Clause-by-Clause Analysis of the Income Tax Bill, 2025 The Income Tax Bill, 2025 proposes a significant revamp of India’s tax system by streamlining definitions, modernizing provisions, and aligning tax laws with the digital economy. Below is a detailed breakdown of…
A Comprehensive Comparison of the Income Tax Bill, 2025 and the Income Tax Act, 1961 Introduction India’s tax system is undergoing a significant transformation with the introduction of the Income Tax Bill, 2025. The bill aims to simplify tax laws,…
The Commissioner, on the recommendations of the Council, hereby extends the time limit for furnishing the return in FORM GSTR-3B electronically, through the common portal, by the registered persons, as specified under- 1. Monthly Returns (December 2024): For registered persons…
1. Mandatory Reporting of HSN Codes: As per Notification No. 78/2020 – Central Tax (15th Oct 2020), taxpayers must report HSN codes in Table-12 of GSTR-1/1A based on their Aggregate Annual Turnover (AATO) in the preceding financial year. Implementation is…
Vouchers have been a focal point of discussion in the trade and industry, raising critical questions about their GST implications. Common concerns include whether transactions in vouchers qualify as a supply of goods or services, the GST applicability on voucher…
The Goods and Services Tax (GST) framework in India has introduced specific provisions for determining the place of supply for online services, especially for services provided to unregistered recipients. This blog post aims to clarify the compliance requirements for suppliers…
Introduction The Central Board of Indirect Taxes and Customs (CBIC) has issued a clarification regarding the availability of Input Tax Credit (ITC) under clause (b) of sub-section (2) of section 16 of the Central Goods and Services Tax Act, 2017…
In the realm of GST compliance, questions often arise concerning the input tax credit (ITC) obligations of electronic commerce operators (ECOs), particularly for services covered under Section 9(5) of the Central Goods and Services Tax Act, 2017 (CGST Act). To…
The 55th GST Council meeting, chaired by Union Finance Minister Smt. Nirmala Sitharaman, was held in Jaisalmer, Rajasthan, with participation from state and UT Finance Ministers, Chief Ministers, and senior officials. The Council discussed significant changes to GST tax rates,…
In light of Notification No. 12/2024 – Central Tax dated 10th July 2024, read with Notification No. 20/2024 – Central Tax dated 8th October 2024, changes in reporting for Form GSTR-9 have been introduced for FY 2023-24 onwards. The total…
