New GSTR-1 filing requirements take effect in January 2025. GSTR-3B reconciliation alignment, auto-populated data, improved e-commerce transaction reporting, and updated HSN code reporting criteria are some of the major changes. Find out how businesses may adjust and how taxpayers are impacted by these changes.

The CBIC has clarified ITC eligibility for e-commerce operators (ECOs) under Section 9(5) of the CGST Act, 2017. ECOs can claim ITC for inputs and services directly linked to taxable supplies, excluding items restricted under Section 17(5), with proper documentation and compliance. This guidance aims to reduce disputes, simplify compliance, and enhance transparency, though challenges like input segregation persist, promoting a more compliant e-commerce ecosystem.

In order to lessen the tax burden on different types of payments, the TDS rates under Sections 194-IB, 194-DA, 194-G, 194-H, 194-M, and 194-O have recently changed. The TDS rate for insurance commissions, life insurance payouts, lottery commissions, brokerage fees, and rent payments will be lowered from 5% to 2% as of October 1, 2024, and April 1, 2025. A 2% tax under Section 194M will also be applied to payments made by non-auditable businesses to contractors and professionals. In addition, Section 194-O will apply a reduced TDS rate of 0.75% to e-commerce transactions. These adjustments aim to increase tax compliance across a range of industries and enhance liquidity for professionals, small enterprises, and individuals.

This blog article addresses the rationalization of TDS rates, which will take effect on October 1, 2024. It also covers the effects on individual taxpayers, the withdrawal of 20% TDS upon buyback by mutual funds and UTI, and the decreased rates for various sections. An summary of the modifications and how they affect the tax system is given.

This blog post serves as a one-stop resource for businesses in India navigating the Goods and Services Tax (GST) regime. It provides a clear understanding of various GST return types and their applicability. The core focus is on the crucial due dates for filing GST returns in June 2024. A well-organized table summarizes the deadlines for each return type, along with a brief description and applicability criteria. The blog emphasizes the importance of staying updated on potential changes to these deadlines by referring to the official GST portal.

This topic delves into the methods used by e-commerce businesses with international reach to simplify their Goods and Services Tax (GST) compliance. It examines the challenges they face and the solutions they employ to navigate tax regulations efficiently