Skip to main content

Action Points for October 2024 GST Return pertaining to FY 2023-24:

Action Points for October 2024 GST Return pertaining to FY 2023-24:

1. Reconcile ITC for FY 2023-24 and avail ITC of FY 2023-24 if any pending to avail.

2. Notify the suppliers about any ITC not reflected in GSTR-2B but for which goods/services have been received during 2023-24 before filing his GSTR 01.

3. Calculate the common ITC for FY 2023-24 and do the reversal as per Rule 42 and Rule 43 of the CGST Rules.

4. Check all vendor payments have been made within 180 days for FY 2023-24. If not, reverse the ITC with interest and re-avail in the month payment is actually made.

5. Ensure ITC for inputs and capital goods is correctly identified and recorded in the books for the disclosure in Table 6 of GSTR-9.

6. Make sure all outward supplies of FY 2023-24 are reported and if any transaction is left, please report in GSTR 01 of October 2024.

Comments

Post a Comment

Popular posts from this blog

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

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 ...
Post a Comment
Read more

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...
Post a Comment
Read more