GST on Commercial Rentals – Important GST amendment w.e.f. 10.10.2024 Applicability of Reverse Charge Mechanism (RCM) on Renting of Properties (Non-Residential) Introduction: The Government of India has recently issued Notification No. 09/2024 – Central Tax (Rate) on October 8, 2024, further amending Notification No. 13/2017 – Central Tax (Rate) regarding the applicability of GST under the Reverse Charge Mechanism […]

Understanding the Invoice Management System (IMS) in GST – applicable from 01.10.2024 The Invoice Management System (IMS) is an innovative platform introduced under the Goods and Services Tax (GST) regime. Set to launch on October 1, 2024, the IMS enables registered taxpayers to efficiently manage their invoices, improving transparency and accuracy in Input Tax Credit

Composite and Mixed Supply under GST Introduction The Goods and Services Tax (GST) regime in India classifies supplies of goods and services into different categories, including composite supply and mixed supply. These classifications are essential because they determine the applicable GST rates and treatment for bundled transactions. Understanding the difference between composite and mixed supplies

The following are the various Statutory obligations for the month of October 2024. Compliance Type Compliance Due Date Income tax Due date for deposit of tax deducted/collected for the month of September, 2024. 07.10.2024 Income tax Due date for filing of audit report under section 44AB for the assessment year 2024-25 in the case of

Understanding Form GST DRC-20: A Complete Guide to Requesting Payment Installments in GST Form GST DRC-20 plays a critical role for taxpayers facing difficulties in paying their GST dues in a lump sum. This form provides an option to request payment in installments, allowing for better financial planning and easing the tax burden for businesses

Important Advisory: GSTR-1 Bank Account Update – Update Your Bank Account Details Before Filing GSTR-1/IFF The GST department has issued a crucial update that all taxpayers need to be aware of. If you are registered under the Goods and Services Tax (GST) in India, it is now mandatory to furnish the details of a valid

TDS on Rent payment by Individuals / HUF – Tax Deduction at Source (TDS) Under Section 194-IB Section 194-IB of the Income-tax Act, 1961, pertains to the deduction of tax at source (TDS) on rent payments made by individuals or Hindu Undivided Families (HUFs) who are not required to get their accounts audited under section

Cost Inflation Index for the year 2024-25 The CBDT has notified that the Cost inflation Index for the year 2024-25 as 363 The relevant notification is reproduced below Click here to send an enquiry to us

Importance of Responding to DRC-07 GST Notice Introduction Have you ever received a notice from the tax authorities about your Goods and Services Tax (GST) filings? It can be a bit nerve-wracking, right? But fret not, because in this article, we’re going to delve into the significance of responding to a DRC-07 GST notice. So,

GST Annual return Due date Extention for the year 2022-23 The due date for filing GSTR-9 (Annual Return) and GSTR-9C (Reconciliation Statement) for FY 2022-23 extended till January 10, 2024 in respect of GST Registered persons having Principal place of business in the Districts of Chennai, Tiruvallur, Chengalpattu, Kanchipuram, Tirunelveli, Tenkasi, Kanyakumari , Thoothukudi &