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,
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
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.
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
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
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
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
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
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 ––
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
