The recent recommendations from the 54th GST Council meeting, held on September 9, 2024, include important updates concerning rectifications procedure for Input Tax Credit (ITC) orders.
The GST Council, in its recent meeting, introduced several changes and clarifications to the Goods and Services Tax (GST) regime.
INTRODUCTION TO GENERAL INSURANCE SETTLEMENTInsurance companies providing general insurance for motor vehicles settle repair or damage claims through two modes:...
Discover key recommendations from the 54th GST Council Meeting. Stay informed on the latest updates and insights that impact your business and compliance.
The GST Council is considering reducing the GST on life, health, and reinsurance premiums, currently at 18%.
Big Updates from the 54th GST Council Meeting: Key Changes You Need to Know!
GST Liability & ITC Reversal: Replacement of Parts or Goods as such and Repair Services Provided by the ManufacturerGST Liability on Replacement of Parts or...
The consequences of failing to obtain a New GST Registration Number in a timely manner are discussed in this article, which also highlights how crucial compliance is for businesses.
A new functionality will be introduced on GSTN portal w.e.f. 1 October 2024 which will require the recipient of goods or services to match the invoices/records with the details uploaded by supplier for availing ITC.
Starting from October 1, 2024, a new Invoice Management System (IMS) will be implemented to streamline the process of matching invoices issued by suppliers and claiming Input Tax Credit (ITC).
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