GSTN wish to inform that NIC is releasing the integrated services from e-invoice-1 and e-invoice-2 portals on 18th July 2024 on sandbox portals and 1st Aug 2024 on the production portals. These portals run in parallel and now allow for seamlessly inter-operations. The highlights of the portal are as follows: (https://einvoice1.gst.gov.in and https://einvoice2.gst.gov.in) i. Both the portals (NIC-IRP 1 & … Read more
Summary of Clarification regarding applicability of GST on certain services through Circular No 228-22-2024 Circular No 228/22/2024 provides Clarification regarding applicability of GST on certain services. It is based on the recommendations of 53rd GST Council Meeting which was held on 22-06-2024. This circular mainly consist of following: Keypoints of the Circular No 228-22-2024 1. … Read more
The Government has issued New GST Advisory on Refund of additional IGST paid on account of upward revision in prices of goods subsequent to exports dated 14-07-2024.GST Council has approved that application of refund of additional IGST paid on account of upward revision in prices of goods subsequent to exports may also be processed by … Read more
Summary of the IGST Refund Process For Price Revisions After Export Goverment has annouced IGST Refund Process For Price Revisions After Export through the Circular No 226/20/2024.Trade and industry representative have asked the government to create system for refunding the extra IGST paid when the price of exported goods increases after they have already been exported. … Read more
Summary of the Taxability and valuation of corporate guarantee Services between related persons of the Circular No 225/19/2024. The Government has issued Clarification regarding Taxability and valuation of corporate guarantee Services between related persons through Circular No 225/19/2024 dated 11-07-2024.On the recommendation of GST Council a new rule 28(2) to be added on 26-10-2023 through … Read more
Government has issued GST Advisory for Registration. GSTN is pleased to inform that changes have been made in size of document upload in Principal Place of Business and Additional Place of Business for New Registration and Amendment catering to the grievances received in the matter from trade. Taxpayer can now upload following documents up to maximum … Read more
Summary of Amendment in TCS Rate for E-Commerce Operator On Jul 10,2024 – Notification No.15/2024-Central Tax has issued for amendment in TCS Rate for E-Commerce Operator. These will effective from 10-07-2024. Section 52(1) of the CGST Act,2017 states that every electronic commerce operator who is not acting as an agent, must collect a tax @ … Read more
Summary of the Notification No 13/2024 The Government has issued Notification No 13/2024 to cancel the Notification No 27/2022-Central Tax issued on 26-12-2022 related to applicability of Biometric Aadhar authentication process based on the data analysis and risk parameters. This cancellation of the Notification No 27/2022 will be effective from 10-07-2024. Sub rule 4A of … Read more
Summary of Fixing Monetary Limits for Filing Appeals and Reduction of Government Litigation The Government has Fixing Monetary Limits for Filing Appeals and Reduction of Government Litigation by issuing Circular No 207/1/2024 dated 26-06-2024. This Policy mandates that, where the amount of money involved is below a certain limit the appeal should not be filed. This … Read more
The Government has issued GST Advisory related to New Enhancements to Address-Related Fields in GST Registration Functionalities on 04-07-2024. The Following enhancements have been made to address-related fields in the registration functionalities: New Registration, Amendment Application (Core & Non-Core), and Geocoding Business Addresses. These enhancements are based on the analysis of tickets and user feedback. … Read more