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Simplifying the Process of Input Tax Credit (ITC) Reversal for Businesses and Tax Professionals

13 Apr, 2024

Introduction Navigating the complexities of Input Tax Credit (ITC) reversal presents a challenging yet vital task for businesses. As tax professionals, mastering this process not only protects your clients’ interests but also prevents future litigation. Understanding the intricacies involved can transform a daunting procedure into a manageable task, ensuring compliance and minimizing errors. Why ITC […]

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Tesla’s Impending Arrival in Gujarat: A Milestone for India’s EV Horizon

13 Apr, 2024

The anticipation around Tesla’s investment in India has been building, and it seems the company is inching closer to an official announcement, which is likely to happen during the Vibrant Gujarat Summit in January 2024. Gujarat is considered to be the front-runner for Tesla’s Indian manufacturing plant, with the state offering strategic advantages including its […]

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Understanding the MCA Filing Calendar for 2023-2024

13 Apr, 2024

The Ministry of Corporate Affairs (MCA) in India has a set annual compliance calendar that all companies registered under it must adhere to. Missing these deadlines can lead to hefty penalties, which escalate the longer the delay in filing. Below, we break down the key components of the MCA filing calendar for the fiscal year […]

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Navigating the New Auto-Population Feature in GSTR-1

12 Apr, 2024

The Goods and Services Tax Network (GSTN) has recently unveiled a pivotal enhancement to the GSTR-1 filing process that promises to streamline the task for taxpayers across India. Effective from April 9, 2024, the new feature facilitates the auto-population of the Harmonized System of Nomenclature (HSN) summary directly into Table 12 of the GSTR-1 form. […]

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The Madras HC Decision on GST Hearing Opportunities

12 Apr, 2024

Introduction Navigating GST compliance can be daunting, especially when legal proceedings are involved. A recent decision by the Madras High Court has thrown light on the crucial aspect of taxpayer rights during GST assessments. This post will explain the case’s facts, the court’s decision, and the implications for taxpayers who might find themselves in a […]

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GSTR-1 Deadline Extension to April 12, 2024 – File Without Hassle!

11 Apr, 2024

Facing issues with your GSTR-1 filing due to those pesky portal glitches? You’re not alone. The Goods and Services Tax Network (GSTN) has recognized these technical hiccups and, acting on taxpayer distress, has proposed a much-needed respite. The Central Board of Indirect Taxes and Customs (CBIC) has heeded GSTN’s advice, granting an additional day for […]

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Navigating GSTR-3B Refiling: A Step-by-Step Guide

10 Apr, 2024

In light of recent observations regarding discrepancies in the GSTR-3B filings of certain taxpayers, an important update has been made. Some of you may have encountered mismatches between the saved data in the GST portal and the actual figures reported, especially in areas concerning Input Tax Credit (ITC) availed and tax liability payments. The GST […]

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Simplifying GST: How to Auto-Populate HSN Summary in GSTR-1

10 Apr, 2024

Unlocking Ease in GST Filing: The Auto-Populate Feature In the realm of tax filing, precision and ease are paramount. The GST Network (GSTN) has unveiled a groundbreaking feature that promises to streamline the filing process for countless taxpayers across the nation. This latest development allows for the automatic inclusion of the Harmonized System of Nomenclature […]

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