ALL ABOUT TAXES

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📢 BIG UPDATE! 📢

The Income-Tax Bill, 2025 🏛 has been introduced in the Lok Sabha! 📜

Want to stay ahead and understand the proposed changes? 📖💡 Download and read the full bill now! 🏦📂

📥 Click here to access the document.

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📢 Attention Taxpayers!

GSTN has issued an Advisory for the Waiver Scheme under Section 128A. Here's what you need to know:

1️⃣ Forms GST SPL-01 and GST SPL-02 are now available on the GST portal for filing waiver scheme applications.
2️⃣ Withdrawal of appeal applications (filed before 21.03.2023) must be requested through the concerned Appellate Authority.

🔗 Read the full advisory: https://services.gst.gov.in/services/advisoryandreleases/read/564

💬 Facing issues? Raise a ticket at https://selfservice.gstsystem.in under the category “Issues related to Waiver Scheme”.

💡 Stay compliant and take timely action!

#GSTUpdates #TaxAdvisory #WaiverScheme #camanojgupta #allabouttaxes

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📢 Attention GST taxpayers!

⏰ The due date for furnishing GSTR-1 for the tax period December 2024 is extended:
👉 13th January 2025 for regular taxpayers
👉 15th January 2025 for Quarterly Filers.

Stay compliant! ✅
#GSTUpdates #TaxAlert

GSTR 1 DUE DATE EXTENDED

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📢 Important Advisory Alert for Tax Professionals and Businesses 📢

🚨 GSTN Advisory on New HSN Table Validation 🚨
Stay informed about the latest updates regarding HSN validation effective in 2023! This document provides critical insights into the changes and how they impact GST compliance.

📄 What’s Inside?

Key updates on HSN code validation.
Steps to ensure compliance with the new guidelines.
Important deadlines and tips to avoid errors.

💡 Don't miss out on this essential update! Share this with your network to spread awareness.

#GSTUpdate #HSNCode #TaxAdvisory #GSTCompliance #StayInformed #allabouttaxes #camanojgupta

GST Portal not functioning properly, GSTN is working on the same.…

Facility for filing Rectification as per NNo. 22/2024 made available on GST portal!!
#GST #gstupdates #allaboutgst #allabouttaxes

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Date extended for late return filing and revised return

🌟 Attention All Taxpayers and Businesses! 🌟

📢 New Advisory Alert ! 📢

The GST Network has issued an important advisory for accurate entry of Receipt Numbers for goods transported via Leased Wagons in the E-Way Bill System. 🚂💼

Here's a quick overview of what's covered:
✅ Guidelines for prefixing Receipt Numbers with "L".
✅ Mandatory updates effective from Jan 1, 2025.
✅ Proper format for entering Receipt Numbers.
✅ Validation process to ensure accuracy.

📥 Download the full advisory and stay compliant

💬 For any queries, raise a ticket through the EWB support portal. Let's ensure smooth transportation of goods and hassle-free compliance!

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55th GST COUNCIL MEETING RECOMMENDATIONS

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As part of implementation of the e-Verification Scheme, 2021 , CBDT has launched an e-campaign to assist taxpayers in resolving mismatches between the income and transactions reported in the AIS and those disclosed in ITRs for the F.Y 2023-24 and 2021-22.

Key highlights:

✅Mismatches identified between AIS and ITRs.
✅Messages sent to taxpayers & non-filers via SMS/email.
✅Last date for revised/belated ITRs (FY 2023-24): Dec 31, 2024.
✅Last date for updated ITRs for FY 2021-22: Mar 31, 2025.

Feedback on AIS data can be shared via the e-filing portal: https://incometax.gov.in/iec/foportal/

This initiative aims to simplify compliance, ensure transparency, and aligns with Viksit Bharat’s vision.

Eligible taxpayers are urged to take this opportunity to fulfil their tax responsibilities.

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🔥📛 Mismatch between GSTR-3B and GSTR-1 does not invoke Section 74 without fraud or suppression of facts: HC

➡️ Section 74 of the GST Act applies only in cases involving fraud, willful misstatement, or suppression of facts.

➡️ A mere mismatch between GSTR-3B and GSTR-1 does not automatically attract the provisions of Section 74.

➡️ Allegations of mismatch must include evidence of fraudulent intent or suppression to invoke Section 74.

➡️ Without establishing fraud or misstatement, the demand cannot rely solely on return discrepancies.

✔️ Delhi HC - Xiaomi Technology India (P.) Ltd. v. Additional Commissioner, CGST Delhi West Commissionerate [W.P.(C) No. 15297 of 2024]

#GST #GSTUpdate #GSTCaseUpdate #GSTUpdate #GSTcaseLaw #CAManojGupta #allabouttaxes

📢 GST Update: Biometric Aadhaar Authentication for GST Registration!
🚨 New functionality for GST registration is now live in Haryana, Manipur, Meghalaya, and Tripura starting December 7, 2024!
💡 Applicants will undergo Biometric-based Aadhaar Authentication and document verification to streamline and secure the process.
Key Highlights:
✅ Link to book appointments at GST Suvidha Kendras (GSK).
✅ Required documents: Aadhaar Card, PAN Card, and uploaded documents.
✅ Ensure timely appointments to avoid delays in GST approvals.
📋 Stay compliant and updated with these new GST regulations!
🔗 Follow us for more updates: www.allabouttaxes.in
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🔰ALL ABOUT TAXES - GST UPDATES🔰

ALLAHABAD HIGH COURT IN THE CASE OF Tata Aldesa (J.V.) 56 of CGST Act, 2017

✅The petitioner sought a refund of ₹38,10,351/- along with interest under Section 56 of the CGST Act, 2017. Although the refund was sanctioned on 12.02.2020, it was only credited to the petitioner’s account on 07.11.2024, well beyond the stipulated 60 days.

✅Section 56 of the CGST Act, 2017 mandates interest at 6% per annum if the refund is delayed beyond 60 days. The petitioner claimed interest for the delay from 07.02.2020 to 07.11.2024.

✅The State authorities, citing a communication from the CGST authorities, argued that the liability for paying interest lay with the CGST authorities. Conversely, the CGST authorities referred to Circular No. 17/17/2017 dated 15.11.2017, stating that the State authorities were liable.

✅The court held that the petitioner cannot be deprived of interest due to a dispute between State and Central authorities. It emphasized that the liability to pay interest lies with the State authorities, as indicated in the communication from the CGST authorities dated 05.04.2024.

✅The petition was allowed, and Respondent No. 3 (State authorities) was directed to pay the interest to the petitioner under Section 56 of the CGST Act, 2017 within one month. The resolution of the liability dispute between State and CGST authorities would not affect the petitioner’s entitlement to interest.

Thanks & Regard
Team ALL ABOUT TAXES

📢 Important GST Update: High Court Issues Notice to Revenue!

🚨 The Hon'ble Allahabad High Court has issued a notice to the Revenue Department in a crucial GST case.

🔍 Case Details:
In Anil Kumar Singh v. Union of India [Writ Tax No. 1901 of 2024, November 08, 2024], the Assessee's TRAN-1 form claiming transitional credit of ₹30,30,368.53/- was rejected because the credit was filed under the wrong column.
📌 Further, the GST portal lacked an option to file an appeal, leaving the petitioner unable to contest the rejection.

🌐 The Court’s intervention highlights the need for a functional and fair digital framework for taxpayers.

👉 Read more updates on GST, taxation, and finance:
🔗 Visit our website: www.allabouttaxes.in
Stay informed with ALL ABOUT TAXES! 💼✨

"💼📊 Success in finance is not just about numbers—it's about making the right decisions at the right time. 💡💰

Accountants, Tax Experts, and Finance Professionals are the architects of financial stability and growth. 🔑📈"

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Quotes of the Day

The way you start your day can affect your whole day. Always Try To Begin it with a smile, calmness of mind, and a heart filled with gratitude.

Character is greater than beauty, Humanity is greater than wealth. But Nothing is greater than keeping relation alive.

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Correct Answer of this poll is Option A - Table 4A

Correct Answer of this poll is Option B - Goods & Service Tax Identification Number

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🚨 Attention Quarterly GST Filers! 🚨
📅 25th November 2024 is the due date for GST Challan payment for October 2024 under the QRMP Scheme.
🔴 If you don’t have sufficient ITC, make sure to discharge your GST liability by this date to avoid penalties!

Stay compliant, stay stress-free!
👉 For more updates and expert guidance, follow ALL ABOUT TAXES.

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"Check out the latest update on the GST Portal! The new Invoice Management System (IMS) and Supplier View feature make it easier for taxpayers to manage invoices and see recipient actions. Stay informed on how this impacts your GSTR-2B and tax compliance. Watch now for all the details!"

#gstupdates #gst #allabouttaxes #camanojgupta

🔰 ALL ABOUT GST UPDATES 🔰

Super 30 Points on Scope of Supply S.7 under GST.

1. Inclusive Definition: "Supply" encompasses various transactions, including sale, transfer, barter, exchange, license, rental, lease, or disposal.

2. Consideration Requirement: Generally, a supply must involve consideration, meaning payment or compensation.

3. Business Context: The transaction should occur in the course or furtherance of business activities.

4. Import of Services: Importing services for consideration is considered a supply, regardless of whether it's for business purposes.

5. Deemed Supplies Without Consideration: Certain activities are treated as supplies even without consideration, as specified in Schedule I.

6. Permanent Transfer of Business Assets: Disposing of business assets where input tax credit (ITC) has been claimed is deemed a supply.

7. Transactions Between Related Persons: Supplies between related or distinct persons (e.g., different registrations under the same PAN) are considered supplies, even without consideration.

8. Principal-Agent Transactions: Supplies between a principal and agent are treated as supplies under certain conditions.

9. Import of Services from Related Persons: Importing services from a related person or an establishment outside India, in the course or furtherance of business, is deemed a supply.

10. Schedule II Activities: This schedule specifies activities to be treated as supply of goods or services, aiding in classification.

11. Transfer of Title in Goods: Transferring ownership of goods is considered a supply of goods.

12. Transfer of Right in Goods: Transferring the right to use goods without transferring ownership is treated as a supply of services.

13. Leasing and Renting: Leasing or renting land or buildings is classified as a supply of services.

14. Treatment or Process: Applying a treatment or process to another person's goods is considered a supply of services.

15. Transfer of Business Assets: Using business assets for personal purposes or ceasing to be a taxable person can be deemed supplies.

16. Composite and Mixed Supplies: The tax liability for composite or mixed supplies is determined based on the principal supply or the highest tax rate applicable.

17. Schedule III Activities: Certain activities are neither treated as supply of goods nor services, such as services by an employee to an employer in the course of employment.

18. Government Activities: Specific activities by the government or local authorities, as notified, are not considered supplies.

19. Power to Notify Transactions: The government can specify transactions to be treated as supply of goods or services through notifications.

20. Consideration Definition: Consideration includes any payment made or to be made, whether in money or otherwise, in respect of the supply.

21. Business Definition: "Business" encompasses trade, commerce, manufacture, profession, vocation, adventure, or any similar activity.

22. Related Persons: Persons are considered related if they have certain specified relationships, such as employer and employee.

23. Distinct Persons: Establishments of a person in different states or countries are treated as distinct persons.

24. Gifts to Employees: Gifts not exceeding ₹50,000 in value in a financial year by an employer to an employee are not treated as supplies.

25. Self-Supplies: Transactions between different registrations of the same legal entity are considered supplies.

26. Barter and Exchange: Barter (exchange of goods or services without money) is considered a supply under GST.

27. Licenses and Leases: Granting licenses or leases is treated as a supply of services.

28. Disposal of Assets: Disposing of business assets, even without consideration, can be deemed a supply if ITC was claimed.

29. Import of Goods: Importing goods is subject to GST under the IGST Act, separate from the definition of supply in Section 7.

30. Scope of Supply: The definition of supply is broad, covering various transactions to ensure comprehensive taxation under GST.

Team ALL ABOUT TAXES

*Draft Reply of ITC Reversal and Reclaim Guidelines under Circular No. 170/02/2022-GST*

✅Circular No. 170/02/2022-GST, issued on July 6, 2022, establishes procedures for managing Input Tax Credit (ITC) reversals and reclaims under the GST framework, emphasizing accurate reporting in GSTR-3B.

*✅ITC Reversal Scenarios:* ITC must be reversed in certain cases, such as non-payment to suppliers within 180 days, use of inputs for exempt supplies, changes in business structure, and losses of goods. These reversals are recorded in Table 4(B)(2) for temporary reversals (which can be reclaimed) and Table 4(B)(1) for permanent reversals (which cannot be reclaimed).

*✅Reclaiming ITC* :Once the conditions leading to a temporary reversal are satisfied, the taxpayer can reclaim ITC by reporting it in Table 4(A)(5) and tracking it transparently in Table 4D(1).

*✅New Ledger and Validation* : The Electronic Credit and Re-claimed Statement ledger was introduced to improve the tracking of ITC reversals and reclaims, ensuring consistency. A validation system in GSTR-3B warns taxpayers if reclaimed ITC exceeds the available balance from reversals.

*✅Compliance Importance:* Adherence to these rules supports compliance and avoids penalties, helping businesses effectively manage ITC.

✅This guidance under Circular 170/02/2022-GST enables businesses to maintain accurate ITC records, reduce errors, and ensure transparent reporting.

*Team ALL ABOUT TAXES*

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📢 Attention Taxpayers! GST Council has introduced a waiver scheme for interest & penalties on demand notices under Section 73 for FY 2017-18 to 2019-20. Pay full tax by 31.03.2025 to benefit! Forms SPL-01 & SPL-02 coming Jan 2025. #GST #TaxRelief #WaiverScheme #TaxCompliance

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File Annexure V by 28/11/2024: If you are supplying GTA services and would like to pay tax under forward charge in the current financial year and onwards

The GST Portal states that If you are supplying GTA services and would like to pay tax under forward charge in the current financial year and onwards, please file your declaration Annexure V Form by 28/11/2024.

On clicking YES you would be navigated to Annexure V Form. If, you are not supplying GTA services, or supplying GTA services but wish to pay tax under Reverse charge, please Click NO.

NOTE: For Filing Annexure V Form you can also access Dashboard>Services>User Services>GTA>Opting Forward Charge payment by GTA (Annexure V)

GST Portal Adds Form DRC-03A After Filing DRC-03 to Simplify the Voluntary Payment Process

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🔥📛 No cancellation of GST registration due to fresh registration; matter to be remanded for further consideration

➡️ The appellant filed a writ petition challenging the cancellation of their GST registration and the appellate order.

➡️ The writ petition was dismissed due to the appellant's failure to disclose that they obtained a new GST registration after the original cancellation.

➡️ The appellant argued in the appeal that obtaining a new GST registration was permissible and did not negate the cause of action against the cancellation order.

➡️ The Revenue failed to demonstrate that disclosing the new registration would have impacted the writ petition's validity or the dispute's outcome.

➡️ Consequently, the court found the initial order unsustainable and allowed the appellant's appeal.

✔️ Allahabad HC - Genius Ortho Industries v. Union of India [SPECIAL APPEAL No. - 647 of 2024]

#GST #GSTwithCAManojGupta #allabouttaxes #GSTUpdate #GSTcaseLaw

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*GST Returns to Become Time-Barred After Three Years*

Starting early next year, GST taxpayers won't be able to file monthly and annual GST returns after three years of the original filing due date . This move aims to ensure timely compliance, enhance data reliability, and reduce the backlog of unfiled returns within the GST system.

*Key Implications:*
- Affected Returns: GSTR-1, GSTR-3B, GSTR-4, GSTR-5, GSTR-5A, GSTR-6, GSTR-7, GSTR-8, and GSTR-9 will be impacted .
- Three-Year Limitation: Taxpayers won't be able to file returns beyond three years from their respective due dates .
- GST Portal Update: The GST portal will be updated to enforce this three-year filing restriction starting early 2025 .

*Action Required:*
Taxpayers are advised to reconcile their records and file any pending returns promptly to avoid non-compliance . Businesses should proactively audit their filing history and address outstanding returns within the remaining window.

Due date extended for Income Tax Return who are subject to audit.

🛑 Do not REJECT any Invoice on IMS for the FY 2023-24:

✅ It’s advisable that the Recipient should not REJECT any Invoice pertaining to FY 2023-24, showing on IMS in October, 2024, being last month, for credit auto-populated in GSTR 2B & 3B to satisfy condition of S. 16(4) of the CGST Act i.e. Time Limit to avail credit for FY 2023-24 by 30th November, 2024.

⚠️ Why this advice:

Once invoice rejected on IMS, then, you will have no option to accept the same….Hence, advisable that you should take action viz. “Accept” or “No Action” for invoices pertaining to FY 2023-24, auto populated in October, 2024. If credit is not related to you for any reason, you may reverse the same in T. 4B(1) of GSTR 3B.

@Infosys_GSTN @cbic_india

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🚀 New GST Updates ! 📚

This comprehensive guide is a must-read for all about new functionality GST Invoice Management System.

🔍 Learn how to:

Manage invoices efficiently with IMS
Streamline your Input Tax Credit (ITC) claims

Stay compliant with GST laws

📊 Step-by-step guidance, practical examples, and screenshots to make it easy to navigate the IMS dashboard.

#GSTCompliance #InvoiceManagement #TaxProfessionals #BusinessTips #Accounting #IMS #TaxFiling #EbookLaunch #StayCompliant #allabouttaxes #camanojgupta

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📢 Important GST Filing Alert: GSTR-1 & GSTR-3B Mismatch! 📢

We’ve just uploaded a critical document to help you address discrepancies between GSTR-1 and GSTR-3B. If you’ve received a notice regarding mismatches, this file will guide you through the resolution process step by step.

Stay connected and get the latest tax updates by joining our community across platforms:

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Stay informed, avoid errors, and keep your GST filings accurate!

#GST #GSTR1 #GSTR3B #TaxUpdate #AllAboutTaxes

📢 Important GST Filing Alert: GSTR-1 & GSTR-3B Mismatch! 📢

We’ve just uploaded a critical document to help you address discrepancies between GSTR-1 and GSTR-3B. If you’ve received a notice regarding mismatches, this file will guide you through the resolution process step by step.

💼 Download the document now to ensure compliance and avoid penalties!

Stay connected and get the latest tax updates by joining our community across platforms:

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Stay informed, avoid errors, and keep your GST filings accurate!

#GST #GSTR1 #GSTR3B #TaxUpdate #AllAboutTaxes #ComplianceMatters #TaxTips

CBDT issues Guidance Note 1/2024 in the form of frequently asked questions (FAQs) on provisions of the Direct Tax Vivad Se Vishwas (DTVSV) Scheme , 2024.

Circular No. 12 of 2024 issued on 15.10.2024.

This note is designed to provide clarity and assist taxpayers in better understanding the provisions of the (DTVSV) Scheme, 2024.

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ALL ABOUT GST UPDATES - GST Updates (Oct 2024):

Auto-Population of ITC in GSTR-9/9C (Starting FY 2023-24):
From FY 2023-24, eligible Input Tax Credit (ITC) for domestic supplies (excluding reverse charge and imports) will be auto-populated in GSTR-9 from GSTR-2B. The feature is live on the GST portal from 15th October 2024.

Invoice Management System (IMS) Launched (From 14th Oct 2024):
IMS is now available to help taxpayers match invoices with suppliers for accurate ITC claims. Action on IMS is not mandatory but can help generate GSTR-2B. First GSTR-2B under IMS will be for Oct 2024, available by 14th November 2024.

New GST Provision for Metal Scrap Transactions (Notification 25/2024):
Businesses dealing with metal scrap must comply with new GST requirements under Section 51 of the CGST Act. GST REG-07 registration form will soon be available on the portal.

Stay updated and ensure compliance with these new GST provisions!

#allabouttaxes #allaboutgst #camanojgupta #gstupdates

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