Key Recommendations from the 53rd GST Council Meeting Key Recommendations from the 53rd GST Council Meeting The 53rd GST Council meeting, chaired by Union Finance Minister Smt. Nirmala Sitharaman, brought forth several significant changes and recommendations aimed at simplifying GST compliance, reducing litigation, and providing relief to taxpayers. Let’s delve into the key takeaways … Read more
Customs Duty Cuts in Budget 2024 Customs Duty Cuts in Budget 2024 The Union Budget 2024 has introduced several significant changes aimed at boosting the economy and facilitating growth in various sectors. One of the most impactful measures is the reduction of customs duties on gold, silver, mobile phones, and other goods. This move is … Read more
Advisory for Furnishing Bank Account Details Before Filing GSTR-1 Date: August 23rd, 2024 Advisory for Furnishing Bank Account Details Before Filing GSTR-1 In light of Notification No. 38/2023 – Central Tax, issued on August 4th, 2023, it is imperative for all taxpayers to understand the importance of furnishing valid bank account details on the GST … Read more
Introduction to RCM Liability/ITC Statement Introduction to RCM Liability/ITC Statement On August 23rd, 2024, a significant update was introduced to the GST Portal to assist taxpayers in accurately reporting Reverse Charge Mechanism (RCM) transactions. The introduction of the RCM Liability/ITC Statement is a major step towards enhancing the accuracy and transparency of RCM transactions by … Read more
The Second Special All India Drive The Central and State Tax administrations are gearing up to launch a significant initiative from August 16, 2024, to October 15, 2024. This initiative, known as the Second Special All-India Drive, is designed to detect and eliminate suspicious or fake GST Identification Numbers (GSTINs) from the Goods and Services … Read more
