In November, GST returns take on added importance as they require careful reconciliation to ensure full compliance. This month is a critical time for businesses to review their records, verify all transactions, and rectify any previous inaccuracies in their filings. Adhering to GST deadlines, especially in November, helps prevent missed tax credits and compliance issues, allowing for smoother financial management
On November 5, 2024, the Central Board of Indirect Taxes and Customs (CBIC) introduced a game-changing mandate for handling personal hearings under tax laws, including the CGST Act, IGST Act, Customs Act, Central Excise Act, and Finance Act. With Instruction No. F. No. 390/Misc/3/2019-JC, CBIC has effectively standardized the virtual hearing process, transforming how appeals are conducted in India’s tax
The Indian GST landscape is about to witness a monumental change. From November 1, 2024, new Reverse Charge Mechanism (RCM) Time of Supply Rules will come into effect, significantly impacting how businesses handle RCM transactions. This shift emphasizes the importance of timely self-invoicing, a crucial compliance requirement, to avoid penalties and the risk of losing Input Tax Credit (ITC). In
The Central Board of Indirect Taxes and Customs (CBIC) recently released a corrigendum to Circular No. 237/31/2024-GST, further clarifying provisions under Section 16 of the Central Goods and Services Tax (CGST) Act, 2017. Dated October 25, 2024, this corrigendum addresses specific challenges related to Input Tax Credit (ITC), ensuring clarity for both taxpayers and GST officers on its eligibility criteria
The rising costs in the housing sector have made affordable housing a priority across India. A recent recommendation from a Goods and Services Tax (GST) panel is a hopeful step toward making home ownership more accessible. This government panel, focused on GST regulations for real estate, is proposing an increase in the affordable housing price limit from ₹45 lakh to
The digital era, while bringing unmatched conveniences, has also opened doors to new challenges, especially in security and identity verification. One area where this is particularly significant is tax administration. To address rising instances of tax fraud, particularly the misuse of Aadhaar and PAN cards in fraudulent GST (Goods and Services Tax) registrations, the State GST Department has implemented a
Introduction In a groundbreaking move, the Ministry of Finance has clarified the Goods and Services Tax (GST) applicability on film distribution before October 2021. This long-awaited decision comes as a breath of fresh air for the Indian film industry, particularly for production houses, distributors, and other stakeholders. For years, the industry grappled with ambiguous GST regulations that led to show-cause
With a fresh approach to making insurance accessible, the Finance Department is considering a reduction in the Goods and Services Tax (GST) on life and health insurance premiums. According to recent reports, this reduction would ease financial burdens, particularly for seniors, who often face high premiums. Currently, the 18% GST rate applies to most health and life insurance premiums, but
The Goods and Services Tax Network (GSTN) has recently rolled out an update that simplifies the registration process for metal scrap buyers. In line with Notification No. 25/2024 – Central Tax, issued on October 9, 2024, this update primarily targets businesses and individuals dealing in metal scrap transactions. The advisory, released on October 13, 2024, introduces a new step-by-step approach
In a move that could reshape India’s Goods and Services Tax (GST) landscape, a Group of Ministers (GoM) has proposed significant tax rate changes for more than 100 products. These adjustments are aimed at providing targeted relief in some areas, while also generating additional revenue to support important exemptions, particularly for senior citizens and essential insurance policies. The recommendations are
