Waiver Scheme Under Section 128A Introduction Waiver Scheme Under Section 128A The Government has introduced a Waiver Scheme under Section 128A, providing significant relief to taxpayers by allowing them to waive specific tax liabilities under certain conditions. This scheme is particularly beneficial for resolving tax disputes efficiently and reducing pending litigations. On December 29, 2024, … Read more
Updated Draft GSTR-2B Generation Date for December 2024 Updated Draft GSTR-2B Generation Date for December 2024 The Goods and Services Tax (GST) system in India plays a pivotal role in ensuring a smooth tax compliance process for businesses. One of the key aspects of this system is the generation of the Draft GSTR-2B, a crucial … Read more
Implementation of Mandatory Mentioning of HSN Codes in GSTR-1 & GSTR-1A Mandatory Mentioning of HSN Codes in GSTR-1 & GSTR-1A As part of the ongoing efforts to streamline Goods and Services Tax (GST) compliance, the GST Network (GSTN) has rolled out Phase-III implementation for Table 12 of GSTR-1 and GSTR-1A, effective from the January 2025 … Read more
Due Date for GSTR-1 and GSTR-3B Filing Due Date for GSTR-1 and GSTR-3B Filing The Goods and Services Tax Network (GSTN) has announced a crucial extension for taxpayers regarding the filing of GSTR-1 and GSTR-3B returns. This decision, issued through Notification No. 01/2025 – (CT) and Notification No. 02/2025 – (CT), both dated January 10, … Read more
Comprehensive Guide: Input Tax Credit (ITC) Rules for Electronic Commerce Operators under Section 9(5) of the CGST Act Input Tax Credit The Central Board of Indirect Taxes and Customs (CBIC) recently issued Circular No. 240/34/2024-GST on December 31, 2024, providing much-needed clarity on the Input Tax Credit (ITC) rules for electronic commerce operators (ECOs). This … Read more
