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Complete Guide to GSTR-1: Latest Provisions, Filing Procedure & Due Dates

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Complete Guide to GSTR-1: Latest Provisions, Filing Procedure & Due Dates What is GSTR-1? GSTR-1 is a GST return that summarizes all sales (outward supplies) made by a registered taxpayer in India. Every taxpayer required to file GST returns must submit GSTR-1 either on a monthly or quarterly basis, depending on their turnover and the […]

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📰 Big GST Cut on Insurance in the Works? Here’s What It Means for Your Premiums in 2025

GST Updates / Compliance Katta

The upcoming GST Council meeting may bring much-needed relief to lakhs of policyholders across India. Reports suggest that the Council is seriously considering a major reduction — or even a complete exemption — of GST on life and health insurance premiums. 🔍 What’s Changing? Currently, health and term life insurance premiums attract 18% GST, making

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Handling of Inadvertently Rejected records on IMS

GST Updates / Compliance Katta

ITC Availment & Reversal of Wrongly Rejected Invoices and Credit Notes in IMS Summary:If a recipient taxpayer wrongly rejects invoices, debit notes, or credit notes in the Invoice Matching System (IMS), but has already filed GSTR-3B for the same period, they can still correct this. The supplier must re-report the same record without any changes

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RCM on Transporter under GST (Goods Transport Agency – GTA)

GST Updates / Compliance Katta

🔹 Short Summary: RCM on Transport Services (Goods Transport Agency – GTA) 🧾 RCM on GTA Services – At a Glance Condition Taxable Person GST Rate Who Pays GST ITC Allowed GTA issues a consignment note Registered Person 5% (RCM) Recipient Yes GTA opts for forward charge (via Annexure V) GTA 12% (FCM) GTA Yes

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Understanding RCM: Meaning, Applicability, and Key Considerations under GST

GST Updates / Compliance Katta

Introduction to RCM (Reverse Charge Mechanism) The Reverse Charge Mechanism (RCM) is a pivotal aspect of the Goods and Services Tax (GST) framework in India, fundamentally altering the way tax obligations are assigned between suppliers and recipients of goods and services. Under RCM, the liability to pay tax is shifted from the supplier to the

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Use of Input Tax Credit (ITC) for GST Appeal Pre-Deposit

GST Updates / Compliance Katta

✅ Use of Input Tax Credit (ITC) for GST Appeal Pre-Deposit What’s New:The Supreme Court has upheld that the 10% pre-deposit for GST appeals can be made using the Electronic Credit Ledger (ECL). Why It Matters:Earlier, only the cash ledger could be used, causing liquidity strain. Now, businesses can use their accumulated ITC instead. Action

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E Invoice Update Effective From April 1, 2025

GST Updates / Compliance Katta

E Invoice Update, GST e-invoicing rules are changing. Now, businesses must report invoices within 30 days, while 2FA is mandatory for added security. Additionally, invoice numbers are case-insensitive, and E-Way Bills are limited to 180 days.

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