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The GSTR-3B filing process has undergone a major overhaul, introducing strict new rules that will impact how businesses manage their GST returns. Let’s dive into these changes and what they mean for your business. 1. Say Goodbye to Manual Edits 2. Effortless Auto-Population of Sales and ITC This streamlines the process but demands accurate inputs … Read more

Definition of Metal ScrapMetal scrap covers items classified under Chapters 72, 73, 74, and 75 of the GST framework, including iron, steel, copper, aluminum, zinc, and other base metal articles. However, new items or jewelry are excluded from this category. Reverse Charge Mechanism (RCM) GST TDS (Tax Deducted at Source) Separate TDS RegistrationScrap dealers must … Read more

If you’ve had input tax credit (ITC) denied for previous years, there’s now a solution! The government has introduced a process to help businesses rectify adverse GST orders under Section 16(4) of the CGST Act. Here’s what you need to know: What’s New? Businesses can now fix denied credits for the financial years 2017-18, 2018-19, … Read more

Starting November 1, 2024, the GST Amnesty Scheme gives taxpayers a golden opportunity to settle their dues while avoiding penalties and interest. If you’ve received tax notices in the past, this is your chance to save. Let’s break down the key details: Who Can Benefit? The waiver applies to notices issued under Section 73 of … Read more

Big changes are here for registered taxpayers under GST! Starting from October 10, 2024, new Reverse Charge Mechanism (RCM) rules come into play, impacting purchases of metal scrap and commercial property rent from unregistered persons. Here’s a quick summary of what you need to know: New Goods Under RCM: Metal Scrap New Services Under RCM: … Read more

In an exciting development, the Goods and Services Tax Network (GSTN) is preparing to launch a new e-services app aimed at making GST compliance smoother and more efficient. This upcoming app will provide businesses and individuals with easy access to essential features like GSTIN verification and invoice authentication, right from their mobile devices. What to … Read more

The government has expanded biometric Aadhaar authentication for GST registration to 17 states, including the recent additions of Madhya Pradesh, Rajasthan, and Uttar Pradesh. This initiative aims to enhance the registration process by making it more secure and efficient for businesses. What is Biometric Aadhaar Authentication for GST? This authentication process involves the use of … Read more

Exciting news for all GSTR-3B filers! From 5th October 2024, the GST portal introduces the Negative Liability Ledger—a new feature that simplifies the process of handling sales returns and tax adjustments, making your filing more accurate and efficient. What’s New? With the Negative Liability Ledger, the GST portal now automatically adjusts for negative liabilities caused … Read more

In a landmark decision on October 3, 2024, the Supreme Court of India upheld a ruling by the Odisha High Court, allowing real estate developers to claim GST Input Tax Credit (ITC) on construction costs for properties intended for rental purposes. This ruling in the Safari Retreats Pvt. Ltd. case provides significant relief for businesses … Read more

The Invoice Management System (IMS), which launched on October 1, 2024, is now live, offering businesses an efficient way to handle invoice corrections and Input Tax Credit (ITC) matching. This new tool is designed to improve transparency, streamline processes, and ensure smooth compliance with GST regulations. Key Features of IMS Important Dates to Keep in … Read more