The CBIC has issued a new notification requiring taxpayers to reconcile input tax credit (ITC) using GSTR-2B data instead of GSTR-2A in Form GSTR-9. Read PDF 08th October 2024 The CBIC has shared many new central tax notifications related to section 73, GSTR-7, incorrect ITC, etc. Cl...
Any business/person making an inter-state supply must obtain registration mandatorily; thus, section 9(4) will not come into play. Can we get an Input Tax Credit for capital expenditures like Solar panels, vehicles, etc.? Input Tax Credit (ITC) on capital goods is generally available if the...
Recently, on June 22, the GST Council held the 53rd GST council meeting, and introduced a conditional waiver of interest and penalties under Section 128A, and reduced pre-deposit amounts for appeals to ease taxpayer compliance. It also extended the GSTR 4 filing deadline and introduced FORM...
Section 13 will be effective from October 1, 2024, and Sections 11 and 12 from April 1, 2025. Latest GST News and Updates in August 2024 A comprehensive manual guide has been released for GSTR-1A filing, including essential FAQs to assist taxpayers in the process. The Ministry of Finance...
Explanation 1 in Section 8 of the IGST Act states that when a person has establishments in both taxable and non-taxable territories or in one or more taxable territories throughout India, they are to be treated as the establishments of a distinct person. What is an example of export of ...
Missed Filing GSTR-9 or GSTR-9C for the Financial Years 2017 to 2023 TDS Rate Chart for FY 2025-26 (AY 2026-27) TDS on Salaries (FY 2024-25): New Rules Under Section 192 Explained TDS on Rent Under Section 194-IB: Understanding the Transition from 5% to 2% The Role of CS...
Section 129 of the CGST Act, 2017 says that things that are transported against the law can be held or taken away. The owner of the goods can pay the fine and tax, which is the full amount of tax that should be paid on those 100% goods, to get them back. The owner of the goods...
In accordance with section 122 of the CGST Act, the penalty for not obtaining GST registration in India within time is INR 10,000/- or 10% of tax due from the supply made, whichever is higher. In addition to the penalty, businesses shall be required to pay GST on the supply made alon...
As introduced under section 149 of G Read More 01 Jan 1970Posted By: E-StartupIndia Reverse Charge under GST Under the reverse charge mechanism, the burden of the tax is the recipient of goods or services or both instead on the supplier. In other words, reverse charge means where the...
GSTR-9/9A Exemption:Exempt for taxpayers with turnover up to Rs.2 crore for FY 2023-24. Time Limit Adjustments: ITC Time Limit:Retrospective adjustment to 30th November 2021 for invoices/debit notes. Section 16(4) Relaxation:Extended return filing period post-registration revocation. ...