GSTN Advisory 528: GSTN e-Services App launched to replace the existing e-Invoice QR Code Verifier App The GSTN (Goods and Services Tax Network) is excited to announce the launch of its new GSTN e-Services App, which will soon replace the …
Notification No. 18 & 19 of 2024 (Central Tax) In a recent update, the Central Government, vide Notification 18/2024-CT, has taken a significant step by empowering the Principal Bench of the Goods and Services Tax Appellate Tribunal (GSTAT) to ensure …
No condonation application will be entertained by Income Tax Authorities beyond five years from the end of the relevant assessment year. Power of Income Tax Authorities in condoning delays in filing returns that claims refunds/ carry forward of losses: In …
New Rules to be Effective from 1 October 2024 As we step into October, several key rules regarding income tax, Aadhaar Card, TDS, and other financial regulations are set to change. From TDS adjustments on mutual funds and rent to …
If an Appointment Booking Link is provided after submission of form GST REG 1, the applicant must book an appointment to visit a GST Suvidha Kendra (GSK) for Biometric-Based Aadhaar Authentication and document verification. As per Advisory No. 525 dated …
This corrigendum notification specifies about some key amendments in few of the schedules of the Vivad se Vishwas Rules 2024 Central Board of Direct Taxes (CBDT) has issued Notification No. 105/2024 dated 27 September 2024, serving as a corrigendum to …
GoM reached a consensus on the need to provide relief to the common man. If tax rates on essential goods are reduced, alternative measures will be explored to make up for the lost revenue. The Group of Ministers (GoM) on …
Taxpayers can verify the validity of any document issued by tax officers through the GST common portal. The verification can be done both before and after logging in. Concerns have been raised regarding the validity of documents issued by tax …
The Invoice Management System (IMS) is a feature within the GST system where the invoices or records saved or filed by the supplier in GSTR-1/1A/IFF can be accepted, rejected, or kept pending by recipients to accurately avail ITC. With the …
The CGST Act mandates that any order for tax recovery under Section 74 must be issued within 5 years from the due date for filing the annual return for the relevant financial year. Under the Central Goods and Services Tax …
The Direct Tax Vivad se Viswas Scheme 2024 was introduced through the Finance (No. 2) Act, 2024, with further provisions outlined in Notification No. 104/2024, G.S.R 584(E), issued on 20th September 2024. This scheme offers a simplified mechanism for settling …
To be eligible under Vivad se Viswas Scheme 2024 (VSV 2.0), tax disputes must be pending as of the cut-off date of July 22, 2024. One of the key benefits of settling disputes under VSV 2.0 is the waiver of …
The decision to form the GoM was partly influenced by demands from opposition-ruled states, such as West Bengal, which advocated for a complete exemption of GST on life and health insurance premiums. Several other states suggested lowering the GST rate …
Clarification in respect of advertising services provided to foreign clients The Central Board has issued a clarification in light of queries from trade and industry regarding advertising services provided by Indian companies to foreign clients. These clarifications aim to address …
Section 75(2) of the Act specifies that if any Appellate Authority, Appellate Tribunal, or Court determines that a notice issued under section 74(1) is unsustainable due to the failure to establish fraud, wilful misstatement, or suppression of facts to evade …
Recommendations of 54th GST Council Meeting The 54th GST Council meeting, chaired by the Union Minister for Finance & Corporate Affairs, Smt. Nirmala Sitharaman, was held in New Delhi on 9th September 2024. The meeting included Union Minister of State …
These 4 options of GST Relief on Health Insurance stem from a detailed analysis by the Council’s fitment panel, comprising both central and state revenue officials. The Goods and Services Tax (GST) Council is expected to address four crucial options …
Reporting of Inter-State Taxable Supplies to Unregistered Dealers (B2C): The Indian government has introduced a notable amendment on reporting supplies to unregistered dealers under Notification No. 12/2024 – Central Tax, dated 10th July 2024. As per the notification, the threshold …
This Invoice Management system (IMS) will be available on the GST portal starting October 1st. This will allow recipient taxpayers to review and either accept, reject, or keep invoices pending for later action. The GST Network (GSTN) is set to …
The current review of the Income-Tax Act holds the potential to revolutionize India’s tax system by reducing complexities, improving clarity, and making it easier for taxpayers to comply. The Indian government is currently undertaking a significant review of the Income-Tax …