Summary of Restoration of GST Returns data on Portal GST Advisory on Restoration of GST Returns data on Portal has been issued on 29-09-2024. The Government has advised that return data on the common portal will be archived after 7 years, as part of their data archival policy. This archiving happens every month. For example, … Read more
Summary of the Notification No 17/2024 Notification No 17/2024 specifies the applicability of the sections that are either newly inserted or amended as proposed in Finance (No.2) Act 2024. The Government has specified the dates on which the provisions of these sections,proposed in Finance (No.2) Act 2024, will come in to effect. Section of Finance (No. … Read more
Summary of the Validity of Notice/orders without digital signature of authority GST Advisory has been issued for Validity of Notice/orders without digital signature of authority dated 26-09-2024.There is some confusion about whether documents like Show cause notices or orders issued by tax officers through the GST Common portal are valid if they don’t have digital signature … Read more
Summary of GST Advisory on Archival of GST Returns data on GST portal GST Advisory has been issued on Archival of GST Returns data on GST portal dated 24-09-2024. The Government has introduced archival policy related to data retention on GST Portal. From 01-10-2024 as per new rule by the Notification No 28/2023, taxpayers will … Read more
Frequently Asked Questions on IMS GST Advisory has been issued on Frequently Asked Questions on IMS dated 22-09-2024.This contains guidelines to establish the invoice Management system on the Portal which is applicable from 01-10-2024.It shall be available to the taxpayers for taking actins on the received invoices/records from 14-10-2024 onwards. This system helps make matching … Read more
Summary of Invoice Management System User Manual The Government has issued GST Advisory on Invoice Management System User Manual dated 17-09-2024. Earlier Government has issued GST Advisory for the introduction of Invoice Management System on GST portal to match own records and invoices with those provided by their Suppliers.This matching process is very important to … Read more
Summary of GST Advisory for Reporting ITC Reversal Opening Balance GST Advisory has been issued by government for Reporting ITC Reversal Opening Balance.The Government has previosusly issued a GST Advisory announcing the introduction of the electronic credit ledger and reclaimed statement on the GST Portal. This allows taxpayers to report their ITC reversal, including the … Read more
Summary of the Key Insights of 54th GST Council Meeting The Key Insights of 54th GST Council Meeting are relating to the changes in GST tax rates, provide relief to individuals, measures for facilitation of trade and measures for streamlining compliance in GST.The 54th GST Council met under the chairpersonship of Union Minister for Finance … Read more
Summary of the Circular No 233/27/2024 for IGST Refunds for Exporters The Clarification has been issued by Circular No 233/27/2024 for IGST Refunds for Exporters. This clarification states that even if business initially imported goods without paying IGST and compensation cess using the exemptions under Notification No 78/2017-Customs dated 13-10-2017 or Notification No 79/2017- Customs … Read more
Summary of Clarification on Place of supply for Data Hosting Services Trade and industry groups have asked for Clarification on Place of supply for Data Hosting Services. Specifically, when service provider is located in india and provide service to cloud computing companies located outside india.Therefore, government has issued Circular No 232/26/2024 regarding Place of supply … Read more