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RBI’s Fortnightly Credit Reporting Mandate: A Step Towards Enhanced Transparency and Informed Lending
In a move that promises to reshape the financial landscape, the Reserve Bank of India (RBI) has mandated lenders to report credit information to Credit Information Companies (CICs) like CIBIL, TransUnion, and Experian on a fortnightly basis. This new directive, effective from January 1, 2025,
GSTR-1A FAQ: Key Changes and Updates from August 2024
1. What is the GSTR-1A form? Answer : GSTR-1A is a GST return form that allows taxpayers to make amendments to their previously filed GSTR-1. It was reintroduced on July 10, 2024, following its suspension in 2017. This form helps in updating sales invoices and
CA Shafaly GirdharwalSupreme Court Judgment on Retrospective Application of Mining Taxation Ruling: Balancing Legal Precedent and Practical Implications
Supreme Court judgment dated August 14, 2024, involving a significant legal issue related to the retrospective application of a court ruling in mining taxation. Summary of the Judgment: 1. Background : – The case involves the overruling of the 1990 India Cement Ltd.
CA Shafaly GirdharwalGuidelines for the Second Special All-India Drive Against Fake GST Registrations – 2024
1. Background : Following the success of the first special drive in 2023 to weed out fake GST registrations, a need was identified for a second coordinated effort. This drive will take place from August 16, 2024, to October 15, 2024, involving both Central and
CA Shafaly GirdharwalKey Changes to ISD Rules in Finance Bill 2024: What Businesses Need to Know
The recent amendments to the Input Service Distributor (ISD) provisions in the Finance Bill 2024 have introduced significant changes that are set to impact businesses starting from April 1, 2025. These changes mandate that any office receiving tax invoices for input services must register as
CA Shafaly GirdharwalInterim Relief Granted Against GST Notification No. 56/2023
Here’s a summary of the key points: 1. Notification in Question : – The petition challenges Notification No. 56/2023 dated 28.12.2023, issued by CBIC. – The notification extends the time limits for passing orders under Section 73(9) of the CGST Act, 2017 for the
CA Shafaly GirdharwalSection 74A of CGST Act : Determination of tax not paid or short paid or erroneously refunded or input tax credit wrongly availed or utilised for any reason pertaining to Financial Year 2024-25 onwards
Summary Chart of Section 74A : Section 74A of CGST Act : Determination of tax not paid or short paid or erroneously refunded or input tax credit wrongly availed or utilised for any reason pertaining to Financial Year 2024-25 onwards. (1) Where
Section 128A of CGST Act : Waiver of interest or penalty or both relating to demands raised under section 73, for certain tax periods
Summary Chart of Section 128A : Section 128A of CGST Act : Waiver of interest or penalty or both relating to demands raised under section 73, for certain tax periods (1) Notwithstanding anything to the contrary contained in this Act, where any
Section 11A of CGST Act : Power not to recover Goods and Services Tax not levied or short-levied as a result of general practice (Updated till July 2024)
Summary Chart of Section 11A : Section 11A of CGST Act :Power not to recover Goods and Services Tax not levied or short-levied as a result of general practice Notwithstanding anything contained in this Act, if the Government is satisfied that ––
Comprehensive Guide to Amended GST Rules 2024: Registration, Valuation, Invoicing, and Compliance
The Amended Rules Under Notification 12/2024 for the Goods and Services Tax (GST) in India. These rules encompass various aspects of GST administration and compliance, including registration, valuation, input tax credit, invoicing, refunds, appeals, and more. Key highlights include: Registration Rules: Rules 8, 21, and
Comprehensive GST Circulars: Clarifications and Guidelines (2017-2024)
The index provides an extensive list of circulars issued under the Goods and Services Tax (GST) regulations from 2017 to 2024. It is organized chronologically, detailing circular numbers, issuance dates, and topics covered, which include clarifications, guidelines, and procedures on various aspects of GST. Key
Section 9 of the CGST Act: Levy and collection (Updated till July 2024)
What is provided by section 9 of the CGST Act? This section is a levy section of GST. Section 9 of the CGST Act tells you who is covered by GST provisions. It answers the following questions. When GST is leviable? It is leviable on