Goods & Service Tax

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57th GST Council Meeting on October 7, 2026

Agenda & Reforms: 57th GST Council Meeting October 7, 2026 | Transitioning to "Next-Gen GST" (GST 2.0) According to the document "The 57th GST Council Meeting on October 7.pdf" , the upcoming meeting on October 7, 2026, focuses heavily on GST 2.0 process reforms, compliance easing, and enforcement rationalization rather than tax rate revisions. Primary Issues and Proposals 1. Decriminalization and Arrest Powers Curbing Arrest Powers: The Council may curtail or remove Section 69 arrest powers for tax officials, shifting to technology-led detection rather than arrest-led deterrence. Routine disputes over valuation, classification, and technical compliance would be resolved via civil mechanisms, with strict criminal prosecution reserved for major fraud. Raising Prosecution Threshold: The financial threshold for launching criminal prosecution is proposed to rise from ₹1 cro...

Input Tax Credit on Staff Cars & Employee Group Insurance Under GST May Finally Be Allowed..!!

🚨 Input Tax Credit on Staff Cars & Employee Group Insurance Under GST May Finally Be Allowed..!! 🚨 There is positive movement on a long-pending industry demand. The Law Committee of the GST Council has recommended that companies be permitted to claim Input Tax Credit (ITC) on vehicles purchased in the company’s name for employee use and on group health and life insurance policies taken for staff. These proposals form part of the ongoing ease-of-doing-business review and are expected to be placed before the next GST Council meeting. 📉 The Current Scenario At present, ITC on passenger vehicles is restricted except for a few specified categories such as manufacturers, dealers, and certain transport operators. Related costs like vehicle insurance, repairs, and maintenance are also blocked. On the insurance side, credit is available only in limited situations. For most businesses, the GST paid on these expenses simply ...

GSTR-1 Advisory

Important: Urgent GSTR-1 Filing Notice CA R. WADHWA & Associates IMPORTANT: URGENT GSTR-1 FILING NOTICE We are writing to bring to your urgent attention a critical issue regarding the submission of your monthly GST data. We generally receive your details for GSTR-1 on the final day, during the last remaining hours before the deadline. While we have managed to process it so far, filing at the absolute deadline poses severe financial risks to your business and strains important client relationships. Please keep the following critical points in mind: Impact on Your Buyers (ITC) GSTR-1 must be filed strictly by the due date. If it is delayed, your buyers will not see the invoices in their GSTR-2B and will be unable to claim their Input Tax Credit (ITC) for the month. This directly affects their cash flow and can severely damage your business relationships. GST ...

Haryana One Time Settlement Scheme 2026

Haryana One Time Settlement Scheme 2026 Issued by Excise and Taxation Department, Haryana | Notification No. 07/ST-1 (29th May 2026) Effective from 1st June 2026 What is this scheme? The Haryana Government has launched a One Time Settlement (OTS) Scheme to help businesses and traders clear their old pending tax demands under pre-GST laws in one go — at a substantially reduced amount. Outstanding dues for any period up to 30th June 2017 can be settled by paying only the tax component (after waiver) while getting complete waiver of interest and penalty. The scheme is available for 120 days from 1st June 2026 (i.e. up to 28th September 2026 ). Which Acts are covered? The scheme covers pending dues under the following Haryana/Central Acts applicable up to 30th June 2017: Haryana VAT Act, 2003 Central Sales Tax Act, 1956 Haryana General Sales Tax Act, 1973 Haryana Tax on Luxur...

Advisory regarding confirmation of “Tax Liability Breakup, As Applicable” in GSTR-3B-reg Mar 16th, 2026

Advisory regarding confirmation of “Tax Liability Breakup, As Applicable” in GSTR-3B-reg Mar 16th, 2026 1. In terms of the provisions of Section 50 of the Central Goods and Services Tax (CGST) Act, 2017, interest is payable where the tax liability pertaining to a previous tax period is discharged in a subsequent tax period. Accordingly, the tab “Tax Liability Breakup, As Applicable” in Form GSTR-3B is meant to capture the tax liability relating to supplies of previous tax periods which are being reported and discharged in the current tax period. 2. From the February 2026 tax period onwards, the GST Portal auto-populates the “Tax Liability Breakup, As Applicable” in GSTR-3B on the basis of the document dates of supplies reported in GSTR-1 / GSTR-1A / IFF, where such supplies pertain to any previous tax period but the corresponding tax liability is being discharged in the current period’s GSTR-3B. 3. Accordingly, from the February 2026 tax period, after offsetting the liability in GSTR-3...

Key Year End Compliances/ Declarations Related to GST

This is the last week of FY 2024-25, and there are certain compliances that need attention. Below is the list of key tasks: Ø Declaration for Export with payment of tax i.e LUT in Form RFD 11 Ø ⁠E invoicing registration and stand by if the aggregate turnover in FY 2024-25 is exceeding 5 Cr. Ø Suppliers with outstanding payments for more than 45 days (SME) and 180 days for corrective action and ITC reversal. Ø New Tax Invoice series starting from 01.04.2025 Ø Important reconciliations to be completed and effect is advised to be taken in March 25 GST Returns: Ø ITC availed in GSTR 2B vs GSTR 3B Ø ⁠ITC availed in Books vs GSTR 3B Ø ⁠Outward Supplies as per Books vs GSTR 1 Ø ⁠outward supplies as per GSTR 1 and GSTR 3B Ø ⁠RCM as per Books and GST Returns Ø ⁠ISD as per GSTR 2B and Books/ 3B Ø ⁠1% cash payment under Rule 86B in case monthly sales are more than 50 Lakhs Ø ⁠Annual working of Reversal under Rule 42/43 against exempt supplies Ø ⁠Check supplie...