The Central Tax Notification No. 27/2024 introduces key amendments to the CGST Act, providing much-needed relief to businesses by extending the timeline for claiming Input Tax Credit (ITC) for financial years 2017-18, 2018-19, 2019-20, and 2020-21. Under newly inserted Section 16(5), taxpayers can now claim ITC on invoices and debit notes from these years until […]

The GST department, keeping in mind the interests of taxpayers, frequently amends various rules, regulations, and limits. Updates regarding these amendments are generally made available on the portal. Among the different amendments suggested under Notification No. 12/2024, dated 10th July 2024, one notable change was the reduction in the threshold limit for reporting invoice-wise details

Government of Karnataka(Department of Commercial Taxes) No: KGST/CR.136/2021-22                                                                                               

The CBIC vide Circular No. 193/05/2023-GST dated July 17, 2023 has issued a clarification to deal with the difference in Input Tax Credit (ITC) availed in FORM GSTR-3B as compared to that detailed in FORM GSTR-2A for the period April 01, 2019 to December 31, 2021. Attention is invited to Circular No. 183/15/2022-GST dated 27th December, 2022,

To address grievances faced by deductors /collectors, the CBDT has specified that for the transactions entered into up to 31.03.2024 and in cases where the PAN becomes operative (as a result of linkage with Aadhaar) on or before 31.05.2024, there shall be no liability on the deductor /collector to deduct/collect the tax at higher rates

GST| The GSTN has issued an advisory to inform about the facility for re-filing of GSTR-3B for some of the taxpayers since there were discrepancies in the returns of some taxpayers during the filing process between the saved data in the GST system and actually filed data in the fields of ITC availment and payment

INCOME TAX: Where assessee’s revision petition under section 264 was dismissed on ground that assessee had not applied for revision within limitation time prescribed and there was delay of more than two years, Legislature had conferred power on Principal Commissioner to condone delay under section 119 to enable authorities to do substantive justice to parties

Income Tax| The CBDT has issued a corrigendum to the notification issued on the time limit to verify Income-tax returns. Para 5 of the notification is amended to provide that ITR shall be deemed invalid if it isn’t verified within 30 days of uploading or by the due date as per the Income-tax Act, 1961,

The GST department has issued an advisory required to generate an e-invoice from 1st April 2024 if their turnover exceeds INR 5 crores in FY 2023-24. In the notification dated 03rd April 2024, the department has specified that if the turnover of a taxpayer exceeds INR 5 crores in the FY 2023-24, the taxpayer will