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
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