No ITC reversal is required when unsecured loans remain loans (not considered supplies). Under GST laws, Input Tax Credit reversal is mandated in cases where goods or services are used for non-business purposes or for making exempt supplies. Since unsecured loans are not considered as “supplies” under GST, the Input Tax Credit availed on inputs …
Changes are set to take effect from 1st September 2024 Starting in September 2024, taxpayers in India will need to adjust their GST return filing practices due to significant changes aimed at enhancing compliance and financial reporting, according to a Hindustan Times report. Chartered accountant RJA highlighted several updates, which align with Notification No. 12/2024 …
Can GST Taxpayer claim GST input on Bank Charges ? Yes, you can claim Input Tax Credit on bank charges under Goods And Services Tax , and there are official circulars that provide guidance on this matter. A GST taxpayer can claim Input Tax Credit on bank charges under the Goods and Services Tax (GST), provided …
Kind of GSTR Return in India Payment System or mechanism under GST Regime General Rules for Payments Regular taxpayers under GST must compute tax monthly, set off Input Tax Credit against Outward Tax Liability, and pay balance tax to the government. Ledgers to be maintained include Electronic Liability, Electronic Cash, and Electronic Credit Ledger. …
Rule 86B under the GST Regime Rule 86B is a provision introduced under the Goods and Services Tax (GST) regime to restrict the use of Input Tax Credit (ITC) for paying output tax liability. Applicability: This rule applies to registered persons whose taxable value of supply (excluding exempt supply and zero-rated supply) in a month …
Main Highlights from the 53rd Goods and Services Tax Council Meeting Changes in Goods and Services Tax Rates of Goods: Aircraft Parts and Tools: 5% IGST on imports of parts, components, testing equipment, tools, and toolkits for aircraft. Solar Cookers: 12% GST on all solar cookers. RAMA Programme Imports: IGST exemption on research equipment/buoys under …
Enhancement Made to the GST Portal – Significant Update Goods and Services Tax Network is pleased to inform that an enhanced version of the Goods and Services portal would be launched on 3rd May 2024. Goods and Services Tax Network is rolling out significant enhancements to the GST Portal, aimed at improving user experience and …
ITC Mismatch GSTR-2B vs GSTR-3B – DRC-01C Intimation under Rule 88D New mechanism to deal with Input Tax Credit mismatches between form GSTR-2B and form GSTR-3B was recommended. Accordingly, CGST Rule 88D was notified on 4th August 2023 vide CGST notification 38/2023 to allow GST system to send automatic intimations to taxpayers for major ITC discrepancies …
What are the tax implications of online gaming? Introduction: In this article we are giving a clear overview of the taxability of online winnings before the introduction of specific sections in the Income Tax Act, and then introduces the provisions of sections 115BBJ and 194BA, which were brought in to address the taxation of income …
E-Waybill issue will not be permissible without e-Invoice details E-Waybill issue will not be permissible without e-Invoice details entered in it with effect from 1st March 2024. and moreover that New Harmonized System of Nomenclature Code conditions for E-Way Bills effective from 1st Feb, 2024: Six Digits for Aggregate Annual Turnover (AATO) under GST > …