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 […]
Summary The recent updates from the GST portal regarding e-way bill generation and invoicing, specifically highlighting a new advisory issued on December 17. The advisory states that as of January 1, 2025, the time limit for generating e-way bills from the date of the base document is set to 180 days. This means that if […]
Summary The recent advisory issued by the GST portal regarding the filing of GSTR 3B, specifically focusing on the auto-population of invoice data. Starting from January 2025, the GST return filing process is set to undergo significant changes, where figures related to sales liability and turnover will be automatically populated from GSTR 1 and IFF […]
As per the CGST Act and the Rules thereunder, all registered taxpayers are required to furnish the details of their bank accounts within 30 days of the grant of registration or before the due date of filing GSTR-1/IFF, whichever is earlier. Reference is made to the amended Rule 10A of the CGST Rules, 2017, which […]
The Government introduced the Interim Budget on 1st February 2024. An important change that has been made vide the Finance Bill, 2024 is the change in the definition of Input Service Distributor (“ISD”) u/s 2(61) of the Central Goods and Services Tax Act, 2017. Earlier the definition read as – “Input Service Distributor” means an […]