Summary of Introduction of RCM Liability/ITC Statement Government has Introduced new feature called RCM Liability/ITC Statement to help the taxpayer for accurately reporting of transactions under the RCM.This statement is designed to improve the accuracy and transparency of RCM Transactions. It does so by capturing the RCM liability reported in Table 3.1(d) of the GSTR-3B … Read more
Summary of the GST Advisory on furnishing bank account details before filling GSTR-1/IFF. The Government has issued GST Advisory on furnishing bank account details before filling GSTR-1/IFF. From 1st September,2024 onwards for the tax period August-2024 onwards, Taxpayer will not be able to file GSTR-1 or IFF without submitting valid bank account details on the … Read more
Summary of the Revised GST Rate of Certain Goods and Changes in Definition of Pre-Packaged and Labelled. The Government has Revised GST Rate of Certain Goods through the Notification No.02/2024 dated 12-07-2024. Additionally, through the Notification No.03/2024 dated 12-07-2024, the Government has made the Changes in definition of Pre-packaged and Labelled. Key Points of the … Read more
Summary of the GST Exemption list on certain services as per Notification No 04/2024 Certain changes have been made by the government in GST Exemption list on certain services as per Notification No 04/2024 with effect from 15-07-2024. Major Points of the Notification No.04/2024-Central tax (Rate) & Integrated Tax (Rate) regarding exemption services under gst … Read more
Summary of the Guidelines for Recovery of Dues and Pre-deposit adjustment by Circular No 224/18/2024 Government has issued Guidelines for Recovery of Dues and Pre-deposit adjustment by Circular No 224/18/2024. Commercial sector and Fileld offices has raised issues regarding the process of collecting unpaid taxes in case when first appellate authority has confirmed the demand … Read more