GST rules: The Goods and Services Tax Network (GSTN) has announced an update to the e-invoicing process for businesses. Effective April 1, 2025, taxpayers with an annual aggregate turnover (AATO) of Rs 10 crore and above will now be mandated to upload e-invoices to the Invoice Registration Portal (IRP) within 30 days from the date … Read more
Companies with branches in multiple cities will now need to register for input service distribution (ISD) to claim input tax credit for services provided by the head office to the branch office, a move expected to reduce disputes significantly.The interim budget proposed to make this rule mandatory, besides the requirement of a separate registration that … Read more
New Delhi: GST officers have been given more time to issue demand notices for discrepancies in annual returns for 2018-19 and 2019-20 financial years. On Thursday, the government extended the deadline in this regard for 2018-19 fiscal to April 30, 2024 and for 2019-20 fiscal to August 31, 2024. A notification has been issued by … Read more
Tax officers will give reasonable time to erring business to explain reasons for mismatch in turnover reported in sales return GSTR-1 and tax payment form 3B before initiating recovery action for short payment or non-payment of taxes. Apex indirect tax body CBIC has issued guidelines on recovery proceedings and said that taxmen would give a … Read more
The Finance Ministry on Saturday said GST taxpayers can utilise the Input Tax Credit available in their credit ledger to discharge their GST dues for the month of March. “Taxpayers are free to utilise the Input Tax Credit available in their credit ledger, as permissible in law, to discharge their GST dues for the month … Read more
NEW DELHI: Exporters are concerned about the proposed amendments in the integrated goods and services tax (IGST) in the Finance Bill that have taken away the flexibility of exporting on the payment of the integrated tax. Earlier, exports could be made either on payment of the integrated tax or under bond. Citing liquidity crunch and … Read more
NEW DELHI: The finance ministry on Friday said taxpayers are required to report in the annual GST return of 2018-19 only the values of transactions pertaining to that financial year. In a statement, the ministry said certain representations have been received stating that certain tables in the auto populated GSTR-9 for the year 2018-19 also … Read more
Goods and Service Tax Network (GSTN), the information technology backbone provider for GST introduced new return filing form which has auto-populated input tax credit. The new form – GSTR 2B – has been activated for July 2020, and will be available for each month on the 12th day of the succeeding month. “It is expected … Read more