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This article serves as a clear and helpful guide to reporting Input Tax Credit (ITC) under GST. It explains the process of claiming, reversing, and reclaiming ITC across different financial years. Through three carefully designed case studies, the article clearly outlines the GSTR-3B tables that must be used to report each ITC movement. It covers various cases, including those within the same financial year, reclaims of ITC from previous years, and cases where ITC is reversed in FY 2024-25 and reclaimed in FY 2025-26. Additionally, the article discusses Rule 37 and Rule 37A, explaining how these provisions impact ITC eligibility and the related process. It also explains the important rules for determining whether ITC should be treated as a current or previous year credit. Accurate reporting across GSTR-9 Tables 6B, 6H, 6A1, 7A, 7H, and 13 ensures smoother GST compliance and reduces the risk of reporting errors. Understanding the Process of ITC (Input Tax Credit) Claims and Reversals T...

The Central Board of Direct Taxes (CBDT) has announced a new framework aimed at facilitating the rectification of errors in tax returns and the issuance of refunds under the Income Tax Act, 1961. This decision aims to simplify the process for individual taxpayers to correct mistakes related to tax computation, prepaid tax credits, or refund processing.  Under this new framework, the Commissioner of Income Tax at the Centralized Processing Centre (CPC) in Bengaluru will have the authority to manage cases that involve mistakes in records, including issues related to refunds, as stated in the notification. Rules That Assist Taxpayers Under the revised framework, the Income Tax Department can now address issues under Section 154 of the Act that involve: Errors in tax calculations or refund determinations Failure to consider prepaid tax credits (such as advance tax, TDS, or self-assessment tax) Omission of eligible reliefs Incorrect calculations of interest under Section 244A (which per...

In 2025, India made amendments to its Goods and Services Tax (GST) system, which was introduced in 2017. The primary purpose of this amendment is to ensure that businesses and individuals comply with tax regulations, reduce tax fraud, and streamline tax management through the use of technology. The GST Network (GSTN) and the Central Board of Indirect Taxes and Customs (CBIC) have implemented new processes and software systems to streamline the tax return filing procedure for individuals. These improvements aim to simplify the tax filing process, minimise errors, and ensure that all taxpayers, as well as tax professionals, fulfil their tax obligations responsibly. Updates for the same have been given, and the impact they have had on business, accounting, and GST software providers. GSTR‑3B Locking Mechanism Introduced from July 2025 In 2025, an amendment was introduced regarding how businesses report their taxes using GSTR-3B. Now, the details of sales made by businesses, referred to as...

It is important to adhere to the rules in today’s fast-moving world of taxes. With the rise of the Goods and Services Tax (GST), the system has become more digital and stringent, and even small mistakes can result in large fines or statutory problems. To overcome such issues, SAG Infotech’s Gen GST software has arrived. It safeguards your business from issues by ensuring that your GST filings are performed effectively within time. Error-Free GST Return Filing Errors may occur from the manual entry of the data when the business manages a large volume of invoices. The automatic checking feature of the Gen GST software helps in preventing these errors and furnishing assistive suggestions. In this way, the common problems could be prevented, which makes the procedure streamlined and reliable. Mismatches in GSTR-1 and GSTR-3B Incorrect HSN/SAC codes Missing invoices or B2B/B2C misreporting Inaccurate input tax credit (ITC) claims The software, by lessening these errors, ensures that y...

Maintaining the rules and regulations is important for any company in the present fast-paced business world. Therefore, it is important for Company Secretaries (CSs) who are working in different businesses to ensure that their companies comply with the norms of the authorities like the Ministry of Corporate Affairs (MCA) in India. Various professionals are seeking software to help make their tasks easier with the rising rules and engaging paperwork, It has become more complicated to run businesses, with a requirement to file reports within time to the Registrar of Companies (ROC) and handle Limited Liability Partnerships (LLPs). Gen Complaw by SAG Infotech is one of the trusted options among Company Secretaries. It has been made to assist with compliance related to ROC and LLPs, proposing a reliable and facilitated solution that supports compliance professionals in doing their jobs in an effective way. Features that Make Gen Complaw the Best Choice We have listed below the features of ...

In India, many taxpayers file their Income Tax Return (ITR) early to get a head start. However, experts advise waiting until Form 26AS and the Annual Information Statement (AIS) are fully updated. Filing too early can lead to significant issues and discrepancies. Risks of Filing Your ITR Too Early If taxpayers file their Income Tax Return (ITR) before Form 26AS and the Annual Information Statement (AIS) are fully updated, it can lead to significant problems. These forms usually take about a week to reflect updates after the TDS and Statement of Financial Transactions (SFT) filing deadline on May 31. Here are the risks associated with filing your ITR too early: Your Income Tax Return (ITR) might show discrepancies related to Tax Deducted at Source (TDS) or reported income  If there are discrepancies, you may receive a notice from the Income Tax Department. If the claim for TDS is missing, in some cases, you might need to file a revised return. Additionally, if you update your i...