GST taxpayers can't claim any pending input tax credit if this return is not filed by November 30, 2024 for FY 2023-24

Goods and services tax (GST): Registered taxpayers won't be able to claim any pending input tax credit if they don't file their GST return by November 30, 2024 for FY 2024-25. CBIC said, "The taxpayer is allowed to claim pending ITC , upto earlier of following dates i.e. a) 30th Nov following the end of the Financial Year, or d) furnishing of annual return. Accordingly, pending ITC pertaining to FY 2023-24 can only be claimed up to November 30, 2024, i.e. filing of October 2024 GSTR-3B," says Divya Bhushan, Tax partner, EY India.

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Faster ITC claim: Now suppliers can see & take action on whether buyer rejected the invoice or accepted it on the new IMS portal of GST

Goods and services tax (GST): The goods and services tax network (GSTN) has implemented a new feature inside the invoice management system (IMS) on the GST portal where suppliers can see whether the buyer has accepted or rejected the invoice saved by them. Experts say this is positive for buyers as now they will be able to claim input tax credit faster due to faster rectification of errors.

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New GSTN feature to correct mistakes in GST invoice matching process for claiming input tax credit; Know how it works

Input tax credit: The goods and services tax network (GSTN) has introduced a solution to help GST registered taxpayers into claiming the correct amount of input tax credit despite human error by the supplier in the invoice. GSTN said that the Invoice Management System (IMS) is still new so GST registered recipients may take some time getting used to this system.

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Who needs to file GST annual return by December 31, 2024

Goods and Services tax: GST annual return using GSTR 9 or 9A needs to be filed by GST registered taxpayers on or before December 31, 2024. Question arises do all GST registered taxpayers need to file GST annual return and if so then which form to use GSTR 9 or 9A? Read the story to know more.

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ITR filing deadline is November 15, 2024 for these taxpayers; file tax audit report before filing ITR

Income tax return: File your income tax return if you are liable to submit a tax audit report. The deadline for ITR filing is November 15, 2024 and this ITR cannot be filed without first submitting a tax audit report. However do note, for transfer pricing cases the ITR filing deadline is November 30, 2024 for FY 2023-24.

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Aadhaar PAN linking deadline: Will PAN become inoperative if you don't link it with Aadhaar by December 31, 2024?

PAN-Aadhaar linking last date: Is it true that if your PAN is not linked with Aadhaar by December 31, 2024? There are numerous reports online suggesting that if PAN is not linked with Aadhaar by December 31, 2024, then PAN will become deactivated. Know the correct last date and how to link PAN with Aadhaar.

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Tax saving: Gurugram-based professional can cut tax by Rs 37,000 with NPS, various perks

Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their incomes and investments.

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New process to pay tax demand under GST amnesty scheme clarified by GSTN

GST amnesty scheme: If you want to apply for Goods and Services Tax (GST) amnesty scheme waiver of interest and penalty then you need to follow this new process clarified by Goods and Service Tax Network (GSTN). ​"It is informed that Form GST SPL-01 and Form GST SPL-02 are under development and the same will be made available on the common portal tentatively from the first week of January 2025," said GSTN.

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GST, customs, excise case hearings to be virtual by default now: Expert views on pros and cons

GST case: The hearings of cases relating to Goods and Services tax (GST), Central Excise and Customs to be now made through virtual mode i.e. video conferencing. However if a taxpayer wants then by submitting a written request the proceedings can be conducted through physical mode. Read below to find out which mode is good for whom.

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No input tax credit if e-invoice not uploaded in GST portal within 30 days: New rule soon

GST: Buyers will not be able to claim input tax credit (ITC) if specified sellers or suppliers do not upload the e-invoice within 30 days from the date of its generation. ​"From 1st April 2025, taxpayers with an AATO of Rs 10 crore and above would not be allowed to report e-invoices older than 30 days from the date of reporting on IRP portals."

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GST tax demand not settled despite payment? New online form notified to help taxpayers adjust tax demand amount; here's how to do it

GST: New GST form DRC-03A enabled on the GST portal. This form will help you adjust tax demand already paid with a specific tax demand order. "​In case the taxpayer fails to file an application in FORM GST DRC-03A on the common portal, the proper officer may proceed to recover the amount payable as per provisions of section 78 and section 79 of CGST Act."

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Buying house by selling equity shares? Here’s how you can claim tax exemption for LTCG on stocks sold

Save LTCG tax on equity: To finance the down payment for buying a house, many people sell their assets such as equity shares, equity mutual funds, gold, etc. The income tax laws allow taxpayers to claim tax exemption on the long-term capital gains arising from the sale of equity shares and other capital assets.

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How NPS can help you save Rs 55,000 tax in new regime

Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their incomes and investments.

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