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…
The concept of e-Invoicing under the Goods and Services Tax (GST) regime is transforming the way businesses report their invoices. Contrary to popular belief, e-Invoicing does not imply generating invoices on a government portal but involves reporting specific GST document…
Understanding e-Invoicing in GST: A Comprehensive Guide In an effort to enhance transparency and improve the ease of doing business, the Government of India introduced the concept of e-Invoicing under GST. This initiative streamlines the process of invoice generation, reporting,…
Source: PIB Delhi 1. Introduction to PAN 2.0 Project Objective: Streamline and modernize the issuance and management of PAN and TAN to enhance user-friendliness and efficiency. Approval: Received Cabinet Committee on Economic Affairs (CCEA) approval on November 25, 2024. Integration…
1. Notification Applicability Reference: Notification No. 25/2024-Central Tax. Effective Date: October 10, 2024. Requirement: Any registered person receiving metal scrap supplies (Chapters 72 to 81 of the Customs Tariff Act, 1975) from another registered person must deduct TDS under Section…
Introduction Managing taxes and GST compliance is vital for every business in India. At MS Chambyal & Associates, we specialize in simplifying complex tax processes for businesses of all sizes. This article breaks down GST and taxation concepts into easy-to-understand…
Ensure the turnover reported matches with GSTR-1, GSTR-3B, and audited financial statements. Mismatch can lead to scrutiny or notices. Reversals of ITC Not Reported: Report all ITC reversals under Table 7 correctly, including those related to Rule 42 (input services)…
The Goods and Services Tax (GST) framework in India prioritizes transparency, compliance, and accountability. Recently, an increase in Form GST ASMT-10 notices has been observed for discrepancies in Input Tax Credit (ITC) claims during FY 2020-21. Taxpayers are being asked…
