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Interoperable services of E-Invoice-1 and E-Invoice-2 Systems
The E-invoice1 system, operational since October 2020, has facilitated the generation of over 631 crore e-invoices by 11.08 lakh taxpayers, with over 21 crore e-invoices generated monthly. The system,...
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FAQ on Taxability of ESOP/ESPP/RSU Provided by a Company to Its Employees Through Its Overseas Holding Company
Circular No. 213/07/2024-GSTDate: 26th June 2024Question 1: What is the taxability of Employee Stock Option (ESOP), Employee Stock Purchase Plan (ESPP), and Restricted Stock Unit (RSU) provided by a c...
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FAQ on Evidence of Compliance with Section 15(3)(b)(ii) of the CGST Act for Discounts Provided Through Credit Notes
Circular No.-212/6/2024-GSTDate: 26th June 2024Question 1: What are the conditions for excluding discounts from the value of taxable supply under Section 15(3)(b)(ii) of the CGST Act?Answer:For a disc...
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FAQ on Time Limit for Availment of Input Tax Credit (ITC) on RCM Supplies from Unregistered Persons
Circular No. 211/5/2024-GSTDate: 26th June 2024Question 1: What is the time limit for availing ITC on reverse charge mechanism (RCM) supplies received from unregistered persons?Answer:For supplies rec...
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FAQ on Valuation of Imported Services by Related Persons with Full Input Tax Credit (ITC) Eligibility
Circular No. 210/4/2024-GSTDate: 26th June 2024Question 1: How is the import of services by a related person treated under GST?Answer:Under Schedule I of the CGST Act, the import of services by a pers...
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FAQ on Place of Supply of Goods to Unregistered Persons under IGST Act
Circular No. 209/3/2024-GSTDate: 26th June 2024Question 1: How is the place of supply determined for goods supplied to unregistered persons?Answer:Under clause (ca) of Section 10(1) of the IGST Act, w...
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FAQ on GST Liability and Input Tax Credit (ITC) for Warranty and Extended Warranty
Circular No. 216/10/2024-GSTDate: 26th June 2024Question 1: What is the GST liability and ITC availability for replacing goods under warranty?Answer:When goods are replaced under warranty by the manuf...
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FAQ on Taxability of Loan Transactions between Overseas Affiliates and Indian Affiliates
Circular No. 218/12/2024-GSTDate: 26th June 2024Question 1: Is providing a loan by an overseas affiliate to its Indian affiliate considered a taxable supply under GST?Answer:No, the activity of provid...
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FAQ on Reduction of Government Litigation – Monetary Limits for Filing Appeals
Circular No. 207/1/2024-GSTDate: 26th June 2024Question 1: What is the purpose of setting monetary limits for filing appeals?Answer:The purpose of setting monetary limits for filing appeals is to opti...
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FAQ on Entitlement of Input Tax Credit (ITC) for Insurance Companies on Motor Vehicle Repair Expenses in Reimbursement Mode
Circular No. 217/11/2024-GSTDate: 26th June, 2024Question 1: Can insurance companies claim ITC for motor vehicle repair expenses in reimbursement mode?Answer:Yes, insurance companies can claim ITC for...
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SCN Reply-Request for Waiver of Late Fee for Late Filing of GSTR-1 Return
Date: [Insert Date]To:The Assessing Officer[Assessing Office Address][City, State, Pincode] Subject: Request for Waiver of Late Fee for Late Filing of GSTR-1 Return for [Period]Reference: Notice No. -...
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SCN Reply-Response to Show Cause Notice ASMT-10 and DRC-01
Dated 29/04/2024 Date: [Insert Date]To: State Tax Officer------------- Circle 01[City, State, Pincode] Subject: Response to Show Cause Notice ASMT-10 and DRC-01 Dated 29/04/2024Dear Sir/Madam,We are w...
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SCN Reply - Objection on Attachment of Bank Account under Section 79(1)(c) – Issuance of FORM DRC-13
Date: [Insert Date]To: [Assessing Officer's Name][Designation][Address of the Tax Office][City, State, Pincode] Subject: Objection on Attachment of Bank Account under Section 79(1)(c) – Issuance of F...
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SCN Reply - Request for Waiver of Penalty under Section 122(2)(a) for FY 2019-20
Date: [Insert Date]To: [Assessing Officer's Name][Designation][Address of the Tax Office][City, State, Pincode] Subject: Request for Waiver of Penalty under Section 122(2)(a) for FY 2019-20Dear Sir/Ma...
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SCN Reply - Request to Hold Demand in Abeyance Following GST Council's Waiver Decision
Date: [Insert Date]To: [Assessing Officer's Name][Designation][Address of the Tax Office] Subject: Request to Hold Demand in Abeyance Following GST Council's Waiver Decision on Interest and Penalty un...
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CPC (TDS) Reminder: File TDS Statement 26Q for Q4 F.Y. 2023-24 Now
CPC (TDS) Reminder Communication to Deductors: TDS Statement filed for 26Q Quarter 4 F.Y. 2022-23, not filed yet for Quarter 4 F.Y. 2023-24 As per the records of the Centralized Processing Cell (TDS),...
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GST Council Newsletter May 2024
In the GST Council Newsletter for May 2024, it was reported that the gross GST revenue collected for the month reached ₹1.73 lakh crore, marking a 10% increase compared to the same period last year. T...
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Changes on e-filing portal and Common issues while filing ITR
The update session focused on several key changes and enhancements in the Income Tax Return (ITR) filing process for Assessment Year 2024-25. Major updates included adjustments to bank account validat...
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Recommendations of 53rd GST Council Meeting: Comments and Checklist
In a landmark meeting, the 53rd GST Council has unveiled a series of game-changing recommendations that promise to reshape the landscape of indirect taxation in India. From easing compliance burdens t...
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DGFT Implements Faceless Automation for Input Output Norms
Introduction: The Directorate General of Foreign Trade (DGFT), under the Ministry of Commerce & Industry, has taken a significant step towards modernizing foreign trade procedures by implementing a sy...