Bhushan Khot and Co.

Wishing everyone very Happy Independence Day
Jai Hind !!

We are glad to share our Budget 2025 customised Chatbot for customised insights throughout the year

Link to access our Chatbot - bit.ly/4jjTcKc

Dante AI - Welcome to AI Simplicity. We provide intuitive technology that empowers our partners to engage in conversations that captivate, educate, and convert.

Happy Dussera to everyone !

Happy Ganesh Chaturthi to everyone !!

Have you missed LLP filings for past years.

Mca announced Amnesty Scheme between 1.9.23 to 30.11.23 to file pending filings with no late fees / nominal late fees.

Avail the benefits and streamline your compliances.

Congratulations and Proud moment for all Indians !

E-invoicing is applicable from 1st August 2023 for all GST Taxpayers having aggregate annual turnover exceeding Rs.5 Cr in any of the past years

File IT Return before due date - 31.07.2023 and remain tax compliant.

Wishing everyone Happy CA Day

Thank you for uninterrupted Trust and support for 75 years and beyond !!

Gst Update :-
Online Compliance Pertaining to Liability / Difference Appearing in R1 – R3B (DRC-01B)

1. It is informed that GSTN has developed a functionality to enable the taxpayer to explain the difference in GSTR-1 & 3B return online as directed by the GST Council. This feature is now live on the GST portal.

2. The functionality compares the liability declared in GSTR-1/IFF with the liability paid in GSTR-3B/3BQ for each return period. If the declared liability exceeds the paid liability by a predefined limit or the percentage difference exceeds the configurable threshold, taxpayer will receive an intimation in the form of DRC-01B.

3. Upon receiving an intimation, taxpayer must file a reply in Form DRC-01B Part B, providing clarification through reason in automated dropdown and details regarding the discrepancy, if not included in the dropdown.

4. To further help taxpayer with the functionality, a detailed manual containing the navigation details is available on the GST portal. It offers step-by-step instructions and addresses various scenarios related to the functionality.

Here is the link
https://tutorial.gst.gov.in/downloads/news/return_compliance_in_form_drc_01b.pdf

Thanking You,
Team GSTN

tutorial.gst.gov.in

Important changes w.r.t Liberalised Remittance Scheme (LRS) and Tax Collected at Source (TCS)

- No change in rate of TCS for all purposes under LRS and for overseas travel tour packages, regardless of mode of payment, for amounts up to Rs. 7 lakh per individual per annum.

- Government gives more time for implementation of revised TCS rates and for inclusion of credit card payments in LRS
- Increased TCS rates to apply from 1st October, 2023 instead of 1st July, 2023

For any queries, write to us at [email protected]
www.cabkc.in

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