Introduction of Form DRC-03A for Voluntary Payment Adjustments- Adjust Tax Demand Amount Goods and Services Tax Network introduction of Form DRC-03A on the GST portal is a significant update, enabling taxpayers to efficiently manage voluntary payment adjustments. This update, brought in by Notification No. 12/2024, is part of ongoing efforts to improve the GST compliance …
What is DRC 03 under the Goods and Services Tax system? It acknowledges the voluntary payment of tax dues by the taxpayer. This form is issued by the GST officer after verifying that the payment made by the taxpayer matches the dues claimed by the department. When a taxpayer makes a voluntary payment using Form …
All about Optional vs Mandatory Table of GSTR 9 & GSTR 9C The GSTR 9 and GSTR 9C forms for the FY 2023-24 are now available for filing, with several important updates. These changes streamline the process of filing GSTR 9 and GSTR 9C, particularly with the introduction of new rows for reporting e-commerce supplies …
GSTN: Advisory on Hard Locking of auto-populated values in GSTR-3B The Goods and Services Tax Network issued an Advisory on 17th October 2024 related to the hard locking of auto-populated values in GSTR-3B. The advisory highlights recent improvements in the Goods and Services Tax return filing process aimed at reducing human errors and enhancing accuracy …
No required to pay interest & penalty on GST tax demand; conditional waiver from Nov 1, 2024 Central Board of Indirect Taxes and Customs has introduced Section 128A into the Central Goods and Services Tax Act, 2017 effective from November 1, 2024. This provision grants GST Taxpayers relief from interest and penalties on non-fraudulent Goods …
FAQs GST OFFENSES, PENALTIES & APPEALS What is the definition of offence under GST? Offence is the breach of any law or rule and provisions prescribed under the GST Act and Rules. What are the different types of offences prescribed under GST? Under Sec 122(1), the following defaults involve a penalty of Rs 10,000 or …
SMT Nirmala Sitharaman Finance Minister Chairman of Goods and Services Tax Council has announced amendments to the Goods and Services Tax (Goods and Services Tax Appellate Tribunal) regulations. These changes include increasing the age limit for the President of Goods and Services Tax from 67 to 70 years, allowing members to serve until they reach …
Unjust Enrichment under the Goods and Services Tax Act Due to the fact that GST is an indirect tax structure and that the consumer has to bear its incidence, it is usually assumed that the owner of the business will transfer the incidence of tax to the final consumer. For the same reason, any refund …
Key Update on 47th GSTC Meeting recommendations. There were several proposals presented at the 47th GSTC Meeting. They have already been followed by a number of Non-Tariff Notifications and Circulars from CBIC. Recently, Central Board of Excise and Customs published a number of tariff notifications to implement suggestions for changes to the rates of various commodities …
Major Changes in GST by Finance act 2022 It’s harder to avail Input Tax Credit: A new clause (ba) has been inserted in section 16(2) stating that ITC in respect with an Invoice can only be availed if such ITC has not been restricted in detail communicate to buyers in form of auto generated …