Introduction: Starting from October 1st, a groundbreaking feature is coming to the GST portal: the Invoice Management System (IMS). This new functionality aims to simplify the way taxpayers manage invoice corrections and amendments, enhancing the accuracy and efficiency of Input Tax Credit (ITC) claims. Here’s a detailed look at how the IMS will revolutionize the…
Introduction: In an effort to enhance transparency and streamline tax compliance, the Government of India has introduced Form GSTR-1A through notification no. 12/2024, dated 10th July 2024. Effective from the July 2024 tax period, this form offers taxpayers an optional facility to amend, add, or rectify any supply details reported in GSTR-1 before filing GSTR-3B…
Background Hostels and paying guest accommodations (PGs) provide essential living facilities to millions across India, mainly students from smaller cities or migrant workers. This sector, largely unorganized and dominated by small players, offers affordable housing solutions. Under the GST regime, from July 1, 2017, to July 17, 2022, residential dwellings for use as residences were…
