Certicom Consulting’s Post

📢 Important Update for GST Taxpayers: Negative Liability Adjustment in GSTR-3B 📢 The GST Portal has introduced a significant change starting from September 2024, as notified vide Notification No. 12/2024–Central Tax dated 10 July 2024. 🔄 Adjustment of Negative Liability: Taxpayers can now adjust negative liabilities from previous tax periods directly in Form GSTR-3B. This update simplifies the process, ensuring a more seamless compliance experience by enabling set-off of past negative liabilities against future tax liabilities. ⚠️ This will be a key feature to ensure accurate tax reporting and settlement of liabilities. Stay compliant and make sure to utilize this feature in your next GSTR-3B filing. #GST #GSTR3B #IndirectTax #GSTCompliance #TaxUpdates #NegativeLiability #GSTPortal

📢 GSTR-7 Due Date Approaching! Attention TDS deductors under GST! The due date for filing GSTR-7, a return for those who deduct Tax Deducted at Source (TDS) under GST, is just around the corner. Make sure to file your return by 10th September 2024 to avoid penalties. Stay on top of your tax obligations to keep your business running smoothly. 🏢🗓️ #GSTR7 #TDSUnderGST #GSTR7DueDate #GSTFiling #TaxCompliance #GSTTDS #TaxDeductors #BusinessCompliance #GSTReturn #GSTObligations #FileOnTime #BusinessEssentials #TaxFiling #GSTDeadlines

Unlocking the Mysteries of Blocked Credit under GST: Understanding Section 17(5) for Seamless Compliance and Optimization. Learn how certain inputs and services are restricted, ensuring rightful utilization of Input Tax Credit (ITC). https://lnkd.in/gu6FJ_Sq #gst #taxcompliance #businessstrategy

Attention taxpayers! Important update regarding GST Return filing. As Per the Finance Act, 2023, taxpayers will not be able to file GST returns after three years from the due date under key Sections like Outward Supply, payment of liability, Annual Return, and Tax Collected at Source. This impacts various GST returns including GSTR-1, GSTR 3B, GSTR-4, GSTR-5, GSTR-5A, GSTR-6, GSTR 7, GSTR 8, and GSTR 9. These changes will be live on the GST portal from early 2025. Act now! Ensure your records are reconciled and file your GST Returns promptly if pending. Stay compliant and avoid any disruptions. #GST #Taxation #Compliance #FinanceAct2023 #GSTPortal #BusinessAdvisory

📢📢 𝐀𝐭𝐭𝐞𝐧𝐭𝐢𝐨𝐧 𝐆𝐒𝐓 𝐓𝐚𝐱𝐩𝐚𝐲𝐞𝐫𝐬! Goods And Services Tax Network will implement the time limit of 3 years from the due date for filing of GST returns (GSTR-1, GSTR-3B, GSTR-4, GSTR-5, GSTR-5A, GSTR-6, GSTR-7, GSTR-8 and GSTR-9) on the GSTN portal. The above restriction was proposed in the Finance Act 2023 and implemented with effect from 1 October 2023 via Notification No 28/2023-Central Tax dated 31 July 2023. Note: This will only impact those taxpayers where the abovementioned returns are not filed within the specified time limit of 3 years. #gst #gstcompliance #learnandgrow #gstr1 #gstr3b #gstr6 #gstr7 #gstr9 #gstr5 #gstr4 #gstreturn #taxupdate #taxcompliance #cbic #taxlearners #invoicereporting #taxreporting #GSTTidBits

What is Form GSTR-3B?🤔 •Form GSTR-3B is a simplified summary return •Purpose of the return is for taxpayers to declare their summary GST liabilities for a particular tax period and discharge these liabilities. •A normal taxpayer is required to file Form GSTR-3B returns for every tax period. Happy filing😄 GSTR-3B simplified summary return summary GST liabilities tax period taxpayer file returns discharge liabilities GST compliance #GSTR3B #gstreturn #taxfiling #GSTLiabilities #TaxPeriod #Taxpayer #GSTCompliance #HappyFiling

🌟 Advisory for Waiver Scheme under Section 128A 🌟 The GST Council has introduced a waiver scheme to reduce tax disputes and bring relief to taxpayers! 🙌 🔹 What’s Covered? Waiver of interest and penalties on demand notices or orders issued under Section 73 of the CGST Act, 2017, specifically for FY 2017-18, 2018-19, and 2019-20 (except cases involving fraud or wilful misstatement). 🔹 How to Avail? To benefit, taxpayers must pay the full tax amount by March 31, 2025. Forms GST SPL-01 and SPL-02 will be available on the GST portal in January 2025 for application within three months of the notification date (Oct 8, 2024). 🔹 Payment Process Use the "Payment towards Demand" option for demand orders or Form GST DRC-03 for notices. Ensure payment linking with Form GST DRC-03A for already settled demands. 🗓️ Don't Miss Out on this valuable relief—pay your dues on time and enjoy the benefits of the waiver! For more details, visit the GST portal. #GSTUpdate #TaxRelief #GSTWaiverScheme #Section128A #TaxAdvisory

Insurance companies are considering filing a legal petition due to a tax demand concerning the commission paid for co-insurance. They seek clarity from the court as imposing Goods and Services Tax #GST on this commission would result in double taxation. Facing a combined tax demand of ₹12,000 crore, the insurance industry hoped for clarification from the upcoming GST Council meeting. However, with no meeting expected before the new government forms and a March 31 deadline looming to settle the tax, insurance firms plan to lodge the writ petition by the end of this month, according to report published by The Economic Times ET. #GSTNotice #GstLitigation

GST Portal may provide the facility to revise or update the GST returns. As of now, taxpayers do not have any option to revise the GST returns. This benefit will reduce litigations and will help the taxpayer in furnishing correct GST returns. #VJMglobal #update #return #taxpayer #taxreturn #incometax #gstreturns

#incometax #everification update #CBDT issued Notification No. 2 of 2024 dt. 31.03.24 clarifying the due date of e verification of the income tax return is within 30 days of uploading the return. >Where the ITR is uploaded and e-verification is done within 30 days of uploading – In such cases the date of uploading the return shall be considered as the date of furnishing the return of income. > Where the return of income is uploaded but e-verification is done after 30 days of uploading – In such cases the date of e-verification shall be treated as the date of furnishing the return of income and all consequences of late filing of return under the Act shall follow, as applicable. > Where the return of income is not verified within 30 days from the date of uploading or till the due date for furnishing the return of income, whichever is later - such return shall be treated as invalid due to non-verification. Source: https://lnkd.in/gxRYRvNx