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The GST Council is scheduled to be held on December 21 to discuss an important proposal regarding potential exemptions or reductions in GST rates on health and life insurance. The announcement was made via a post on the social media platform X. The conference is set to take place in Jaisalmer, and will be presided over by Union Finance Minister Nirmala Sitharaman, alongside state finance ministers. Key discussions are expected on rate rationalization, with lowering GST on several essential goods from the current 12% bracket to 5%, based on suggestions from the 55th GST council’s meeting board of state ministers. Currently, the GST system operates under a four-tier tax structure, with rates of 5%, 12%, 18%, and 28%. In its last session on September 9, the council directed a group of ministers (GoM) to prepare their report on GST charges for insurance by the end of October. Following this directive, the GoM for health and life insurance met last month, reaching a consensus to exem...

If you are a GST-registered assessee you need to consider the due date to avail of any due Input tax credit or revised errors/omissions for the FY 2023-24 is November 30, 2024, via submitting the appropriate GST forms. Missing the due date can produce an outcome of a financial loss as the unclaimed ITC could not be used to offset your output tax obligation. What is the Method to Claim the Due ITC or Revised GST Errors for the FY 2023-24 It was stressed by the tax experts that the GST law specifies the procedure to claim the due ITC via GSTR-3B and amend errors in GSTR-1. Filing GSTR-1: Errors induced in GSTR-1 can be rectified by making amendments in the following GSTR-1 filings. Filing GSTR-3B: Via the GSTR-3B return the obligated ITC can merely be claimed. November 11, 2024, was the due date to submit the GSTR-1, and November 20, 2024, is for GSTR-3B without any penalty. Both the outcomes can be provided till November 30, 2024, as per the late fees. R...

Changes in GST Rules for Businesses An update to the e-invoicing process for businesses has been announced by the Goods and Services Tax Network (GSTN). W.e.f April 1, 2025 the assessees with an annual  aggregate turnover (AATO) of Rs 10 crore or more than that shall now be obligated to upload e-invoices to the Invoice Registration Portal (IRP) within 30 days from the date of invoice issuance. Earlier, On businesses with an AATO of Rs 100 crore or exceeds, this 30 days requirement is applicable. Starting in April 2025 the same regulation shall extend to a larger group of taxpayers, along with those that have the smaller businesses. The same shall be applied to the people having an Aggregate Annual Turnover (AATO) of more than Rs 10 crore, which results in a larger group of GST assessees being affected. As per the GST norms the suppliers and sellers having a designated annual aggregate turnover (AATO) should make an electronic invoice (e-invoice) and after that on the IRP portal fo...