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Advisory on Furnishing Bank Account Details Before Filing GSTR-1/IFF – Key Compliance for Taxpayers

10 Sep, 2024

Overview of Notification No. 38/2023 – Central Tax The Central Goods and Services Tax (CGST) department issued Notification No. 38/2023 on 4th August 2023. This notification emphasizes that taxpayers must furnish their valid bank account details before filing GSTR-1 or using the Invoice Furnishing Facility (IFF). Starting 1st September 2024, compliance with this mandate is […]

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Key Recommendations from the 54th GST Council Meeting

09 Sep, 2024

The 54th GST Council meeting, chaired by Union Minister of Finance Smt. Nirmala Sitharaman, took place in New Delhi, offering several important recommendations for rate rationalization, compliance measures, and trade facilitation. These changes are pivotal for both businesses and individual taxpayers, ensuring smoother GST operations. In this blog, we explore the major decisions taken at […]

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Major Recommendations of the 54th GST Council Meeting – 09-09-2024

09 Sep, 2024

The 54th GST Council Meeting, held on September 9, 2024, introduced key changes and clarifications to the GST framework. These recommendations aim to improve compliance, clarity, and efficiency across various sectors. Below is a detailed summary of the important decisions made during the meeting. 1. Reverse Charge Mechanism (RCM) on Metal Scrap The GST Council […]

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GST Demands on Digital Payment Aggregators Explained

08 Sep, 2024

Several payment companies, including BillDesk and CCAvenue, have recently received Goods and Services Tax (GST) demand notices for the fees charged on digital transactions below ₹2,000. This has sparked industry-wide concern, especially as payment methods like debit, credit cards, and net banking are affected, while transactions via UPI and RuPay cards remain exempt from such […]

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Biometric Aadhaar for GST Registration in Key States

08 Sep, 2024

Streamlined GST Registration: Aadhaar Biometric Authentication & Document Verification for Bihar, Delhi, Karnataka, and Punjab Date: September 6th, 2024 The recent introduction of biometric-based Aadhaar authentication and document verification for GST registration applicants in Bihar, Delhi, Karnataka, and Punjab ensures a more secure and accurate registration process. Effective from September 6th, 2024, this system enhances […]

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Proposal to Levy 18% GST on Payment Aggregators: 54th GST Council Meeting Update

07 Sep, 2024

Introduction The 54th GST Council meeting, set to take place on September 9 in New Delhi, will deliberate on a significant proposal: to clarify that an 18% GST should be levied on payment aggregators facilitating digital transactions below ₹2,000. This includes transactions made through debit cards, credit cards, and other payment methods. The proposal stems […]

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Deferred Decision on GST Compliance for Foreign Shipping Lines (FSLs): A Comprehensive Analysis

07 Sep, 2024

Introduction The Fitment Committee, comprising state and central revenue officials, has delayed its decision on Goods and Services Tax (GST) compliance issues concerning Foreign Shipping Lines (FSLs) operating in India. The committee is focused on gathering more detailed data and thoroughly reviewing the ongoing investigations initiated by the Director General of GST Intelligence (DGGI). These […]

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GST on Health Insurance: Why Reform is Urgently Needed | Efiletax

07 Sep, 2024

In India, health insurance is not a luxury—it is a necessity. With rising medical costs and a healthcare system that can easily drain a family’s savings, health insurance provides the financial safety net that millions of Indians depend on. However, despite its significance, nearly 30% of India’s population lacks health coverage. One of the key […]

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Gauhati High Court on GST Notification No. 56/2023: A Legal Challenge

07 Sep, 2024

Introduction The Gauhati High Court is reviewing a legal challenge against GST Notification No. 56/2023, issued by the Central Board of Indirect Taxes and Customs (CBIC). This notification, which extends time limits for passing orders under Section 73(9) of the CGST Act, has raised legal concerns regarding its validity. The case brings into question the […]

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