Since the inception of GST in July 2017, businesses have faced challenges, including the inadvertent claiming of Input Tax Credit (ITC) under the wrong tax heads. If you’ve mistakenly claimed IGST instead of CGST-SGST/UTGST (or vice versa), no need
In a significant move toward tightening Input Tax Credit (ITC) regulations and ensuring transparency in GST compliance, the Finance Bill, 2025 has introduced a crucial amendment to Section 34(2) of the Central Goods and Services Tax Act, 2017 (CGST Act). Effective from 1st April 2025, this change directly impacts
The Central Board of Direct Taxes (CBDT) has notified critical amendments to Form 3CD via Notification G.S.R. 207(E) dated 28th March 2025, bringing sweeping changes effective from 01.04.2025 for Assessment Year 2025-26 onwards.
Section 139(1) of the Income Tax Act, 1961 lays down the requirement for furnishing the return of income. While ordinarily individuals are not required to file returns if their income is below the basic exemption limit, the following specific scenarios override that exemption.
The GST ecosystem in India is evolving once again, this time with a decisive shift towards standardization, automation, and stringent data reporting. Effective from 1st April 2025, businesses and professionals will face two critical changes in GST returns:
As the financial year 2024-25 draws to a close, businesses including manufacturers, traders, service providers, and GST consultants, must ensure that all GST obligations are properly fulfilled. A well-planned year-end GST checklist is essential to
In response to the rising volume of complaints regarding unjustified rejections and delays in GST registration, the Central Board of Indirect Taxes and Customs (CBIC) issued Instruction No. 03/2025-GST, dated 17th April 2025. This advisory revamps the registration verification process under FORM GST REG-01, ensuring
Navigating the GST regime can be complex, especially for small taxpayers aiming to minimize compliance burdens and tax liability. The GST Composition Scheme offers a simplified framework for eligible businesses, allowing them to pay tax at a fixed rate on turnover while avoiding the complications of regular GST filings.
In a significant compliance update, the Ministry of Finance, through Notification No. 25/2024-Central Tax dated 09th October 2024, has amended Notification No. 50/2018-Central Tax dated 13th September 2018. This amendment specifically targets
The Micro, Small, and Medium Enterprises (MSME) sector is the backbone of India’s economic framework, contributing to employment, innovation, and GDP growth. Recognizing the financial vulnerability of these enterprises, the Indian government has taken multiple legislative steps to ensure timely payments to MSMEs.
