Manish Balasia

12/09/2025

GST Rates on Goods are going to change from 22.09.2025
Important Points:
* Take stock of items in the shop/ Godown/ In transit/ sent for approval
* Calculate ITC taken on items/ materials in stock (Now even forms is changed) becoming Nil/ Excempt
* Check extra change in rate in the Rate Notifications for the HSN of Goods ( Expected Soon)
* Changes GST Rates as per HSN in price list and billing system w.e.f. 22.09.2025
* Prepare list of incomlete transaction as on mid night of 21.09.2025.
* Incomplete transaction means where any of the activities like invoice/Payment/ Supply is pending on 21.09.2025.

04/06/2025

01/10/2024

*TDS related changes from 1st October, 2024*

The TDS rate for payments under sections *194DA, 194H, 194-IB, and 194M* is reduced from 5% to 2%.
*Section 194DA* - Payment in respect of life insurance policy is reduced from 5% to 2%.

*Section 194G* – Commission etc on sale of lottery tickets is reduced from 5% to 2%.

*Section 194H* – TDS on Commission or Brokerage is reduced from 5% to 2%.

*Section 194-IB* - Payment of rent by certain individuals or HUF is reduced from 5% to 2%.

*Section 194M* - Payment of certain sums by certain individuals or Hindu undivided families is reduced from 5% to 2%.

*Section 194-O* - Payment of certain sums by e-commerce operators to e-commerce participants is reduced from 1% to 0.1%.

28/09/2024

🔖 Forwarded message 👉🏿 *GST UPDATEZ ON 28-09-2024:-*

*Two GST legislative changes extending big relief to Taxpayers notified*

*GST Amnesty Scheme date Notified:*

The Insertion of new section 128A for *waiver of interest or penalty or both* relating to demands raised under section 73, for certain tax periods, is *effective from November 01, 2024* vide Notification No. 17/2024-CT dated September 27, 2024.

*Time limits to avail ITC past period:*

In another big relief the *extension of time limits for availing ITC* for past periods i.e., for availing such ITC for the *FY 2017-18, 2018-19 & 2019-20* may be allowed up to 30.11.2021 and restoration of ITC on revocation of cancelled registration which were introduced for taxpayers under vide *Section 16(5) & 16(6)* respectively, has been notified to take *effective from September 27, 2024* again vide *Notification No. 17/2024-CT* dated September 27, 2024.

*Well......*

In the Finance Act 2024, a proposal to introduce Section 128A of the CGST Act 2016, *which provides for waiver of 100% interest and penalty demanded* in pursuance of order passed under *Section 73[9]* for the tax periods from *FY 2017-18, 2018-19 and 2019-20 (July 2017 to March 2020)* or parts thereof subject to specified terms.

In addition, the Budget 2024 proposed to *insert new Sub-Sections 16(5) and 16(6)* after sub-section (4) of Section 16 in the CGST Act, 2017, thereby *intending to regularize* the Input Tax Credit taken after the limitation period as prescribed in Section 16(4) of the CGST Act, 2017.

Sub Section (5) deals with the availability of ITC upon *late filing of the Returns by normal taxpayers* while sub Section 16(6) deals with the taxpayers *whose registration was cancelled* under Section 29, *but restored later* on under Section 30.

04/06/2024

The proper officer is enpower to recover any outstanding amount payable by a person, but the recovery proceeding should be initiated after expiry of three months in the normal situations from the date of service of the order (DRC-07)
(Ins. No. 1/2024- GST dt: 30.05.2024)