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📢 GST Filing Made Easy! 📢

Is it time to file your GST returns? Don't worry! We've got you covered with these simple steps to ensure a smooth filing process:

Gather Your Documents 📑

Keep all sales, purchases, and expense invoices handy.
Ensure your GSTIN and business details are updated.
Reconcile Your Accounts 🔄

Double-check your sales and purchase records.
Reconcile your GSTR-1 and GSTR-3B filings.
File On Time ⏰

Avoid penalties by adhering to the deadlines! Check your filing schedule.
Pay Any Dues 💸

If there’s any GST payable, settle it before filing.
Submit & Track 📊

Once filed, track your returns and stay updated on status.
Need help or guidance with your GST filing? Our experts are just a message away! 💬

📞 Reach out to us for personalized GST filing assistance today!
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Section 194H of the Income Tax Act requires the deduction of Tax Deducted at Source (TDS) on payments made as commission or brokerage. This section mandates that any person, other than an individual or Hindu Undivided Family (HUF), who is responsible for paying commission or brokerage must deduct TDS at the applicable rate when the total payment exceeds ₹15,000 in a financial year.

Previously, the TDS rate under Section 194H was 5%. However, as per the Union Budget 2024, this rate has been reduced to 2%, and the change will come into effect from October 1, 2024. This reduction is aimed at easing the compliance burden and improving liquidity for businesses.

A big update regarding rental income:

The GST Department has issued a notification stating that, starting October 10, 2024, the renting of commercial properties by unregistered persons to registered persons will be taxed under the Reverse Charge Mechanism (RCM). This means that if an unregistered person rents out commercial property to a person registered under GST, the person paying the rent will be responsible for paying GST to the government under the RCM.

Dear Taxpayers,

Starting from September 1, 2024, Rule 10A of the Central Goods and Services Tax (CGST) Rules, 2017, under the GST regime, will be strictly enforced. This rule may block taxpayers from filing their GSTR-1 and using the Invoice Furnishing Facility (IFF) if they have not updated their bank account details on the GST portal.

Rule 10A of the CGST Rules, 2017, introduced via Notification No. 31/2019 dated June 28, 2019, mandates that every taxpayer must furnish the details of a valid bank account within 30 days from the date of grant of GST registration. This must be done before the taxpayer furnishes details of their outward supplies in FORM GSTR-1 or uses the Invoice Furnishing Facility (IFF), whichever occurs earlier.