The CBIC has made a few important changes in GSTR-9 (Annual Return) and GSTR-9C (Reconciliation Statement) for FY 2024-25. These updates aim to simplify reporting and make compliance smoother for taxpayers. To help you understand everything clearly, we have created a detailed and easy-to-follow PPT covering all the latest changes and practical points. Covered in…
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Supreme Court’s Big Relief on ITC: Buyer Not Liable for Seller’s Default Summary In a major judgment, the Supreme Court of India ruled that a genuine buyer cannot be denied Input Tax Credit (ITC) just because the seller failed to deposit tax with the government. This means if you’ve made a real purchase, paid for…
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Highlights of 56th GST Council Meeting – September 2025 1. Relief on Daily Essentials GST reduced on hair oil, shampoo, toothpaste, toilet soap bar, toothbrushes, shaving cream from 18% to 5%. Butter, ghee, cheese, dairy spreads, pre-packaged namkeens, bhujia, mixtures, utensils, feeding bottles, napkins for babies, clinical diapers, sewing machines & parts reduced from 12%…
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The Goods and Services Tax Network (GSTN) has issued an important Advisory dated 01.05.2025 regarding the implementation of Phase-3 of HSN Code Reporting and mandatory disclosure in Table 13 of GSTR-1 and GSTR-1A, effective from the May 2025 return period. Phase-3 is now being rolled out for returns from May 2025 onwards. What’s New in…
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Date Issued: 17th April, 2025Issued By: GST Policy Wing, CBIC Key Highlights: Previous Instructions Superseded:Instruction No. 03/2023-GST dated 14.06.2023 is now replaced with comprehensive updated guidelines.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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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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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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Key Recommendations made by the 53rd GST Council meeting held today: 1. Waiver of Interest and Penalty 2. Extended Time Limit for ITC 3. Monetary Limits for Appeals 4. Reduced Pre-Deposit for Appellate Authority 5. Reduced Pre-Deposit for Tribunal 6. Amendment in Appeal Time Limits 7. Extension of GSTR-4 Filing Deadline 8. No Interest on…
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As part of a determined effort to tackle the issue of fake GST registrations, GST officers have intensified their scrutiny by visiting shops and establishments. This crackdown aims to identify and address instances of fraudulent registrations, ensuring the integrity of the GST system and protecting government revenue. Through on-site inspections, GST officers are verifying the authenticity of GST registrations, taking necessary actions against those found to be operating with fake registrations. This rigorous drive is a significant step towards upholding the credibility of the GST ecosystem and promoting compliance among businesses.
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