The GSTN has introduced important changes in GSTR-1 and GSTR-3B filing that will be applicable from April, 2025. Here’s a quick summary of what’s changing: 🔹 Table 12 (HSN summary) in GSTR-1 Now Mandatory Even for B2C businesses with turnover below ₹5 crore, Table 12 (HSN summary) is now compulsory. 🔹 Table 3.2 (Details of … Read more
Facing errors while filing GST DRC 03A? You’re not alone! Many taxpayers are encountering challenges navigating this process. Here’s a quick guide to understanding the form and avoiding common mistakes. Why DRC 03A Matters? The DRC 03A form was introduced to adjust payments mistakenly made through DRC 03 for DRC 07 liabilities. Filing DRC 03 … Read more
Taxpayers are facing a critical issue with GSTR-2B for October 2024, generated on November 14, 2024. Incorrect data is leading to excess Input Tax Credit (ITC) being reflected in taxpayer records. If unchecked, this could result in erroneous GSTR-3B filings and hefty penalties. Key Issues 1️⃣ Outdated Data Reflected: Old data from previous months is … Read more
Have you received a notice demanding late fees for delayed GSTR-1 filing, especially from FY 2020-2021? Here’s what you need to know before paying anything! Legal Grounds Explained Section 47 of the CGST Act mentions late fees for GSTR-1 delays, but only as a provision—it doesn’t automatically enforce collection. Under Rule 59, the GSTR-1 form … Read more
In a landmark decision, the Allahabad High Court has granted significant relief for GST taxpayers, especially those with multiple registrations under the same PAN. Here’s what you need to know: 🔑 Key Highlights: ⚖️ What the Court Decided:Referencing Circular 183, the High Court ruled that ITC adjustments between multiple GST registrations are permissible, directing tax … Read more
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