How to Set Off GST Input Tax Credit? Effective utilization of Input Tax Credit (ITC) is one of the most crucial aspects of GST compliance in India. For businesses, understanding the set-off mechanism can help reduce their tax burden and optimize working capital. This article explains the GST Input Tax Credit (ITC) set-off process in […]
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Difference Between ASMT-10 and DRC-01 under GST In the Goods and Services Tax (GST) system, the government follows a structured process to ensure that taxpayers comply with their obligations. Two important notices that taxpayers may receive during this process are ASMT-10 and DRC-01. Though both notices are linked to discrepancies in tax filings, they serve
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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
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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
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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
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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
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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
Income Tax Refund Delays: How to resolve the issue? Income tax refunds are a crucial aspect of financial planning for taxpayers. However, many individuals face delays in receiving their refunds due to various reasons, one of the most common being pending queries from the Income Tax Department. These queries often require the taxpayer’s immediate response,
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Calculate HRA Exemption Under Section 10(13A) with Detailed Breakdown HRA Calculator Basic Salary (₹): HRA Received (₹): Rent Paid (₹): Is Metro City: YesNo Calculate HRA Exemption HRA Exemption Amount: ₹ Detailed Calculations: HRA Received: ₹ Rent Paid minus 10% of Basic Salary: ₹ 50% (or 40%) of Basic Salary: ₹ Provisions of Section 10(13A)
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TCS on Foreign Remittance Transactions under LRS as per Income Tax Act, 1961 (Updated for October 2023) Introduction The Liberalized Remittance Scheme (LRS) allows Indian residents to remit money abroad for various purposes, such as travel, education, medical treatment, and investments. As of October 1, 2023, the Government of India has revised the Tax Collected
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
GST E-Way Bill: 15 Essential Precautions to Avoid Costly Mistakes Introduction The Goods and Services Tax (GST) E-Way Bill system is an essential part of transporting goods across India. It ensures that goods in transit comply with the GST laws and helps prevent tax evasion. However, generating an E-Way Bill correctly is crucial to avoid
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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
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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,
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