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Great news for GST filers! The GST Portal has introduced a new form, DRC-03A, specifically designed to correct payments made in error. If you’ve ever mistakenly used DRC-03 for a voluntary payment that should have been applied to a specific demand order (DRC-07), DRC-03A is here to help you adjust those errors easily. When to … Read more

If you’re a business in India, it’s time to gear up for a big regulatory shift in e-invoicing under the GST framework. Here’s what you need to know: 🔹 New Aggregation LimitThe mandatory e-invoicing threshold is dropping from ₹100 crore to ₹10 crore in annual turnover. 🔹 Effective DateThis change comes into force on April … Read more

As the financial year 2023-24 draws to a close, it’s crucial to meet these upcoming GST deadlines to avoid penalties and ensure a smooth filing process. Here’s what you need to know to stay compliant: 🕒 Important Deadlines: 📌 Key Filing Actions: ✅ Suggested Actions: Staying proactive with these deadlines will help avoid penalties and … Read more

Effective Date: November 1, 2024What’s New: Mandatory reporting for Table 13 in GSTR-1. Starting this November, businesses need to pay extra attention to Table 13: Document Issued during the Tax Period in their GSTR-1 filing. Missing details here could lead to penalties under Sections 122 and 125 for non-disclosure of essential information. Key Information You … Read more

The GST Reverse Charge Mechanism for property rentals has recently been clarified, addressing confusion from an October 10, 2024 notification. 🔑 Key Points of the Update: 1️⃣ Initial Confusion: The original notification mentioned “Renting of any property” under reverse charge applicability, leading to concerns about whether both movable and immovable rentals would fall under this … Read more

It’s that time of year! GSTR 9 (Annual Return) and GSTR 9C (Reconciliation Statement) are live on the GST portal, and here’s a quick breakdown to help you stay compliant. 🗓 Filing Deadline: December 31, 2024 Who Needs to File?👉 GSTR 9: Mandatory for registered taxpayers with an aggregate turnover above ₹2 crore.👉 GSTR 9C: … Read more

Don’t Let Your GST Returns Get Blocked! Starting October 1, 2023, GST returns due post-this date will no longer be accepted unless past filings are fully reconciled. The three-year restriction came into effect on October 1, 2023, though the GST portal is set to reflect this change in early 2025. Full blocking will be enforced by … Read more

Rule 47A: Introduced via notification 20, kicks in November 1, 2024! Here’s what businesses need to know to stay compliant: Self-Invoicing Deadline: Non-Compliance Penalties: RCM Compliance Requirements: Documentation & Audits: Impact on GST Returns: Get Ready: Act now to avoid penalties – Stay ahead of the game! Share this with your network to keep everyone … Read more

The GSTR-9 form for FY 2023-24 is now active on the GST portal, bringing some important updates to the mandatory and optional tables. Here’s what you need to know to stay compliant and file smoothly: Key Mandatory and Optional Table Updates 🔹 Table 4: Details of All Taxable Supply 🔹 Table 5: Details of All … Read more