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
Summary of Introduction of RCM and GST TDS on Metal scrap supplies GST Notification No 24/2024 & 25/2024 of Central tax is related to Introduction of RCM and GST TDS on Metal scrap supplies. The Government has introduced RCM in case of supply of metal scrap by unregistered person to registered person with effect from 10-10-2024. … Read more
Summary of GST Notification No 20/2024 – Changes in CGST Rules,2017 GST Notification No 20/2024 – Changes in CGST Rules,2017 contains the following Keypoints: 1. The option to issue a consolidated invoice is no longer available 2. Timelimit provided to issue an invoice in case of RCM and purchase from URD 3. Mandatory Electronic Filing … Read more
Summary of Waiver and Reduction of Late Fees for GSTR-7 Filing Under Section 47 Government has issued Notification for Waiver and Reduction of Late Fees for GSTR-7 Filing Under Section 47. This notification is about waiving late fees for registered taxpayers who are required to deduct TDS under section 51 of the CGST Act,2017, and who failed to … Read more
Summary of Procedure for Rectification of Orders Related to Wrong Availment of ITC GST Notification No 22/2024 issued for Procedure for Rectification of Orders Related to Wrong Availment of ITC dated 08-10-2024. The Government has introduced a special procedure for registered taxpayers who received an order u/s 73,74,107 or 108 of the CGST Act,2017 related to wrongly claiming … Read more
Changes in GST Rate of services,Exemptions and RCM Services Notification No 07/2024, 08/2024 & 09/2024 related to Changes in GST Rate of services ,Exemptions and RCM Services effective from 10-10-2024. Changes in GST Rate of Services (applicable from 10-10-2024) Serial No Description of Service Old Rate New Rate Remarks 8(ivb) Transportation … Read more
Summary of Changes in GST Rate of Goods by Notification No 05/2024 & 06/2024 There is Changes in GST Rate of Goods by Notification No 05/2024 & 06/2024 issued by government on 08-10-2024. This changes is applicable from 10-10-2024. Lets understand it with following table: Serial No HSN Product description Old Rate New Rate 32C … Read more
Summary of the GST Liability on Salvage or wreckage in Motor Vehicle Insurance Claims The Circular No 215/9/2024 provides clarification regarding GST Liability on Salvage or wreckage in Motor Vehicle Insurance Claims. The Insurance companies provides general insurance for motor vehicles covers the cost of repairs or damages. These damages are generally of two categories. … Read more
Summary of Systemic improvement for Officer De-mapping on GST Portal GST Instruction No 04/2024 has been issued for Systemic improvement for Officer De-mapping on GST Portal. This Instruction states that when GST officer, who was supposed to be discharged from their duties was not promptly removed or de-mapped from GSTN portal. Hence the officer fraudently … Read more