Vimal Kumar Brahmin

#cbic has lowered the reporting threshold for invoice-wise details of inter-state taxable outward supplies to unregistered dealers from ₹2.5 lakh to ₹1 lakh. This change will be reflected in Table 5 of Form GSTR-1 and Table 6 of GSTR-5. The updated functionality is currently under development and will be available soon. Advisory reference - https://lnkd.in/gHz-7dmi #cbic #update #gst #interstate #reporting #unregistered #gstportal #complyX

DGFT Updates Spice Value Addition Requirement: 25% Minimum Requirement for Chapter 9 Spices [Read Circular] #DGFT #spicevalue #Taxscan #taxnews Read More: https://lnkd.in/g8dGjfdX

54th GST Council Meeting: Significant Tax Reforms & Trade Facilitation for a Stronger Economy  1. Goods: - Namkeens & Extruded/Expanded Savoury Food Products 🍿: GST rate reduced from 18% to 12% for extruded/expanded savoury products (except un-fried/un-cooked snack pellets). - Cancer Drugs 💉: GST rate on Trastuzumab Deruxtecan, Osimertinib, and Durvalumab reduced from 12% to 5%. - Metal Scrap ♻️: Reverse Charge Mechanism (RCM) introduced for supply by unregistered persons to registered persons; 2% TDS on supply by registered persons. - Railway AC Units 🚆❄️: Roof Mounted Package Unit (RMPU) air conditioning machines for railways to attract 28% GST. - Car & Motorcycle Seats 🛵🚗: Car seats classified under HSN 9401 with 28% GST (up from 18%).  2. Services: - Life & Health Insurance 💼💊: Group of Ministers (GoM) to study GST issues and report by October 2024. - Passenger Transport by Helicopter 🚁: 5% GST on seat-sharing services; 18% for charter services. - Flying Training ✈️: DGCA-approved flying training courses exempted from GST. - Research & Development Services 🧑‍🔬📚: GST exemption for R&D services by Government Entities, universities, or institutions notified under Section 35 of the Income Tax Act. - Preferential Location Charges (PLC) 🏗️: PLC for construction services to be treated as part of composite supply of main construction services. - Affiliation Services 🎓: GST exemption for affiliation services provided by state/central educational boards to government schools; 18% GST for universities' affiliation services.  3. Other Measures: - B2C e-Invoicing 🧾: Pilot for B2C e-invoicing to be rolled out in select sectors/states. - New Ledgers 📒: Introduction of RCM ledger, Input Tax Credit (ITC) Reclaim ledger, and Invoice Management System (IMS). - Renting Commercial Property 🏢: Renting of commercial property by unregistered persons to registered persons brought under RCM. - Import Services by Foreign Airlines ✈️📦: Exemption for import services by foreign airline branches in India when done without consideration. - Ancillary Services in Goods Transport 🚛: Clarification on classifying ancillary services by GTA as part of composite supply.  4. Measures for Trade Facilitation: - Waiver of Interest/Penalty ⚖️: New rule 164 for waiving interest/penalty under section 73 of CGST Act for FY 2017-18 to 2019-20. - Section 16 Amendments ✏️: Special procedure for rectifying wrong input tax credit (ITC) claims under Section 16 of the CGST Act.  5. GST Clarifications: - Export Refunds & Place of Supply 🌍: Clarifications on IGST refunds for exporters, place of supply for advertising services, demo vehicle ITC, and data hosting services. #GSTCouncilMeeting #TaxReforms #BusinessUpdates #TradeFacilitation #GoodsAndServices #TaxRelief #IndianEconomy #GSTChanges #mpcs #money_pluse_consultancy_services CA Harsh Mehta ADV. (CS) Lokesh Shah CA Sunilkumar Patel ADV. Mitesh Karavadiya Malay Deliwala

54th GST Council Meeting: Significant Tax Reforms & Trade Facilitation for a Stronger Economy  1. Goods: - Namkeens & Extruded/Expanded Savoury Food Products 🍿: GST rate reduced from 18% to 12% for extruded/expanded savoury products (except un-fried/un-cooked snack pellets). - Cancer Drugs 💉: GST rate on Trastuzumab Deruxtecan, Osimertinib, and Durvalumab reduced from 12% to 5%. - Metal Scrap ♻️: Reverse Charge Mechanism (RCM) introduced for supply by unregistered persons to registered persons; 2% TDS on supply by registered persons. - Railway AC Units 🚆❄️: Roof Mounted Package Unit (RMPU) air conditioning machines for railways to attract 28% GST. - Car & Motorcycle Seats 🛵🚗: Car seats classified under HSN 9401 with 28% GST (up from 18%).  2. Services: - Life & Health Insurance 💼💊: Group of Ministers (GoM) to study GST issues and report by October 2024. - Passenger Transport by Helicopter 🚁: 5% GST on seat-sharing services; 18% for charter services. - Flying Training ✈️: DGCA-approved flying training courses exempted from GST. - Research & Development Services 🧑‍🔬📚: GST exemption for R&D services by Government Entities, universities, or institutions notified under Section 35 of the Income Tax Act. - Preferential Location Charges (PLC) 🏗️: PLC for construction services to be treated as part of composite supply of main construction services. - Affiliation Services 🎓: GST exemption for affiliation services provided by state/central educational boards to government schools; 18% GST for universities' affiliation services.  3. Other Measures: - B2C e-Invoicing 🧾: Pilot for B2C e-invoicing to be rolled out in select sectors/states. - New Ledgers 📒: Introduction of RCM ledger, Input Tax Credit (ITC) Reclaim ledger, and Invoice Management System (IMS). - Renting Commercial Property 🏢: Renting of commercial property by unregistered persons to registered persons brought under RCM. - Import Services by Foreign Airlines ✈️📦: Exemption for import services by foreign airline branches in India when done without consideration. - Ancillary Services in Goods Transport 🚛: Clarification on classifying ancillary services by GTA as part of composite supply.  4. Measures for Trade Facilitation: - Waiver of Interest/Penalty ⚖️: New rule 164 for waiving interest/penalty under section 73 of CGST Act for FY 2017-18 to 2019-20. - Section 16 Amendments ✏️: Special procedure for rectifying wrong input tax credit (ITC) claims under Section 16 of the CGST Act.  5. GST Clarifications: - Export Refunds & Place of Supply 🌍: Clarifications on IGST refunds for exporters, place of supply for advertising services, demo vehicle ITC, and data hosting services. #GSTCouncilMeeting #TaxReforms #BusinessUpdates #TradeFacilitation #GoodsAndServices #TaxRelief #IndianEconomy #GSTChanges #mpcs #money_pluse_consultancy_services CA Harsh Mehta ADV. (CS) Lokesh Shah CA Sunilkumar Patel ADV. Mitesh Karavadiya Malay Deliwala

Income Tax Reassessment after Expiry of 4 years due to Non-Filing of GST by Supplier is Invalid: ITAT #ITAT #GST #taxscan #taxnews Read More: https://lnkd.in/gZSfzdKg

ITR filing: Compare your tax outgo in old and new tax regime before finalising one for FY24 https://lnkd.in/gCFCt7Z9

The new version of #GST collection statements may give headline figures like total collections and overall Central GST and State GST mop-up numbers. Read here: https://lnkd.in/dibypHBx

🚨 GST Advisory for TDS (Return) on Metal Scrap🚨 As per Notification No. 25/2024-Central Tax, effective October 10, 2024, taxpayers receiving supplies of metal scrap (Chapters 72 to 81) are required to deduct TDS under Section 51 of the CGST Act, 2017. 🔍 However, for taxpayers who applied for TDS registration in October'24 where granted registration in November 2024 . Due to this in Return Dropdown, Oct'24 is not visible for such taxpayers. ✅ To resolve this: 👉 File the consolidated TDS amount for the period October 10, 2024, to November 30, 2024, in the November 2024 GSTR-7 return. #GSTUpdates #GSTAlerts #GSTNews #TDSCompliance #MetalScrap

USES OF ITR 1️⃣.Income tax returns (ITR) serve multiple roles in tax assessment, adherence to regulations, and financial strategizing. 2️⃣.The primary objective of submitting an income tax return is to declare one's earnings, deductions, tax credits, and payments to the relevant tax authorities. 3️⃣.These details enable tax authorities to determine the taxpayer's annual tax obligations. 4️⃣.In many regions, filing an income tax return is a legal mandate for individuals, businesses, and various entities. 5️⃣.It requires them to faithfully disclose their financial activities and remit the correct tax amounts in accordance with the law. 6️⃣.A notable benefit of timely ITR filing is the possibility of tax refunds. Taxpayers who have paid or had more taxes withheld than required can seek refunds through their income tax return submissions. 7️⃣.Moreover, income tax returns act as official records showcasing a taxpayer's income sources, allowable deductions, and tax contributions. 8️⃣.Such records might be essential when seeking loans, visas, or governmental benefits, necessitating the provision of copies of tax returns. 9️⃣.For those focused on financial planning, income tax returns provide crucial data. A thorough analysis of previous tax returns enables taxpayers to understand their income, outgoings, and tax commitments. This insight empowers them to make educated choices about budgeting, investment plans, and retirement preparations. 🔟.In summary, income tax return regulations are integral to the tax framework. They support governments in revenue collection, ensure tax law compliance, and offer taxpayers avenues for refunds and informed financial decision-making.

📝 On 20th October 2024, the following summaries need to be filed: 👉🏻 Outward taxable supplies and tax payable for those supplying OIDAR services. 👉🏻 Outward supplies, ITC claimed, and net tax payable for taxpayers with a turnover exceeding Rs. 5 crore in the last financial year or those who haven’t opted for the QRMP scheme for the quarter of July to September 2024. Please be compliant and file on time❗️ Follow us for more updates Accounting Equation ✅ #accountant #finance #bookkeeping #business #accounting #tax #smallbusiness #taxes #entrepreneur #payroll #accountingservices #taxseason #businessowner #money #incometax #audit #gst #accountinglife #taxreturn #startup #taxpreparer #charteredaccountant #taxfiling #oidar

The online ITR forms were made available from April 1, 2024. Taxpayers eligible to file their tax returns can now log in and fill their ITRs for FY 2023-24 using these ITR forms. The last date to file income tax returns for FY 2023-24 (AY 2024-25) is July 31, 2024. https://taxkavach.com/ #taxes #business #taxseason #entrepreneur #tax #accounting #money #smallbusiness