Types of GST Notices GST notices are official communications from GST authorities in India, issued for reasons like discrepancies in returns, non-filing, or ITC mismatches. They come in various forms under the CGST Act, requiring timely responses to avoid penalties. Common types are categorized by purpose, such as scrutiny, demand, or registration-related. If GST notices …
Taxability Under GST for E-Commerce Sale of Services Definition & Models of E-Commerce Electronic Commerce (Section 2(44)): Supply of goods/services over digital networks. E-Commerce Operator (Section 2(45)): Any person managing a digital platform for e-commerce. Business Models: Marketplace Model: Amazon, Flipkart. Inventory Model: Tata Cliq, Pantaloons. Aggregator Model: Uber, Swiggy, Urban Company. GST Registration Requirements- …
Authorized B2B e-Invoice Verification Apps : GSTN Advisory The GSTN has released a consolidated document listing authorized B2B e-Invoice verification apps. Taxpayers and businesses are encouraged to download and refer to the document to optimize their e-Invoicing processes and ensure compliance with GST requirements. This document serves as a guide for taxpayers to access up-to-date …
File GSTR-3B by Nov 30, 2024, to Claim Pending ITC for FY 2023-24 The deadline for claiming Input Tax Credit for Financial Year 2023-24 is fast approaching. The final deadline to claim any outstanding Input Tax Credit or correct errors in GST returns for the financial year (FY) 2023-24 is November 30, 2024. This is …
TDS compliance process for metal scrap dealers under GST New GST updates for the Iron & Steel Industry regarding the sale of metal scraps, based on Notification No. 06/2024-Central Tax (Rate) and Notification No. 25/2024-Central Tax: The recent amendment to Notification No. 4/2017-Central Tax (Rate), u/s 9(3) of the CGST Act, 2017, addresses metal scrap …
Goods and Services Tax Network has enabled Form DRC-01C on Portal. GSTN has enabled Form DRC-01C to deal with ITC mismatches between GSTR 3B & GSTR 2B, in accordance with rule 88D of the CGST Rules 2017 Through GSTN Notification No. 38/2023-dated on August 4, 2023. CGST Relevant Rule: Central Goods and Services Tax (CGST) Rules, …
What are the new Change GSTR-3B on Reporting of ITC availment, reversal & Ineligible ITC? Indian Govt issued Notification No. 14/2022 (dated on July 5, 2022.) purpose of the notification to allow taxpayers to accurately disclose information regarding ITC claimed, ITC reversed, and ineligible ITC in Table 4 of Form GSTR-3B, Above notified amendment in …
Taxability of transportation services under GST Rate Condition Nature of service 5% No ITC on goods and services Transportation of goods by the road where consignment note is issued (i.e. GTA services) (RCM) 5% No ITC on goods. ITC can be availed only on vessels, ships, etc. Transportation of goods by vessel 5% ITC on …
Latest GST Quarterly Return Monthly Payment Scheme (QRMP) At its 42nd meeting held on 05.10.2020, the GST Council suggested that a registered person with a gross turnover of up to five (5) crore would be authorized to make a return on a quarterly basis, along with monthly tax payment, effective from 01.01.2021. Summary of Quarterly …
www.carajput.com; GST No late Fees GST: Late fee capped at Rs. 500/- for each GSTR-3B Return & waives off late filing fee For each GSTR-3B return, a late fee of Rs. 500/- is capped. In the perspective of the GST taxpayers’ massive relief the government has chosen to limit, on the basis of the condition …