GSTinSHORT

A knowledge sharing initiative to explain various GST concepts, changes etc., in a 𝗦𝗛𝗢𝗥𝗧, 𝗦𝗜𝗠𝗣𝗟𝗘 and 𝗘𝗔𝗦𝗬 𝗧𝗢 𝗨𝗡𝗗𝗘𝗥𝗦𝗧𝗔𝗡𝗗 manner

[GSTinSHORT @GSTinSHORT]

Dear All,

Please find attached 𝗽𝗿𝗲𝘀𝗲𝗻𝘁𝗮𝘁𝗶𝗼𝗻 on 𝗔𝗻𝗻𝘂𝗮𝗹 𝗥𝗲𝘁𝘂𝗿𝗻 ('𝗙𝗼𝗿𝗺 𝗚𝗦𝗧𝗥 - 𝟵') 𝗮𝗻𝗱 𝗥𝗲𝗰𝗼𝗻𝗰𝗶𝗹𝗶𝗮𝘁𝗶𝗼𝗻 𝗦𝘁𝗮𝘁𝗲𝗺𝗲𝗻𝘁 ('𝗙𝗼𝗿𝗺 𝗚𝗦𝗧𝗥 - 𝟵𝗖') for the 𝗙𝗬 𝟮𝟬𝟮𝟮-𝟮𝟯.

We hope you will find it useful.

Kind regards,
Team @GSTinSHORT
https://t.co/1bvkX0qWdb

[CA Nilesh Mahajan @CANileshMahajan]

𝗚𝗲𝗻𝗲𝗿𝗮𝘁𝗲 𝗚𝗦𝗧 𝗦𝗲𝗹𝗳-𝗜𝗻𝘃𝗼𝗶𝗰𝗲𝘀 𝗶𝗻 𝗦𝗲𝗰𝗼𝗻𝗱𝘀!

With 𝗥𝘂𝗹𝗲 𝟰𝟳𝗔 of GST Rules (effective 𝟭𝘀𝘁 𝗡𝗼𝘃𝗲𝗺𝗯𝗲𝗿 𝟮𝟬𝟮𝟰), taxpayers under the RCM must 𝗶𝘀𝘀𝘂𝗲 𝘀𝗲𝗹𝗳-𝗶𝗻𝘃𝗼𝗶𝗰𝗲𝘀 𝘄𝗶𝘁𝗵𝗶𝗻 𝟯𝟬 𝗱𝗮𝘆𝘀 𝗼𝗳 𝗿𝗲𝗰𝗲𝗶𝘃𝗶𝗻𝗴 𝗴𝗼𝗼𝗱𝘀 𝗼𝗿 𝘀𝗲𝗿𝘃𝗶𝗰𝗲𝘀 𝗳𝗿𝗼𝗺 𝘂𝗻𝗿𝗲𝗴𝗶𝘀𝘁𝗲𝗿𝗲𝗱 𝘀𝘂𝗽𝗽𝗹𝗶𝗲𝗿𝘀.

Accordingly, we have developed a VBA-based Excel tool that allows taxpayers and professionals to generate self-invoices effortlessly within seconds!

🎥 Watch the quick demo attached to this post

📥 𝗗𝗼𝘄𝗻𝗹𝗼𝗮𝗱 𝘁𝗵𝗲 𝗧𝗼𝗼𝗹 𝗛𝗲𝗿𝗲:
https://t.co/0I1gnZdqTr

We’d love to hear your feedback and ideas to make it even better!

Thank you for the inputs to make this tool more useful
@sinhaladitya
@CAMihirModi
@CA_HarshilSHETH
@GSTinSHORT

#GSTCompliance #SelfInvoicing #ExcelVBA #Automation #Innovation

[GSTinSHORT @GSTinSHORT]

Dear All,

𝗪𝗲 𝘄𝗶𝘀𝗵 𝘆𝗼𝘂 𝗮 𝘃𝗲𝗿𝘆 𝗛𝗮𝗽𝗽𝘆 𝗗𝗲𝗲𝗽𝗮𝘄𝗮𝗹𝗶! 🪔

Please find attached the 𝗚𝗦𝗧 𝗖𝗼𝗺𝗽𝗹𝗶𝗮𝗻𝗰𝗲 𝗖𝗮𝗹𝗲𝗻𝗱𝗮𝗿 𝗳𝗼𝗿 𝗡𝗼𝘃𝗲𝗺𝗯𝗲𝗿 𝟮𝟬𝟮𝟰.

@GSTinSHORT
https://t.co/GogB57pHql

#gstinshort #gst #gstupdate

[CA Nilesh Mahajan @CANileshMahajan]

𝗚𝗦𝗧 𝗨𝗽𝗱𝗮𝘁𝗲 | 𝗚𝗦𝗧𝗥-𝟮𝗕 𝗔𝘂𝘁𝗼-𝗣𝗼𝗽𝘂𝗹𝗮𝘁𝗲𝘀 𝗜𝗧𝗖 𝗥𝗲𝘃𝗲𝗿𝘀𝗮𝗹 𝗨𝗻𝗱𝗲𝗿 𝗥𝘂𝗹𝗲 𝟯𝟳𝗔:

𝗔𝗯𝗼𝘂𝘁 𝗥𝘂𝗹𝗲 𝟯𝟳𝗔:

Rule 37A requires 𝗿𝗲𝗰𝗶𝗽𝗶𝗲𝗻𝘁𝘀 to reverse 𝗜𝗧𝗖 if the 𝘀𝘂𝗽𝗽𝗹𝗶𝗲𝗿 fails to file 𝗚𝗦𝗧𝗥-𝟯𝗕 for the relevant month by 𝟯𝟬𝘁𝗵 𝗦𝗲𝗽𝘁𝗲𝗺𝗯𝗲𝗿 of the following 𝗙𝗬. The reversal must be completed by 𝟯𝟬𝘁𝗵 𝗡𝗼𝘃𝗲𝗺𝗯𝗲𝗿 (i.e., 𝟮𝟬𝘁𝗵 𝗡𝗼𝘃𝗲𝗺𝗯𝗲𝗿, the due date for 𝗚𝗦𝗧𝗥-𝟯𝗕 of October) to avoid interest. Once the 𝘀𝘂𝗽𝗽𝗹𝗶𝗲𝗿 𝗳𝗶𝗹𝗲𝘀 𝗚𝗦𝗧𝗥-𝟯𝗕, the 𝗜𝗧𝗖 𝗰𝗮𝗻 𝗯𝗲 𝗿𝗲𝗰𝗹𝗮𝗶𝗺𝗲𝗱.

For more detailed information on Rule 37A, please refer to our 𝗼𝗻𝗲 𝘀𝗹𝗶𝗱𝗲𝗿 𝗻𝗼𝘁𝗲 titled ‘𝗥𝘂𝗹𝗲 𝟯𝟳𝗔: 𝗘𝗻𝘀𝘂𝗿𝗲 𝗚𝗦𝗧𝗥-𝟯𝗕 𝗖𝗼𝗺𝗽𝗹𝗶𝗮𝗻𝗰𝗲 𝗼𝗳 𝗦𝘂𝗽𝗽𝗹𝗶𝗲𝗿𝘀 𝘁𝗼 𝗣𝗿𝗼𝘁𝗲𝗰𝘁 𝗬𝗼𝘂𝗿 𝗜𝗧𝗖’.

𝗨𝗽𝗱𝗮𝘁𝗲 𝗶𝗻 𝗚𝗦𝗧𝗥-𝟮𝗕 𝗼𝗻 𝘁𝗵𝗲 𝗣𝗼𝗿𝘁𝗮𝗹:

The 𝗚𝗦𝗧𝗥-𝟮𝗕 portal now 𝗮𝘂𝘁𝗼-𝗽𝗼𝗽𝘂𝗹𝗮𝘁𝗲𝘀 𝗜𝗧𝗖 𝗿𝗲𝘃𝗲𝗿𝘀𝗮𝗹𝘀 𝘂𝗻𝗱𝗲𝗿 𝗥𝘂𝗹𝗲 𝟯𝟳𝗔, simplifying compliance and tracking for taxpayers.

𝗦𝘁𝗲𝗽𝘀 𝘁𝗼 𝗘𝗻𝘀𝘂𝗿𝗲 𝗖𝗼𝗺𝗽𝗹𝗶𝗮𝗻𝗰𝗲:

𝟭. 𝗜𝗱𝗲𝗻𝘁𝗶𝗳𝘆 the list of suppliers who have not filed 𝗚𝗦𝗧𝗥-𝟯𝗕 by checking the 𝗦𝗲𝗽𝘁𝗲𝗺𝗯𝗲𝗿 𝟮𝟬𝟮𝟰 𝗚𝗦𝗧𝗥-𝟮𝗕.

𝟮. 𝗙𝗼𝗹𝗹𝗼𝘄 𝘂𝗽 with those suppliers to ensure they file their 𝗚𝗦𝗧𝗥-𝟯𝗕 for the relevant tax periods before filing your 𝗢𝗰𝘁𝗼𝗯𝗲𝗿 𝟮𝟬𝟮𝟰 𝗚𝗦𝗧𝗥-𝟯𝗕.

𝟯. If suppliers have not filed 𝗚𝗦𝗧𝗥-𝟯𝗕 by the time you file your 𝗢𝗰𝘁𝗼𝗯𝗲𝗿 𝟮𝟬𝟮𝟰 𝗚𝗦𝗧𝗥-𝟯𝗕, the ITC shown in 𝗚𝗦𝗧𝗥-𝟮𝗕 must be 𝘁𝗲𝗺𝗽𝗼𝗿𝗮𝗿𝗶𝗹𝘆 𝗿𝗲𝘃𝗲𝗿𝘀𝗲𝗱 in 𝗧𝗮𝗯𝗹𝗲 𝟰𝗕(𝟮) of your 𝗢𝗰𝘁𝗼𝗯𝗲𝗿 𝗚𝗦𝗧𝗥-𝟯𝗕.

4. Once the suppliers file 𝗚𝗦𝗧𝗥-𝟯𝗕, you can 𝗿𝗲𝗰𝗹𝗮𝗶𝗺 𝘁𝗵𝗲 𝗜𝗧𝗖 in future tax periods by reporting it in 𝗧𝗮𝗯𝗹𝗲 𝟰𝗕(𝟱) and declaring the same in 𝗧𝗮𝗯𝗹𝗲 𝟰𝗗(𝟭).

@GSTinSHORT
https://t.co/80ZiFNcTgC

#gstinshort #gst #gstupdates

[GSTinSHORT @GSTinSHORT]

𝗔𝗱𝗷𝘂𝘀𝘁𝗺𝗲𝗻𝘁 of 𝗡𝗲𝗴𝗮𝘁𝗶𝘃𝗲 𝗟𝗶𝗮𝗯𝗶𝗹𝗶𝘁𝘆 𝗶𝗻 𝗚𝗦𝗧𝗥-𝟯𝗕

The GST portal has now implemented the 𝗮𝗱𝗷𝘂𝘀𝘁𝗺𝗲𝗻𝘁 𝗼𝗳 𝗻𝗲𝗴𝗮𝘁𝗶𝘃𝗲 𝗹𝗶𝗮𝗯𝗶𝗹𝗶𝘁𝘆 𝗶𝗻 𝗧𝗮𝗯𝗹𝗲 𝟲.𝟭 𝗼𝗳 𝗚𝗦𝗧𝗥-𝟯𝗕 𝗮𝘀 𝗽𝗲𝗿 𝗥𝘂𝗹𝗲 𝟲𝟭(𝟱). This is effective from September 2024, following CGST Notification 𝗡𝗼. 𝟭𝟮/𝟮𝟬𝟮𝟰 dated 𝟭𝟬𝘁𝗵 𝗝𝘂𝗹𝘆 𝟮𝟬𝟮𝟰.

Taxpayers can now adjust negative liability (𝘄𝗵𝗲𝗿𝗲 𝗰𝗿𝗲𝗱𝗶𝘁 𝗻𝗼𝘁𝗲𝘀 𝗼𝗿 𝗮𝗺𝗲𝗻𝗱𝗺𝗲𝗻𝘁𝘀 𝗲𝘅𝗰𝗲𝗲𝗱 𝗼𝘂𝘁𝘄𝗮𝗿𝗱 𝘀𝘂𝗽𝗽𝗹𝗶𝗲𝘀) from 𝗽𝗿𝗲𝘃𝗶𝗼𝘂𝘀 𝘁𝗮𝘅 𝗽𝗲𝗿𝗶𝗼𝗱𝘀 𝗱𝗶𝗿𝗲𝗰𝘁𝗹𝘆 𝗶𝗻 𝗚𝗦𝗧𝗥-𝟯𝗕. This adjustment resolves previous challenges in reporting net negative supplies, simplifying compliance.

Attached screenshot for reference.

Hope this clarifies.

@GSTinSHORT
https://t.co/1bvkX0qWdb

#gstinshort #gstupdate #gst

[CA Nilesh Mahajan @CANileshMahajan]

𝗖𝗵𝗮𝗻𝗴𝗲𝘀 𝗶𝗻 𝗦𝗲𝗹𝗳-𝗜𝗻𝘃𝗼𝗶𝗰𝗶𝗻𝗴 and 𝗧𝗶𝗺𝗲 𝗼𝗳 𝗦𝘂𝗽𝗽𝗹𝘆 𝗼𝗳 𝗦𝗲𝗿𝘃𝗶𝗰𝗲𝘀 under 𝗥𝗖𝗠 [Effective from 𝟭𝘀𝘁 𝗡𝗼𝘃𝗲𝗺𝗯𝗲𝗿 𝟮𝟬𝟮𝟰]

𝟬𝟭. 𝗧𝗶𝗺𝗲-𝗕𝗼𝘂𝗻𝗱 𝗜𝘀𝘀𝘂𝗮𝗻𝗰𝗲 of Self-Invoicing for Goods or Services from 𝗨𝗻𝗿𝗲𝗴𝗶𝘀𝘁𝗲𝗿𝗲𝗱 𝗦𝘂𝗽𝗽𝗹𝗶𝗲𝗿𝘀 [Amendment to Section 31(3)(f) - Finance Act (No. 2), 2024]:
Previously, there was no specific 𝘁𝗶𝗺𝗲 𝗹𝗶𝗺𝗶𝘁 for issuing 𝘀𝗲𝗹𝗳-𝗶𝗻𝘃𝗼𝗶𝗰𝗲𝘀 𝗳𝗼𝗿 𝘀𝗲𝗿𝘃𝗶𝗰𝗲𝘀 𝗿𝗲𝗰𝗲𝗶𝘃𝗲𝗱 𝗳𝗿𝗼𝗺 𝘂𝗻𝗿𝗲𝗴𝗶𝘀𝘁𝗲𝗿𝗲𝗱 𝘀𝘂𝗽𝗽𝗹𝗶𝗲𝗿𝘀 𝘂𝗻𝗱𝗲𝗿 𝗥𝗖𝗠. The power to prescribe a time limit for issuing such invoices has now been introduced.

𝟬𝟮. 𝗧𝗶𝗺𝗲 𝗟𝗶𝗺𝗶𝘁 for Issuing Self-Invoices [Insertion of new Rule 47A - NN. 20/2024 – CT]:
𝗥𝘂𝗹𝗲 𝟰𝟳𝗔 prescribes that a self-invoice must be issued 𝘄𝗶𝘁𝗵𝗶𝗻 𝟯𝟬 𝗱𝗮𝘆𝘀 𝗳𝗿𝗼𝗺 𝘁𝗵𝗲 𝗱𝗮𝘁𝗲 𝗼𝗳 𝗿𝗲𝗰𝗲𝗶𝗽𝘁 𝗼𝗳 𝗴𝗼𝗼𝗱𝘀 𝗼𝗿 𝘀𝗲𝗿𝘃𝗶𝗰𝗲𝘀 𝗳𝗿𝗼𝗺 𝗮𝗻 𝘂𝗻𝗿𝗲𝗴𝗶𝘀𝘁𝗲𝗿𝗲𝗱 𝘀𝘂𝗽𝗽𝗹𝗶𝗲𝗿.

𝟬𝟯. 𝗧𝗶𝗺𝗲 𝗼𝗳 𝗦𝘂𝗽𝗽𝗹𝘆 for 𝗦𝗲𝗿𝘃𝗶𝗰𝗲𝘀 from 𝗨𝗻𝗿𝗲𝗴𝗶𝘀𝘁𝗲𝗿𝗲𝗱 𝗦𝘂𝗽𝗽𝗹𝗶𝗲𝗿𝘀 [Amendment to Section 13(3) - Finance Act (No. 2), 2024]:
The time of supply for services from unregistered suppliers is now linked to the date of issuance of the self-invoice. The time of supply is the earlier of:

- Date of payment to the supplier, or
- Date of issuance of the self-invoice.

𝟬𝟰. 𝗧𝗶𝗺𝗲 𝗼𝗳 𝗦𝘂𝗽𝗽𝗹𝘆 for 𝗦𝗲𝗿𝘃𝗶𝗰𝗲𝘀 from 𝗥𝗲𝗴𝗶𝘀𝘁𝗲𝗿𝗲𝗱 𝗦𝘂𝗽𝗽𝗹𝗶𝗲𝗿𝘀 𝘂𝗻𝗱𝗲𝗿 𝗥𝗖𝗠 [Amendment to Section 13(3) - Finance Act (No. 2), 2024]:
For services received from registered suppliers under RCM, the time of supply is the earlier of:

- Date of payment to the supplier, or
- 60 days from the date of the supplier's invoice.

@GSTinSHORT @CANileshMahajan

#gstinshort #gstupdate #gst #RCM

[GSTinSHORT @GSTinSHORT]

𝗔𝗱𝗷𝘂𝘀𝘁𝗺𝗲𝗻𝘁 of 𝗡𝗲𝗴𝗮𝘁𝗶𝘃𝗲 𝗟𝗶𝗮𝗯𝗶𝗹𝗶𝘁𝘆 𝗶𝗻 𝗚𝗦𝗧𝗥-𝟯𝗕

The GST portal has now implemented the 𝗮𝗱𝗷𝘂𝘀𝘁𝗺𝗲𝗻𝘁 𝗼𝗳 𝗻𝗲𝗴𝗮𝘁𝗶𝘃𝗲 𝗹𝗶𝗮𝗯𝗶𝗹𝗶𝘁𝘆 𝗶𝗻 𝗧𝗮𝗯𝗹𝗲 𝟲.𝟭 𝗼𝗳 𝗚𝗦𝗧𝗥-𝟯𝗕 𝗮𝘀 𝗽𝗲𝗿 𝗥𝘂𝗹𝗲 𝟲𝟭(𝟱). This is effective from September 2024, following CGST Notification 𝗡𝗼. 𝟭𝟮/𝟮𝟬𝟮𝟰 dated 𝟭𝟬𝘁𝗵 𝗝𝘂𝗹𝘆 𝟮𝟬𝟮𝟰.

Taxpayers can now adjust negative liability (𝘄𝗵𝗲𝗿𝗲 𝗰𝗿𝗲𝗱𝗶𝘁 𝗻𝗼𝘁𝗲𝘀 𝗼𝗿 𝗮𝗺𝗲𝗻𝗱𝗺𝗲𝗻𝘁𝘀 𝗲𝘅𝗰𝗲𝗲𝗱 𝗼𝘂𝘁𝘄𝗮𝗿𝗱 𝘀𝘂𝗽𝗽𝗹𝗶𝗲𝘀) from 𝗽𝗿𝗲𝘃𝗶𝗼𝘂𝘀 𝘁𝗮𝘅 𝗽𝗲𝗿𝗶𝗼𝗱𝘀 𝗱𝗶𝗿𝗲𝗰𝘁𝗹𝘆 𝗶𝗻 𝗚𝗦𝗧𝗥-𝟯𝗕. This adjustment resolves previous challenges in reporting net negative supplies, simplifying compliance.

Attached screenshot for reference.

Hope this clarifies.

@GSTinSHORT
https://t.co/1bvkX0qWdb

#gstinshort #gstupdate #gst

[CA Nilesh Mahajan @CANileshMahajan]

Oneslider note on 𝗘𝗹𝗶𝗴𝗶𝗯𝗶𝗹𝗶𝘁𝘆 𝗼𝗳 𝘁𝗵𝗲 𝗖𝗼𝗺𝗽𝗼𝘀𝗶𝘁𝗶𝗼𝗻 𝗦𝗰𝗵𝗲𝗺𝗲 𝘂𝗻𝗱𝗲𝗿 𝗚𝗦𝗧.

We hope you find it useful.

Your feedback is always welcome.

@GSTinSHORT
https://t.co/L7zc5zuUnO

#gstinshort #gstinoneslide #gs

[CA Nilesh Mahajan @CANileshMahajan]

The Change in the 𝗠𝗲𝘁𝗮𝗹 𝗦𝗰𝗿𝗮𝗽 𝗦𝗲𝗰𝘁𝗼𝗿 under 𝗚𝗦𝗧 𝗲𝗳𝗳𝗲𝗰𝘁𝗶𝘃𝗲 𝗳𝗿𝗼𝗺 𝟭𝟬𝘁𝗵 𝗢𝗰𝘁𝗼𝗯𝗲𝗿 𝟮𝟬𝟮𝟰, are summarised as follows:

𝟬𝟭. 𝗜𝗻𝘁𝗿𝗼𝗱𝘂𝗰𝘁𝗶𝗼𝗻 𝗼𝗳 𝗥𝗲𝘃𝗲𝗿𝘀𝗲 𝗖𝗵𝗮𝗿𝗴𝗲 𝗠𝗲𝗰𝗵𝗮𝗻𝗶𝘀𝗺 (𝗥𝗖𝗠):
As per Notification No. 06/2024, metal scrap transactions falling under 𝗖𝗵𝗮𝗽𝘁𝗲𝗿 𝗵𝗲𝗮𝗱𝗶𝗻𝗴𝘀 𝟳𝟮 𝘁𝗼 𝟴𝟭 are now under the 𝗿𝗲𝘃𝗲𝗿𝘀𝗲 𝗰𝗵𝗮𝗿𝗴𝗲 𝗺𝗲𝗰𝗵𝗮𝗻𝗶𝘀𝗺 (𝗥𝗖𝗠). When an 𝘂𝗻𝗿𝗲𝗴𝗶𝘀𝘁𝗲𝗿𝗲𝗱 𝘀𝘂𝗽𝗽𝗹𝗶𝗲𝗿 sells metal scrap to a 𝗿𝗲𝗴𝗶𝘀𝘁𝗲𝗿𝗲𝗱 𝗯𝘂𝘆𝗲𝗿, the 𝗯𝘂𝘆𝗲𝗿 is liable to pay GST under RCM.

𝟬𝟮. 𝗘𝘅𝗰𝗹𝘂𝘀𝗶𝗼𝗻 𝗳𝗿𝗼𝗺 𝗥𝗲𝗴𝗶𝘀𝘁𝗿𝗮𝘁𝗶𝗼𝗻 𝗘𝘅𝗲𝗺𝗽𝘁𝗶𝗼𝗻:
Under the earlier provisions, suppliers 𝘀𝘂𝗽𝗽𝗹𝗶𝗲𝗿𝘀 𝗲𝘅𝗰𝗹𝘂𝘀𝗶𝘃𝗲𝗹𝘆 𝗲𝗻𝗴𝗮𝗴𝗲𝗱 𝗶𝗻 𝗺𝗮𝗸𝗶𝗻𝗴 𝗼𝘂𝘁𝘄𝗮𝗿𝗱 𝘀𝘂𝗽𝗽𝗹𝗶𝗲𝘀 𝗻𝗼𝘁𝗶𝗳𝗶𝗲𝗱 𝘂𝗻𝗱𝗲𝗿 𝗥𝗖𝗠 were 𝗲𝘅𝗲𝗺𝗽𝘁 𝗳𝗿𝗼𝗺 𝗚𝗦𝗧 𝗿𝗲𝗴𝗶𝘀𝘁𝗿𝗮𝘁𝗶𝗼𝗻, even if their turnover exceeded the threshold limit. However, as per Notification No. 24/2024, metal scrap suppliers are now 𝗲𝘅𝗰𝗹𝘂𝗱𝗲𝗱 𝗳𝗿𝗼𝗺 𝘁𝗵𝗶𝘀 𝗲𝘅𝗲𝗺𝗽𝘁𝗶𝗼𝗻. If a supplier’s 𝘁𝘂𝗿𝗻𝗼𝘃𝗲𝗿 𝗲𝘅𝗰𝗲𝗲𝗱𝘀 𝘁𝗵𝗲 𝘁𝗵𝗿𝗲𝘀𝗵𝗼𝗹𝗱 𝗹𝗶𝗺𝗶𝘁, they must 𝗿𝗲𝗴𝗶𝘀𝘁𝗲𝗿 𝗳𝗼𝗿 𝗚𝗦𝗧, even if their supplies are under RCM. Once registered, their subsequent supplies will be under the 𝗳𝗼𝗿𝘄𝗮𝗿𝗱 𝗰𝗵𝗮𝗿𝗴𝗲 𝗺𝗲𝗰𝗵𝗮𝗻𝗶𝘀𝗺 (𝗙𝗖𝗠), where they will charge and remit GST.

𝟬𝟯. 𝗜𝗻𝘁𝗿𝗼𝗱𝘂𝗰𝘁𝗶𝗼𝗻 𝗼𝗳 𝗧𝗗𝗦 𝗳𝗼𝗿 𝗕𝟮𝗕 𝗧𝗿𝗮𝗻𝘀𝗮𝗰𝘁𝗶𝗼𝗻𝘀:
As per Notification No. 25/2024, for 𝗕𝟮𝗕 transactions involving metal scrap transactions falling under 𝗖𝗵𝗮𝗽𝘁𝗲𝗿 𝗵𝗲𝗮𝗱𝗶𝗻𝗴𝘀 𝟳𝟮 𝘁𝗼 𝟴𝟭, 𝗧𝗗𝗦 at 2% must be deducted if the contract value exceeds ₹2.5 lakhs. Registered buyers are required to deduct TDS and remit it to the government.

@GSTinSHORT
#gstinshort #gstupdate #GST

[GSTinSHORT @GSTinSHORT]

𝗚𝗦𝗧 𝗰𝗼𝗺𝗽𝗹𝗶𝗮𝗻𝗰𝗲 𝗰𝗮𝗹𝗲𝗻𝗱𝗮𝗿 𝗳𝗼𝗿 𝗢𝗰𝘁𝗼𝗯𝗲𝗿 𝟮𝟬𝟮𝟰

@GSTinSHORT
https://t.co/GogB57pHql

#gstinshort #gst #gstupdates

[GSTinSHORT @GSTinSHORT]

Oneslider note on 𝗘𝗹𝗶𝗴𝗶𝗯𝗶𝗹𝗶𝘁𝘆 𝗼𝗳 𝘁𝗵𝗲 𝗖𝗼𝗺𝗽𝗼𝘀𝗶𝘁𝗶𝗼𝗻 𝗦𝗰𝗵𝗲𝗺𝗲 𝘂𝗻𝗱𝗲𝗿 𝗚𝗦𝗧.

We hope you find it useful.

Your feedback is always welcome.

@GSTinSHORT
https://t.co/GogB57pHql

#gstinshort #gstinoneslide #gst

[GSTinSHORT @GSTinSHORT]

𝗚𝗦𝗧 𝗰𝗼𝗺𝗽𝗹𝗶𝗮𝗻𝗰𝗲 𝗰𝗮𝗹𝗲𝗻𝗱𝗮𝗿 𝗳𝗼𝗿 𝗦𝗲𝗽𝘁𝗲𝗺𝗯𝗲𝗿 𝟮𝟬𝟮𝟰
@GSTinSHORT
https://t.co/GogB57pHql

[GSTinSHORT @GSTinSHORT]

𝗣𝗿𝗲𝘀𝗲𝗻𝘁𝗮𝘁𝗶𝗼𝗻 𝗼𝗻 𝗨𝗽𝗱𝗮𝘁𝗲 𝗼𝗻 𝗖𝗵𝗮𝗻𝗴𝗲𝘀 𝗶𝗻 𝗚𝗦𝗧 𝗟𝗮𝘄 𝗳𝗿𝗼𝗺 𝟮𝟲 𝗝𝘂𝗻𝗲 𝟮𝟬𝟮𝟰 𝘁𝗼 𝟮𝟯 𝗝𝘂𝗹𝘆 𝟮𝟬𝟮𝟰

@GSTinSHORT
https://t.co/GogB57pHql

#GSTinShort #GSTupdate #gst

[GSTinSHORT @GSTinSHORT]

𝗚𝗦𝗧 𝗰𝗼𝗺𝗽𝗹𝗶𝗮𝗻𝗰𝗲 𝗰𝗮𝗹𝗲𝗻𝗱𝗮𝗿 𝗳𝗼𝗿 𝗔𝘂𝗴𝘂𝘀𝘁 𝟮𝟬𝟮𝟰

@GSTinSHORT
https://t.co/GogB57qffT

#gstinshort #gstupdate #GST

[GSTinSHORT @GSTinSHORT]

𝗚𝗦𝗧 𝗣𝗢𝗥𝗧𝗔𝗟 𝗨𝗣𝗗𝗔𝗧𝗘

GSTN has issued an advisory for the newly increased limits in the size to upload supporting documents for Principal & Additional place of business while applying for New Registration or while making Amendments.

Attached is the copy of the update for reference.

@GSTinSHORT
https://t.co/1bvkX0qWdb

#gstinshort #gstupdate #gst

[GSTinSHORT @GSTinSHORT]

𝗚𝗦𝗧 𝗰𝗼𝗺𝗽𝗹𝗶𝗮𝗻𝗰𝗲 𝗰𝗮𝗹𝗲𝗻𝗱𝗮𝗿 𝗳𝗼𝗿 𝗝𝘂𝗹𝘆 𝟮𝟬𝟮𝟰

@GSTinSHORT
https://t.co/GogB57qffT

#gstinshort #gstcompliancecalendar #gst

[GSTinSHORT @GSTinSHORT]

𝗜𝗻𝘀𝘁𝗿𝘂𝗰𝘁𝗶𝗼𝗻𝘀 𝗶𝘀𝘀𝘂𝗲𝗱 𝗳𝗼𝗿 𝗽𝗿𝗲-𝗺𝗮𝘁𝘂𝗿𝗲 𝗿𝗲𝗰𝗼𝘃𝗲𝗿𝗶𝗲𝘀 𝘂𝗻𝗱𝗲𝗿 𝗚𝗦𝗧

Considering instances of premature recoveries before three months from date of service of order, the CBIC issued 𝗜𝗻𝘀𝘁𝗿𝘂𝗰𝘁𝗶𝗼𝗻 𝗡𝗼. 𝟬𝟭/𝟮𝟬𝟮𝟰-𝗚𝗦𝗧 𝗱𝗮𝘁𝗲𝗱 𝟯𝟬-𝟬𝟱-𝟮𝟬𝟮𝟰, setting forth directives for the GST Department concerning the recovery of liabilities resulting from orders passed under the GST

Gist of the instructions are as below -

As per Section 78, 𝗿𝗲𝗰𝗼𝘃𝗲𝗿𝘆 u/s 79 against an order shall be initiated by Jurisdictional Deputy or Assistant Commissioner of Central Tax 𝗼𝗻𝗹𝘆 𝗮𝗳𝘁𝗲𝗿 𝗲𝘅𝗽𝗶𝗿𝘆 𝟯 𝗺𝗼𝗻𝘁𝗵𝘀 from the date of service of order.
However, where the Jurisdictional Deputy or Assistant Commissioner of Central Tax feels that in order to protect the interests of the revenue it is necessary to initiate recovery prior to expiry of 3 months, he shall 𝗽𝗹𝗮𝗰𝗲 𝘁𝗵𝗲 𝗺𝗮𝘁𝘁𝗲𝗿 𝗯𝗲𝗳𝗼𝗿𝗲 𝘁𝗵𝗲 𝗝𝘂𝗿𝗶𝘀𝗱𝗶𝗰𝘁𝗶𝗼𝗻𝗮𝗹 𝗣𝗿𝗶𝗻𝗰𝗶𝗽𝗮𝗹 𝗖𝗼𝗺𝗺𝗶𝘀𝘀𝗶𝗼𝗻𝗲𝗿/𝗖𝗼𝗺𝗺𝗶𝘀𝘀𝗶𝗼𝗻𝗲𝗿 of Central.

If Jurisdictional Principal Commissioner/Commissioner of Central is satisfied that it is necessary to initiate recovery before expiry of 3 months, then he 𝗺𝘂𝘀𝘁 𝗿𝗲𝗰𝗼𝗿𝗱 𝘁𝗵𝗲 𝗿𝗲𝗮𝘀𝗼𝗻𝘀 𝗶𝗻 𝘄𝗿𝗶𝘁𝗶𝗻𝗴 and issue directions to taxable person to pay within period specified by him.

Factors such as financial health, status of business operations, infrastructure and credibility of taxable persons shall also be considered while issuing directions.

These instructions, wherein premature recoveries have to now be escalated to Pr. Commissioner/Commissioner who will examine and record reasons in writing, will stop the frivolous practices of GST officers who would initiate recovery immediately after issuance of order by attaching bank accounts.

Attached copy of instruction for reference.

@GSTinSHORT
https://t.co/1bvkX0qWdb

#gstinshort #gstupdates #gst

[GSTinSHORT @GSTinSHORT]

𝗚𝗦𝗧 𝗖𝗼𝗺𝗽𝗹𝗶𝗮𝗻𝗰𝗲 𝗖𝗮𝗹𝗲𝗻𝗱𝗮𝗿 𝗳𝗼𝗿 𝗝𝘂𝗻𝗲 𝟮𝟬𝟮𝟰
@gstinshort
https://t.co/GogB57pHql

#gstinshort #gstinoneslide #GST #GSTupdates

[GSTinSHORT @GSTinSHORT]

One-slider note on 𝗧𝗮𝘅𝗮𝗯𝗶𝗹𝗶𝘁𝘆 𝗼𝗳 𝗔𝗰𝗰𝗼𝗺𝗺𝗼𝗱𝗮𝘁𝗶𝗼𝗻, 𝗥𝗲𝘀𝘁𝗮𝘂𝗿𝗮𝗻𝘁 & 𝗢𝘂𝘁𝗱𝗼𝗼𝗿 𝗖𝗮𝘁𝗲𝗿𝗶𝗻𝗴 𝗦𝗲𝗿𝘃𝗶𝗰𝗲𝘀.

@GSTinSHORT

#gstinshort #gstinoneslide #gst #gstupdates

[GSTinSHORT @GSTinSHORT]

Recognizing the need to understand basic GST provisions in regional languages, we are hosting a free webinar titled '𝗕𝗮𝘀𝗶𝗰 𝗨𝗻𝗱𝗲𝗿𝘀𝘁𝗮𝗻𝗱𝗶𝗻𝗴 𝗼𝗳 𝗜𝗻𝗽𝘂𝘁 𝗧𝗮𝘅 𝗖𝗿𝗲𝗱𝗶𝘁 ['𝗜𝗧𝗖']' 𝗶𝗻 '𝗠𝗮𝗿𝗮𝘁𝗵𝗶'

To register for the webinar, please click on https://t.co/xwzkQlm6NF or scan the QR code in the post.

𝗚𝗦𝗧𝗶𝗻𝗦𝗛𝗢𝗥𝗧
https://t.co/1bvkX0qWdb

#gstinshort #gst #gstupdates #gstwebinar