IMS During Intial Phase of Its Implementation GST Advisory has been issued for IMS During Intial Phase of Its Implementation on 12-11-2024.Invoice Management System (IMS) is an optional facility introduced from October 2024 on GST Portal, on which the invoices/records saved/furnished by the supplier in GSTR-1/1A/IFF, can be accepted, rejected or kept pending by recipients … Read more
Objective of this Article The Objective of this article is to clarify the concept of Intermediary services , and its definitions and implications under GST,addressing the common ambiguities that business and tax professional faces. This includes explaining the crieteria for determining intermediary services, outlining the tax implications. By providing detailed insights and illustrative examples, the … Read more
Summary of GST Advisory for waiver scheme under section 128A CBIC has issued GST Advisory for waiver scheme under section 128A on 08-11-2024. For reducing the tax disputes and to provide a big relief to the taxpayers, GST Council in its 53rd meeting held on 22nd June, 2024 had recommended for waiver of interest and … Read more
Summary of GST Advisory related to Other Territory applications GST Advisory related to Other Territory applications has been issued by Government for selecting Range and divison for Trade Notice. As per Notification No. 2/2017-Central Tax dated 19th June, 2017 read with Trade Notice No. 01/2017-Central Tax dated 21st June, 2017 issued by Office of the … Read more
Important Reminders for October 2024 GST Return Filing It is Last chance for giving effect of GST Adjustment for FY 2023-24 in October 2024 GST Return. As the deadline for filing October 2024’s GST return (i.e. 20th November’24) approaches, here are a few critical points to consider for ensuring compliance: 1.Reconciliation of Outward Supplies : … Read more
Summary on GST Advisory on New Form GST DRC-03A CBIC has issued GST Advisory on New Form GST DRC-03A, it is related to the development of New Form of GST DRC-03A , which is now available on the GST portal. 1. It has been observed that some taxpayers have paid the demanded amount vide DRC … Read more
Summary of GST Advisory on Lowering Threshold of AATO to 10 Crore and above to report e-invoice on IRP Portal. The Government has issued GST Advisory on Lowering Threshold of AATO to 10 Crore and above to report e-invoice on IRP Portal on 05-11-2024. 1. With reference to the earlier advisory dated 13th September 2023 … Read more
GST Collection October 2024 is 1,87,346 Crore. Here the GST revenue Collection 2024 is compared with the same month of last year. That means, it is compared with GST Collection October 2023. GST Revenue Collection Amount ₹ Gross GST Revenue Collection October 2024 1,87,346 Crore Gross GST Revenue Collection October 2023 1,72,003 Crore GST Collection … Read more
Summary of the GST Advisory on Biometric-based Aadhaar authentication, Physical verification for registration Applicants of Ladakh GSTN has issued advisory on Biometric-based Aadhaar authentication, Physical verification for registration in Applicants of Ladakh.The new facility has been provided for booking an appointment to visit a GST Suvidha Kendra (GSK) for Biometric-based aadhaar authentication and physical verification … Read more
Summary of the Deadline for filing GST Returns under Finance Act 2023. As per the Finance Act 2023 (8 of 2023), date 31-03-2023, implemented w.e.f 01-10-2023 vide notification no 28/2023- Central tax dated 31-07-2023 new rule for filing of return are applicable to those taxpayers who have missed filing their GST returns.Once 3 yeras have … Read more