Ankit Jain

Key Changes in GSTR-9 applicable for FY 2023-24: The GSTR-9 form for FY 2023-24 is active on the GST portal, bringing some important updates to the mandatory and optional tables: Key Changes in #Mandatory and #Optional Table in #GSTR9: ➡️ Table 4: Details of All Taxable Supply: #Mandatory - Mandatory with a new Table G1 added.   - Reporting in 4I, 4J, 4K, 4L is now mandatory (was previously optional).  ➡️ Table 5: Details of All Non-Taxable Supply: - Reporting in 5H, 5I, 5J, 5K is now mandatory (was previously optional).   - Non-GST supplies (5F) must be reported separately.   - Option to either report exempted and nil-rated supplies separately or as a consolidated exempted row.  ➡️ Table 6: Break-up of ITC Availed through GSTR-3B - #Mandatory  ➡️ Table 7: ITC Reversal Details – #Optional (7A, 7B, 7C, 7D can be added in 7H).  ➡️ Table 8: ITC Reconciliation   - Now based on GSTR-2B instead of GSTR-2A.  ➡️ Table 9: GST Paid and Payable : No changes  ➡️ Tables 10-13: Adjustments for FY 2023-24 (can be reported till 30th November 2024). ➡️ Table 14: Differential Tax Paid – Mandatory (if applicable)  ➡️ Table 15: Demand & Refund – #Optional ➡️ Table 16: Purchase from Composite Taxpayers, Deemed Supply, Goods on Approval– #Optional ➡️ Table 17: HSN-wise Summary of #Outward Supplies: - Mandatory for businesses with AATO over ₹5 Crore (all supplies).   - For AATO up to ₹5 Crore, mandatory for B2B supplies only.  ➡️ Table 18: HSN-wise Summary of #Inward Supplies – #Optional  With these new requirements in place, it’s essential to review your data and prepare accordingly. Take advantage of the optional tables only where necessary to streamline your filing. File early to ensure compliance and avoid penalties! #GSTR9 #GSTUpdates #TaxFiling #TaxCompliance #Taxation #ITC #HSN

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#Article | Kartik Solanki, Partner, Indirect Tax at BDO India in his article with ETCFO The Economic Times discusses key considerations for the proposed GST Amnesty Scheme in Budget 2024, highlighting the uncertainties and potential impacts on taxpayers and the GST Appellate Tribunal (GSTAT). Read the article here: https://lnkd.in/dV5-jFYA #GSTAmnestyScheme #IndirectTax #GSTCouncil #TaxReform #Budget2024

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GST Update: GST portal has begun archiving return data starting from July 2017, in line with its policy that mandates archiving data after 7 years. -       GST return data for July 2017 is archived on 1 August 2024, like-wise return data for Aug-17 is archived on 01 Sep 24 -       Data archival is going to be a monthly activity -       As per the advisory dated 24 Sep 24, taxpayers will no longer have access to return data older than 7 years As per the advisory dated 24th September 2024, taxpayers will no longer have access to return data older than 7 years. No clarification has been issued regarding whether the data will remain accessible via a GSP (GST Suvidha Provider), but as of now, the data for July 2017 and August 2017 is still accessible through this method. PS: Taxpayers should promptly download and store all relevant return data for future reference before it becomes inaccessible. #GST #DataArchival #TaxCompliance #GSP Prithvi Krishna Poondla Sai Ravi Chandu P Aitha Harish

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Here’s our Newsletter for February month covering Tax & Regulatory updates for the month of February 2024. This issue contains updates like release of amended Safe Harbour Rules, effective from April 01, 2024, launch of enhanced GST portal enhancing e-invoicing, jist of GST rulings from various HCs, MCA’s establishment of CPC in Manesar and SEBI’s guidelines on resubmission of draft offer document, along other developments. For inputs and queries, write to [email protected]. #paa #tax #sebi #gst #mca #regulatory #newsletter #february2024 #knowledge

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🔵 Exciting Update for Practicing CAs ❗ Some great news that will benefit Chartered Accountants (CAs) significantly! The Institute of Chartered Accountants of India (ICAI) has introduced a new fee calculator on its Tender Monitoring Directorate (TMD) website. This tool aims to assist CAs in setting a baseline for their fees. Here’s what you need to know: The new tool helps CAs establish minimum recommended fees for various professional services, in line with the Revised Minimum Recommended Scale of Fees from February 2020. Key Features: 1. Service Categorization: Covers a broad range of services including Income Tax, GST, audit, and company law. 2. Customized Fee Recommendations: Offers fee suggestions based on service complexity, time required, and specific needs. 3. City-Based Fee Adjustments: Adjusts fees according to location, accounting for differing living costs and demand across A, B, and C cities. 4. Enhanced Transparency and Standards: Promotes standardized fees to uphold professional integrity. These suggested fees are the minimums; CAs can charge more depending on the complexity and nature of the assignment. The tool also supports customization and recommends issuing separate bills for each service. Are you aware of this update? Share the news with your fellow Practicing CA friends!

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Synopsis of Key recommendations in 53rd GST Council Meeting 💥: 1. 📌Waiver of Interest & Penalties for Demand Notices u/s 73 of the CGST Act (i.e. where fraud, willful misstatement is not involved) for the FY 2017-18 to FY 2019-20 (Provided Tax demanded is paid till 31/03/2025) 2. 📌Disputed ITC under section 16(4) availed till 30/11/2021 is allowed (For FY 2017-18 to FY 2019-20) 3.📌No interest on Cash Balance available in Electronic Cash Ledger (Provided the same is utilized in GSTR 3B). 4.      Limit for Filing Appeal by the Department : GSTAT - 20 Lakhs, High Court - 1 Crore, Supreme Court - 2 Crores 5.📌Hostels located outside Educational Institutions are exempted. (Provided Monthly rent is upto Rs. 20,000, minimum stay period is atleast 90 days) 6.      Max Amount of pre deposit for filing appeal before appellate authority reduced from 25 cr to 20 cr each for CGST and SGST. 7.      Pre-deposit for filing appeal before tribunal reduced to 20% and 20 cr each for CGST and SGST. 8.      Amendment in law for providing that time limit for filing appeal before tribunal will initiate from the date Government notifies. 9.      Time limit for filing GSTR 4 extended to 30th June instead of 31st May (From FY 2024-25 onwards) 10.📌Introduction of Form GSTR-1A (Amendment of data uploaded in GSTR 1 before filing GSTR 3B). 11.   GST Rates - 12% tax rate for milk can; uniform GST rate of 12% on all carton boxes; 12% rate on all solar cases; services by railways, platform ticket, other services are exempt. #gstcouncil #gstupdates #gst

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The Ministry of Corporate Affairs notifies Companies (Indian Accounting Standards) Third Amendment Rules, 2024 to further amend the Companies (Indian Accounting Standards) Rules, 2015 w.e.f September 28, 2024 >> https://buff.ly/3Y7wqNy #Taxsutra #tax #TaxsutraGreentick #MCA #audit #accounting

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One of the reason for extending ITR due date (TP cases) is to give impact of safe harbour rules - my discussion with ET correspondent https://lnkd.in/dVrqbRcy

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Hi All - Please find attached our news alert on the recent important guide released by FTA on 'Determination of Taxable Income’ from Corporate Tax Perspective. Most of the points simplified in this guide with clear examples are emanating from the decree/ decisions issued earlier. We have reiterated such important points in the attached tax alert for ready reference. This should be a useful read and most of the examples given in the guide are directly relevant to most of the taxpayer’s fact pattern. Hope you find this useful. Up North Advisors Pranuve Subramanian SANGEETHA P Jomin Joseph #fta #uae #taxes #corporatetax

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GST returns can now be Revised A long overdue change is now introduced with GSTR- 1A. Sales data of GSTR-1 can now be revised with this new return

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Amendments in SRO 350 notified today, to relax some earlier issued #restrictions introduced for #filling / #Uploading of monthly #salestax #Returns including #declaration of #capital as well. #taxplanning #taxcompliance #taxfillingservices

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Budget 2024 Amendments related Partnership Firms: Remuneration to working partners u/s 40(b)(V): The Bill proposes to increase the limit of allowable remuneration to the firm from assessment year 2025-26 as under: (a) In case of loss or on first INR 6,00,000 of book profit - Higher of INR 3,00,000 or 90% of book profit (b) On balance book profit – 60% of book profit TDS on payment to partners by Firm (includes LLP): As per section 194T, the partnership firm shall deduct TDS on payment of salary, remuneration, interest, bonus, or commission to partners at 10% in case payment exceeds twenty thousand rupees at the time of credit (including entry routed through capital account) or any payment, whichever is earlier. #Budget2024 #tds #194T #partnershipfirms

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Business Standard : GoM to review tax rates for 100 + products in Goa “ Rationalising GST rates may not be an easy task for the GoM committee, as socio-economic factors will play a crucial role. While adjustments to specific product rates may be possible, major reforms —such as merging the 12 per cent and 18 per cent or the 12 per cent and 5 per cent rates — may take time,” said Harpreet Singh, partner Deloitte “Altering the list of exempt essential items of daily consumption could also prove challenging, as it may result in blocked input tax credits,” #gst #taxes #taxrates https://lnkd.in/gF6_AJtg

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This new system is expected to streamline the entire tax filing process, reducing errors and improving compliance across the GST ecosystem.#GST #TaxUpdates #InvoiceManagement #ITC #GSTCompliance #TaxSimplification #IndiaBusiness #TaxProfessionals #MGST #NewRegulations

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DGGI Show-Cause Notices to Company Officials The Directorate General of Goods and Services Tax Intelligence (DGGI) has issued over 300 show-cause notices to promoters, directors, and top management for wrongfully availing input tax credit (ITC). Penalties of up to 100% have been imposed under Section 122(1A) of the Central GST Act, which has sparked legal challenges from companies. Tax authorities claim that these notices were only issued in cases where investigations clearly identified management’s involvement in tax evasion. On the other hand, industry leaders argue that such heavy penalties should be reserved for rare cases with clear intent to defraud. In one notable instance, a managing director was personally fined ₹102 crore. Personal Opinion: I believe tax enforcement should differentiate between deliberate tax evasion and complex compliance issues that arise from legal interpretation. Personal penalties on top management should be imposed only when intentional wrongdoing is evident. A balanced approach will encourage compliance without stifling legitimate business leadership.

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MCA vs ICAI The debate over ICAI’s authority in setting audit standards raises significant governance concerns. As we push for better transparency and accountability in our financial systems, it’s crucial that regulatory frameworks are clear and aligned with legal mandates. Ensuring compliance strengthens trust in India's financial and corporate reporting ecosystem. https://lnkd.in/d9-SX5TW

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