Posts

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...
Post a Comment
Read more

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...
Post a Comment
Read more

REPRESENTATION BEFORE PRINCIPAL SECRETARY HARYANA GOVT.-- EXCISE AND TAXATION DEPARTMENT FOR ENHANCEMENT OF USABLITY AND EFFICIENCY OF GST PORTAL

  SONEPAT TAX BAR ASSOCIATION To Sh. Devinder Singh Kalyan Principal Secretary to Govt. of Haryana Excise and Taxation Department   Subject: Suggestions for Improvement of the GST Portal Respected Sir We as professionals in the field of GST and taxation, have closely observed the functioning of the GST portal and would like to offer a few suggestions to enhance its usability and efficiency. These improvements aim to address practical issues faced by taxpayers and professionals while ensuring a seamless experience on the portal.   Field/Window for Uploading Documents During Registration: Currently, there is no specific field or window to upload supporting documents when an assessee applies for registration. Adding such a feature will ensure that all necessary documents are submitted with the application, thereby reducing the chances of queries or rejections.   Preview and Download Option for Applications Before Submission : A preview button...
Post a Comment
Read more

Key Recommendations of 55th GST Council Meeting

 The GST Council met for the 55th time on December 21, 2024 in Jaisalmer and made recommendations on various matters including legislative changes, GST rates on specified goods and services, clarifications on contentious issues, measures aimed at trade facilitation. The GST Council, however, deferred several decisions like overall rate rationalisation, GST on life and health insurance premiums etc. This Alert gives an insight on the key recommendations from this meeting: A. Legislative Changes A1. ITC on construction of immovable property Ø   Section 17(5)(d) of the Central Goods and Services Tax Act, 2017 (‘CGST Act’) to be amended to replace the phrase ‘plant or machinery’ with the phrase ‘plant and machinery’ retrospectively, effective from July 1, 2017. Resultantly, the ITC restriction under Section 17(5)(d) will also be read with the Explanation defining ‘plant and machinery’, as provided under Section 17. Ø   This proposal comes in the light of recently pron...
Post a Comment
Read more

GSTN issued very important Advisory for Waiver Scheme Under Section 128A of the CGST Act, 2017

GSTN issued very important Advisory for Waiver Scheme Under Section 128A of the CGST Act, 2017 The GSTN issued very important Advisory No. 546 dated November 08, 2024 for Waiver Scheme Under Section 128A of the CGST Act, 2017. For reducing the tax disputes and to provide a big relief to the taxpayers, GST Council in its 53rd meeting held on 22nd June, 2024 had recommended for waiver of interest and penalties in the demand notices or orders issued under Section 73 of the CGST Act, 2017 (i.e. the cases not involving fraud, suppression or wilful misstatement, etc.) for the Financial years 2017-18, 2018-19 and 2019-20. To avail this waiver, the condition is that the full tax demanded is paid on or before 31.03.2025. In view of the above, Rule 164 of CGST rules, 2017 was notified through Notification No. 20/2024 dated. 8th October 2024, effective from 1st November 2024. This rule provides procedural guidelines for the said waiver scheme. As per the waiver scheme, if a notice or order is iss...
Post a Comment
Read more

GST (RCM) in case of rent paid to Unregistered Persons on other than Residential property

  Ref:- CBIC Notification No. 09/2024-Central Tax (Rate), Dt. 08-10-2024. Please refer the Notifications cited. You are hereby informed as follows. Vide reference cited, ‘service by way of renting of any property other than residential dwelling’ by an un-registered person is notified as liable for payment of tax by the recipient on reverse charge basis . The Notification has come into force on 10th October 2024. Therefore, you are requested to ensure that the tax on reverse charge basis is accounted for and paid on the rental / lease charges of the commercial property taken on rent / lease from un-registered person..
Post a Comment
Read more

Major #GST Update from 1 Nov 2024

Image
Major #GST Update from 1 Nov 2024 Starting from 1st November 2024, a new compliance rule 47A is coming into effect for #SelfInvoicing in cases of Reverse Charge Mechanism (RCM). Under the Finance Act 2024 (Part 2) and Notification 20/2024, all GST-registered recipients liable under RCM must issue self-invoices within 30 days of supply receipt. Previously, there was no clear time limit, leading to confusion. This change aims to bring consistency and ensure timely tax compliance. Why This Matters: Failing to comply could lead to penalties, so it’s crucial to update your processes! Key Points: - New 30-day time limit for RCM self-invoices. -Effective from 1st November 2024. - Non-compliance may result in penalties. FORMAT OF SELF INVOICE:
Post a Comment
Read more