Karwa & Associates – KARWA AND ASSOCIATES

New CBIC Instructions for GST Registration (Instruction No. 03/2025-GST) and Checklist for GST Registration

Date Issued: 17th April, 2025Issued By: GST Policy Wing, CBIC Key Highlights: Previous Instructions Superseded:Instruction No. 03/2023-GST dated 14.06.2023 is now replaced with comprehensive updated guidelines. Focus on Simplification:Officers must strictly adhere to the documents list provided in Form GST REG-01.No unnecessary or additional documents (like Lessor’s PAN, Aadhaar, or photos) to be sought unless…
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Karwa & Associates April 18, 2025 0

Rajasthan Budget Key Highlights 2025-26

On February 19, 2025, Rajasthan’s Deputy Chief Minister and Finance Minister, Diya Kumari, presented the state’s Budget for the financial year 2025-26. Major Highlights of Rajasthan Budget 2025-26: Economic & Infrastructure Development Target to double Rajasthan’s economy to $350 billion by 2030. Jaipur Metro Phase 2 to start soon, covering Ambabari to Sitapura with 21…
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Karwa & Associates February 20, 2025 0

Major changes in the Income-tax Bill 2025 vs Income-tax Act 1961

The Finance Minister, Smt. Nirmala Sitharaman tabled the Income-tax Bill in the parliament on 13th February 2025. The top 50 changes proposed in the Income-tax Bill 2025 (‘ITB’) in comparison to the Income-tax Act, 2025 (‘ITA’) are given below. Meanings Clause 2 of the ITB consolidates the meaning of specific terms in one place. Previously,…
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Karwa & Associates February 15, 2025 0

Highlights of Union Budget 2025-26

Top Highlights of Budget 2025-26: • No Income Tax Payable Up to ₹12 Lakh – Under the new income tax regime, individuals earning up to ₹12 lakh will not have to pay income tax. • New Tax Slabs Introduced ₹0-4 lakh: Nil ₹4-8 lakh: 5% ₹8-12 lakh: 10% ₹12-16 lakh: 15% ₹16-20 lakh: 20% ₹20-24…
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Karwa & Associates February 1, 2025 1

GST on Commercial Rental Income – New provision

Lay man Term : The provision shifts the responsibility of paying GST (18%) from the unregistered landlord to the registered tenant under RCM. The registered recipient (tenant) is required to calculate, pay GST, and may claim Input Tax Credit (ITC), provided the rented property is used for taxable activities. GST on Commercial Rental Income: Scenarios…
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Karwa & Associates January 9, 2025 0

Tax Audit Due Date Extended to 07-October-2024

Tax Audit Due Date Extended to 07-October-2024 https://incometaxindia.gov.in/news/circular-10-2024.pdf Read the official circular above. Let us know if you have any additional questions. Contact – anshul@karwaandassociates.com

Karwa & Associates September 29, 2024 0

Applicability of Accounting Standards to Non-Company Entities

The scheme for applicability of Accounting Standards issued by the Institute of Chartered Accountants of India (ICAI) to non-company entities shall come into effect for accounting periods commencing on or after 1 April 2020. For the applicability of Accounting Standards, non-company entities are classified into four categories: Level I Level II Level III Level IV…
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Karwa & Associates September 14, 2024 0

Summary of Major Decisions of 54th GST Council Meeting

Summary of the Major Decisions from the 54th GST Council Meeting

Summary of Major Decisions at 54th GST Council Meeting: Goods: – Namkeens and Savoury Products: GST on extruded/expanded savoury food products reduced from 18% to 12%, excluding un-fried/un-cooked snack pellets. – Cancer Drugs: GST rate reduced from 12% to 5% for Trastuzumab Deruxtecan, Osimertinib, and Durvalumab. – Metal Scrap: Introduction of Reverse Charge Mechanism…
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Karwa & Associates September 9, 2024 0

CHANGES FROM 1ST SEPTEMBER 2024

DIRECT AND INDIRECT TAXES CHANGES: CHANGES FROM 1ST SEPTEMBER 2024 Let us know if you have any additional questions at anshul@karwaandassociates.com

Karwa & Associates September 5, 2024 0

How can NRIs e-Verify IT Return from Abroad? Step-wise procedure

How can NRIs e-Verify IT Return from Abroad? Step-wise procedure Given below are the steps for NRIs to e-Verify IT Return from Abroad through Net Banking: To begin with, log into your e-filing account on the website of the IT Department. Once you’re logged in, you’ll be taken to your dashboard. From there, navigate to…
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Karwa & Associates August 8, 2024 0

Author: Karwa & Associates