be restricted under section 17(5)(h) for claiming ITC. One may also refer to explanation 2 to Section 37(1) of Income Tax Act...
in our nation, this non-compliance will impact your business in a huge way. Just so you do not miss out on the latest GST reforms announced by the government, we have curated a detailed section on theGST payments, penalties for non-compliance, late fees, refund process and rules for you...