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 […]
GSTN is introducing two-factor authentication (2FA) for taxpayers to strengthen the login security in GST portal. The pilot rollout has been done for a state of Haryana and working seamlessly. Currently, 2FA has been rolled out for Punjab, Chandigarh, Uttarakhand, Rajasthan and Delhi in 1st phase on 1st December 2023. In 2nd phase, it is […]
There has been a recent development in the E-way bill system for all registered taxpayers. Notification No. 78/2020 –Central Tax, dated 15th October, 2020 made it mandatory for taxpayers whose Annual Aggregate Turnover (AATO) is more than Rs. 5 Crores to provide at least 6 digit HSN code for all the B2B and Export transactions. […]
The CBIC has vide Notification No. 26/2022 – Central Tax dated 26th December 2022 has introduced two new tables in GSTR-1 – Table 14 and Table 15 to capture the details of the supplies made through e-commerce operators (ECO). The details required to be reported in both these tables is summarised below: Table 14(a) —->> […]