GST Interest & Penalty Waiver: CBIC Explains Section 128A (Circular 238/32/2024)
CBIC Circular 238/32/2024 clarifies eligibility, process, deadlines, and conditions for waiver of GST interest and penalty u/s 128A.
Category: Updates
Reduction/Waiver of Late Fee for GSTR-7 (GST TDS Return), notifies CBIC
CBIC notifies reduction/waiver of late fee applicable for failure/delays in filing GSTR-7 (GST TDS Return) from the month of June 2021 and onwards.
Revised Procedure of Refund Applications by ‘CSD’ with CBIC Clarifications
CBIC prescribes revised procedure for online filing and e-processing of refund claim applications in the case of Canteen Stores Department (CSD) from 10/07/2024.
GST Liability/ITC on Warranty Period Replacement/ Repair Services: CBIC Clarifications
CBIC clarifications on GST liability and the requirement for ITC reversal in respect of warranty replacements and repair services supplied without consideration during the warranty period.
New Mechanism for GST Post-Sale Discount Evidence
CBIC circular on compliance mechanism for post-sale discounts, by obtaining CA/CMA certificates or recipient undertakings.
Enhancement in the GST Portal from 3rd May, 2024
GSTN has notified the taxpayers about the launching of enhanced version of GST portal on 3rd May 2024.
Revised Special Procedures for Registered Manufacturers of Pan-Masala by CBIC
CBIC notifies the revised Special Procedures for Registered Manufacturers of Pan-Masala effective 01/04/2024, vide Central Tax Notification 4/2024.
CBDT Notification on 30-Days Time Limit for Verification After ITR Uploading
CBDT has issued Notification 2/2024 to clarify the timeline of 30 days for verification after uploading the ITR, effective 01/04/2024.
RBI’s Updated Master Circular 2024 on Prudential (IRAC) Norms for Loans & Advances
The RBI has issued a revised Master Circular consolidating guidelines (IRAC Norms 2024) on income recognition, asset classification, and provisioning for loans & advances until March 31, 2024.
Health and Education Cess Rates under Income Tax (AY 2024-25)
Explore about the Health and Education Cess Rates applicable under the Income Tax in respect of AY 2024-25 for all types of assessees and taxation schemes.