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
Summary of the Clarification on availability of input tax credit on demo vehicles Circular No 231/25/224-GST has Clarification on availability of input tax credit on demo vehicles. The dealers generally purchase the demo car from manufacturer for the purpose to give buyers test drives and to show them the features of the car. After paying … Read more
Summary of Clarification on advertising Services provided to Foreign Clients. The Government has issued clarification on advertising services provided to foreign clients through Circular No 230/24/2024- GST Dated 10-09-2024. The circular gives clarity regarding advertising services provided by indian company to foreign clients. Some authorities are treating these services as if they are provided in … Read more
Summary of the GST Advisory on Registration Process Aadhaar authentication and Document verification for registration in Bihar, Delhi, Karnataka and Punjab GST Advisory on Registration Process Aadhaar authentication, Document verification for registration in Bihar, Delhi, Karnataka and Punjab.The new facility has been provided for booking an appointment to visit a GST Suvidha Kendra (GSK) for … Read more
Summary for Turnover limit to file GSTR-9 for the FY 2023-24- Notification No 14/2024 Government has issued Notification No 14/2024 to inform turnover limit to file GSTR-9 for the FY 2023-24. The GST Council has recommended that the business with an aggregate turnover of up to 2 Crore for the Financial year 2023-24 be exempted … Read more