Summary The newly initiated scheme concerning Section 128A is aimed at providing benefits related to interest and penalties for taxpayers. Highlights 📝 Consult Professionals: It is crucial to consult with tax advisors before filing to understand the benefits and avoid mistakes. 🚫 Risk of Rejection: Applications filed without proper knowledge may be rejected, leading to […]
Summary Date extension for GSTR3B. The confusion arises from the extension of the due date for GSTR1, which subsequently affects the timeline for generating GSTR2B. The new filing deadlines for both monthly and quarterly taxpayers, and the implications of these changes on the input tax credit and return submissions. Detailed timelines are provided, along with […]
Summary There is a significant changes to Table 12 of the GST Return (GSTR-1) that will take effect from January 2025. The changes primarily focus on the handling of HSN (Harmonized System of Nomenclature) level data, which now must be submitted separately for B2B (business-to-business) and B2C (business-to-consumer) transactions. This restructuring aims to improve the […]
Summary The advisory regarding the filing of rectification applications related to input tax credit (ITC) disallowances under GST for the financial years 2017-2021. It highlights the importance of correctly understanding the online rectification process, especially pertaining to Section 16(4). The taxpayers should consult with professionals to ensure accurate filing and avoid mistakes, as errors can […]
Summary The waiver of interest and penalty for the financial year 2019-20. The process of filing necessary forms could significantly benefit taxpayers. The discussion revolves around the adjustments of payments made through DRC 03 forms against demand orders issued by the GST department. The taxpayers can utilize previously made payments for tax liabilities, thereby alleviating […]