GSTR-3B Due Date for October 2024 Extended for Maharashtra and Jharkhand Taxpayers On account of upcoming legislative assembly elections in Maharashtra and Jharkhand, the government has announced an extension of due date for filing GSTR-3B for the month of October 2024. The polling for these elections is scheduled for November 20, 2024, which is also … Read more
GST Audit Turnover Limit for FY 2023-24 ✅ GST Audit Turnover Limit for FY 2023-24 Taxpayers whose aggregate turnover exceeds ₹5 crore during the financial year must have their accounts audited as specified under subsection (5) of Section 35 and furnish a self-certified reconciliation statement as specified under section 44 in FORM GSTR-9C along with … Read more
Know all about GSTR-7 a monthly TDS return under GST What is GSTR-7? GSTR-7 is a monthly return that must be filed by registered person who deduct tax at source (TDS) under Section 51 of the Goods and Services Tax (GST). Who Can Deduct TDS Under GST? Under GST law, the following entities are required … Read more
Important: You are about to lose access to your old GST return data! Starting August 1, 2024, the GST portal has begun archiving GST return data that is more than seven years old. This is part of a regular monthly process, following the guidelines under Section 39 (11) of the CGST Act, 2017, effective from … Read more
Clarity on Input Tax Credit for Demo Vehicles: A Long-Awaited Relief for Automobile Dealers Since the introduction of the Goods and Services Tax (GST) regime in 2017, automobile dealers have been in a state of confusion regarding the availability of Input Tax Credit (ITC) on demonstration vehicles, commonly referred to as demo cars. These vehicles, … Read more
The key difference between Section 9(3) and Section 9(4) of the Central Goods and Services Tax (CGST) Act, 2017 In the context of GST, Reverse Charge Mechanism (RCM) is indeed a key concept. It shifts the liability to pay tax from the supplier to the recipient of goods or services, under specific conditions. Here is … Read more
In the dynamic landscape of the Goods and Services Tax (GST) era, the concept of electronic invoicing, commonly known as e-invoicing, has emerged as a game-changer. With the aim of fostering transparency, reducing errors, and simplifying tax compliance, e-invoicing has gained substantial traction among businesses. While many are now acquainted with its application for regular … Read more
CBIC vide Notification No. 07/2023 – Central Tax dated March 31, 2023 has reduced the amount of late fees from Fy 2022-23 onwards for filing the Annual Return GSTR 9 and/or GSTR 9C under section 44. From FY 2022-23 onwards late fees for delayed filing of annual return will be turnover based. Turnover up to … Read more
Submit Letter of Undertaking (LUT) for the FY 2023-24 by March 31, 2023 Under GST Law, Export of goods or services can be made without payment of integrated tax under the provisions of rule 96A of the Central Goods and Services Tax Rules, 2017 (the CGST Rules). Under the said provisions, an exporter is required … Read more
Utilisation of the amounts available in the electronic credit ledger for payment of tax and other liabilities. CBIC vide Circular No. 172/04/2022-GST dated 06th July 2022 issued clarification on this subject. Here is the text of the circular: 1.In terms of sub –section (4) of section 49 of CGST Act, the amount available in the … Read more