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12 posts in `itc` tag

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GST

GST Policy Updates (March 25–31, 2025): E-way Bill Tweaks & Compliance Changes

Dive into the most recent GST developments (from March 25th to March 31st, 2025), highlighting the increase in E-way Bill thresholds in Chhattisgarh, the CBIC’s reinforced compliance regulations, and the significant topics set for discussion at the GST Council meeting in April 2025. Ensure compliance with guidance from experts!
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GST

GST Rules 42-43 Explained: How Interest Qualifies as Exempt Supply

This guide outlines how interest income is treated under GST as exempt supply according to Rules 42-43, addressing ITC effects, compliance obligations, and the implications for financial institutions.
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GST

GST Compliance Checklist: 9 Key Tasks to Finish Before March 31, 2025

This blog lists the nine essential GST compliances that companies need to finish by March 31, 2025, in order to stay out of trouble and maintain seamless operations. Learn how to stay in compliance and keep correct financial records, from LUT reporting and GSTR-9 filing to e-invoicing and ITC reversal.
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GST

Mark Your Calendars: Important February 2025 GST Filing Deadlines

Make sure that the crucial GST filing dates in February 2025 are met. This guide helps companies avoid fines and handle Input Tax Credit (ITC) claims by highlighting deadlines for a variety of forms, such as GSTR-3B, GSTR-1, CMP-08, GSTR-5, and more.
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GST

Rule 86B Explained: How ITC Utilization is Limited Under GST

The CGST Rules 2017's Rule 86B, which restricts the use of Input Tax Credit (ITC) to settle GST liabilities, is thoroughly explained in this article. Along with useful examples and advantages, it discusses the rule's objectives, applicability, exemptions, and effects on businesses.
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GST

Understanding the Impact of GSTR-2A on Input Tax Credit (ITC) Claims

In order to claim the Input Tax Credit (ITC) under GST, GSTR-2A is essential. This blog discusses optimal procedures to guarantee compliance and optimize ITC advantages, the significance of reconciliation, and how GSTR-2A affects ITC claims.
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Budget

Kisan Credit Card: 7.07 Crore Farmers Now Have a 5 Lakh Loan Limit

An important factor in giving Indian farmers access to reasonably priced loans is the Kisan loans Card (KCC) program. To the advantage of 7.07 crore farmers, the loan ceiling was recently raised from ₹3 lakh to ₹5 lakh. This will support the adoption of contemporary technology, the management of growing input costs, and the maintenance of financial stability. But problems like delayed loan disbursements and awareness problems still require addressed.
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GST

GST Notifications & Key Changes: What You Need to Know (28th Jan - 3rd Feb 2025)

This blog offers a thorough examination of the most recent GST announcements and modifications from January 28 to February 3, 2025. The hard locking of the automatically generated tax obligation in GSTR-3B, improved automation in submitting GST returns, clarifications of ITC eligibility, extensions of the GST return deadline for some industries, and improvements to the GSTN site are some of the major developments. The goals of these improvements are to increase taxpayer satisfaction, decrease mistakes, and improve compliance.
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GST

Union Budget 2025: New GST Rules, ITC Changes & MSME Benefits

Significant GST reforms were implemented in the Union Budget 2025, with an emphasis on increasing transparency, reducing the tax burden on small enterprises, and boosting compliance. Stricter ITC claim regulations, e-invoicing requirements for companies with ₹5 crore in revenue, updated GST rates, and higher GST registration limits for MSMEs are some of the major changes. Although companies must adjust to more stringent laws, these changes seek to simplify compliance, increase economic growth, and streamline procedures.
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GST

Changes to GSTR-1 Filing Effective January 2025: A Detailed Guide

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.
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GST

Major ITC Changes Unveiled at 55th GST Council Meeting: Impacts on Key Industries

Important modifications to the Input Tax Credit (ITC) regulations were introduced during the 55th GST Council Meeting, which had a big effect on the auto and construction sectors. Clarifications of eligibility, limitations on ITC for personal use, sector-specific actions, and improved compliance procedures are some of the most important revisions. The purpose of these modifications is to promote transparency in GST compliance and expedite ITC applications.
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GST

Understanding ITC: CBIC Clarifies Rules for E-Commerce Operators Under CGST Section 9(5)

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.