# notification
12 posts in `notification` tag
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GST Updates: Key Changes and Announcements for the Week of 14th–20th January 2025
Significant changes were made to the GST this week (January 14–20, 2025) for both taxpayers and companies. Highlights include clarifications on e-invoicing thresholds, rate modifications for EV batteries and BPO services, GST Council meeting outcomes, and extensions for GSTR-3B reporting deadlines. To assist stakeholders in successfully navigating these changes, the blog discusses notices, compliance tactics, industry responses, and impending deadlines.
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By Krishna
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Taxpayer Relief: GSTR-3B Filing Deadline for December 2024 Extended
The deadline for submitting GSTR-3B has been extended to December 2024 by the Central Board of Indirect Taxes and Customs (CBIC). On January 10, 2025, the notification was released with the intention of giving taxpayers compliance relief. Depending on the taxpayer's primary location of business, the updated deadlines are separated into two groups. Businesses gain from this extension, which guarantees easier GST compliance and lessens system load.
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By Krishna
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Essential GST Updates for Businesses and Taxpayers (Dec 10–16, 2024)
All of the major GST announcements and updates that were released between December 10 and December 16, 2024, are compiled in this blog. Input Tax Credit explanations, GST rate adjustments, e-invoicing updates, GSTR-1 filing extensions, and new features like filing NIL returns by SMS are all included. To guarantee seamless compliance and prevent fines, be informed.
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By Krishna
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Section 10(23FE Simplified: CBDT’s Notification 127/2024 Explained
By issuing Notification No. 127/2024, the Central Board of Direct Taxes (CBDT) has amended Section 10(23FE) of the Income-tax Act. The updated rules simplify compliance and increase the range of assets available to pension funds (PFs) and sovereign wealth funds (SWFs). In line with India's economic objectives, these adjustments are meant to draw in long-term investments in the social development and infrastructure sectors.
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By Krishna
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Understanding the New RCM Rules for Rental of Immovable Property
This blog post explains the recent changes to the Reverse Charge Mechanism (RCM) for property rentals in India. Landlords of commercial properties are now responsible for paying GST on behalf of unregistered tenants. The changes take effect on October 10, 2024. Businesses must update their accounting systems and seek professional advice to ensure compliance.
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By Krishna
RBI Mandate: LEI for Refunds Exceeding Rs. 50 Crore
For refunds above Rs. 50 crore, non-individual entities such as businesses, partnerships, and trusts are required by the Reserve Bank of India (RBI) to get a Legal Entity Identifier (LEI). The objectives of this action are to improve worldwide compliance, risk management, and financial transparency. Financial firms and regulators may track significant financial transactions with the use of the LEI, a 20-character alphanumeric number. The RBI's announcement, how to get an LEI, and how it affects non-individual companies are all explained in this blog.
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By Krishna
Innovative Move: Income-Tax Department Launches Automated Reconciliation System - APNOKACA Update
A pilot project was initiated in September 2022, resulting in updates to about 4,300 ITRs.
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By Krishna
Demystifying Taxation in India: Income Tax vs. TDS - APNOKACA Insights"
On the other hand, Tax Deducted at Source (TDS) is a mechanism where tax is deducted at the time of making certain payments such as salary, rent, or professional fees.
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By Krishna
RBI's Vigilance: Action Against Unauthorized Payment System in Card Network Intermediary - APNOKACA Update
The Reserve Bank of India has discovered that a certain Card Network had set up a system allowing businesses to make card payments through intermediaries to entities that don't accept card payments.
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By Krishna
2024-25 TDS Rate Chart Update: AY 2025-26 Insights - APNOKACA Guidelines
TDS, or Tax Deducted at Source, is a method introduced by the Income Tax Department of India to prevent tax evasion.
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By Krishna
Navigating Cash Transactions: Unveiling New Guidelines - APNOKACA Update
Introducing the "New Guidelines for Cash Transactions"! These rules are changing how we use cash.
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By Krishna
Direct Tax Collections Surge: 80% of Revised Estimates Achieved by February 10th - APNOKACA Report
To reach the target set in the revised estimates for the year, the government needs to collect Rs 3.85 trillion in approximately 50 days.
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By Krishna