GSTN Advisory: IMS Launched for Taxpayers to Streamline ITC Claims On 14th October 2024, the Goods and Services Tax Network (GSTN) introduced a new system called the Invoice Management System (IMS). This system is designed to help taxpayers accurately claim Input Tax Credit (ITC) by matching their records with the invoices issued by their suppliers. With the launch of this
Record E-Way Bill Surge in September Signals Festival Season Boost India’s supply chain activity surged in September, with e-way bill generation reaching an all-time high of 109 million, marking an impressive 18% growth compared to the same period last year. This growth reflects the country’s robust economic activity as businesses prepared for the festival season, which is anticipated to further
The Reverse Charge Mechanism (RCM) has introduced significant changes in how GST compliance functions for renting commercial properties. Starting October 10, 2024, any rental of commercial properties by unregistered landlords to registered businesses will fall under the RCM framework. This addition tightens regulations, ensuring better tax accountability and addressing gaps in revenue collection. It directly affects the commercial real estate
CBIC Waives Late Fees for TDS Filers u/s 51 of CGST Act on Delayed GSTR-7 Filings Since June 2021 In a significant relief for taxpayers who are required to deduct tax at source (TDS) under section 51 of the Central Goods and Services Tax (CGST) Act, 2017, the Central Board of Indirect Taxes and Customs (CBIC) has issued Notification No.
Introduction The Indian government has recently opened discussions with private equity and venture capital industries to examine the taxation of ‘carry income,’ specifically the application of Goods and Services Tax (GST) on the profits fund managers and key employees receive. These talks have generated significant interest due to the possible repercussions for Alternative Investment Funds (AIFs) in India. Given the
