Summary of Clarification on Section 128A of CGST Act,2017 GST Circular has been issued for Clarification on Section 128A of CGST Act,2017. Section 128A allows the taxpayer to get waiver of Interest, penalty or both for certain tax demands related to section 73. This waiver applies to FY 2017-18, 2018-19 and 2019-20 only if certain … Read more
Summary of GST Advisory on Additional FAQS on Invoice Management System Government has issued GST Advisory on Additional FAQS on Invoice Management System on 17-10-2024. Invoice Management System (IMS) is now available to taxpayers. This new system shall facilitate taxpayers in matching their records/invoices vis a vis issued by their suppliers for availing the correct … Read more
Summary of GST Advisory on Providing Pre-filled GSTR-3B from January 2025 The Government has been issued GST Advisory on Providing Pre-filled GSTR-3B from January 2025. To make return filling easier and reduce mistakes, the GST portal now provides a Pre-filled GSTR-3B from January 2025. The auto population woks like Tax liability is filled in automatically … Read more
Summary of Implementation of Provision of section 16(5) and 16(6) of CGST Act through Circular No 237/31/2024 Government has provide clarification on Implementation of Provision of section 16(5) and 16(6) of CGST Act through Circular No 237/31/2024. Key Points of the Circular No 237/31/2024 1. Section 16(4) of CGST Act is reproduced in this circular. … Read more
Summary of GST Advisory on GSTR-9 and 9C Starting FY 2023-24, GST system will auto-populate eligible ITC for domestic supplies (excluding reverse charge and imports ITC) from table 3(I) of GSTR-2B to table 8A of GSTR-9. These changes in GSTR-9 and 9C for the FY 2023-24 will be available on the GST portal from today … Read more
Summary of GST Advisory on Applicability of Invoice Management System Invoice Management System (IMS) is made available to taxpayers from Today, 14th Oct, 2024. The new system shall facilitate taxpayers in matching their records/invoices vis a vis issued by their suppliers for availing the correct Input Tax Credit (ITC). Taxpayers can make use of this … Read more
Clarification on the scope of as is /as is where is basis mentioned in GST Circulars issued The circular is issued for Clarification on the scope of as is /as is where is basis mentioned in GST Circulars issued recommended in GST Council meeting. Various GST circulars have been issued to remove the doubts by explaining … Read more
Circular No 235/29/2024- Clarification on GST Rate and classification of goods Circular No 235/29/2024 provides Clarification on the GST Rate and classification of goods which is recommended in the 54th GST Council meeting. Key Points of Circular No 235/29/2024 Clarification regarding GST rate on Extruded/Expanded Savoury food products Clarification regarding GST rate on Roof Mounted … Read more
Summary of the Circular No 234/28/2024 GST Clarification has been issued for the applicability of GST on certain services. Key Points of Circular No 234/28/2024: 1. Applicability of GST on the service of affiliation provided by universities to colleges 2. Applicability of GST on the service of affiliation provided by Central and State educational boards … Read more
Introduction of Registration Facility for TDS u/s 51 of GST Act for Scrap Dealers GST Advisory has been issued for the Introduction of Registration Facility for TDS u/s 51 of GST Act for Metal Scrap Dealers on 13-10-2024. The government issued Notification 25/2024-Central Tax, on October 9, 2024. under GST Section 51 of the CGST … Read more