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
The GST Portal has reinstated the option to download deleted GST returns data for the financial year 2017-2018. This follows feedback from taxpayers who raised concerns about the previously scheduled deletion of certain data. Key Points: Recommendations: Taxpayers should download their GST return data as soon as possible, especially if they have notices or orders … Read more
The recent 54th GST Council meeting has brought significant updates to GST on property rentals, especially for commercial properties. Starting October 1, 2024, tenants renting commercial spaces from unregistered landlords will now be required to pay 18% GST under the Reverse Charge Mechanism (RCM). Key Highlights: Scenarios Explained: These changes, aimed at preventing tax leakage, … Read more
Key Points: Conclusion: Ensure you download and backup all your relevant GST return data to avoid issues in the future as data will gradually become unavailable each month.