Key Updates on Indirect Taxes in Budget 2024-25 by Siddharth Surana, RSM India
Major GST Changes in Budget 2024-25
Enhancing growth and promoting tax transparency are the key themes of Budget 2024-25. The proposals in the budget aim to simplify indirect taxes and ensure a robust growth in GST collections. Here are the major amendments proposed in the Finance Bill:
Time of Supply Clarity for GST on Reverse Charge Basis
Under the Finance Bill, clear guidelines have been provided for the levy of GST on a reverse charge basis. This is particularly important in cases where the recipient is required to issue the invoice, such as in service imports. The amendments specify the time of supply based on the obligation to issue invoices. This distinction is crucial for resolving disputes and understanding GST liability accurately.
Streamlining Assessment Procedures and Notice Issuance
A new Section 74A in the CGST Act aims to simplify assessment procedures by setting a uniform time limit of 42 months for issuing notices to taxpayers. This change will enhance compliance and ensure timely assessments. Additionally, penalties for fraudulent activities have been increased to deter non-compliance.
Waiver of Interest and Penalty for FY 2017-20
To address initial challenges in GST implementation, Section 128A offers a conditional waiver of interest and penalties for non-fraudulent taxpayers for the periods FY 2017-18 to 2019-20. This waiver is subject to the payment of disputed tax amount by 31 March 2025.
Reduced Pre-Deposit Amounts for GST Appeals
To ease financial burdens, the pre-deposit amounts for GST appeals have been reduced. The maximum pre-deposit amount for appeals before the Appellate Authority and GST Appellate Tribunal has been revised to provide relief to taxpayers.
Timelines for GST Appellate Tribunal Appeals
The Finance Bill recommends a three-month period for filing appeals before the GST Appellate Tribunal. This change aims to provide taxpayers with ample time to resolve disputes efficiently.
Relaxation in Timelines for Availing Input Tax Credit
The time limit for availing input tax credit for FY 2017-21 has been extended to 30 November 2021, given that ITC is claimed in GST returns filed up to that date. These amendments seek to streamline processes and provide clarity for taxpayers.
Stay updated with the latest GST changes by following our expert views. Let us help you navigate the complexities of GST for a seamless compliance experience.
Introduction
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Sed et justo fermentum, faucibus orci quis, feugiat est. Nullam ultrices, erat at tincidunt ullamcorper, ipsum lectus feugiat libero, sit amet euismod nulla orci non ligula.
Main Body
Pellentesque habitant morbi tristique senectus et netus et malesuada fames ac turpis egestas. Proin vel lectus id lorem laoreet vulputate. Sed efficitur nec quam nec convallis.
Conclusion
In hac habitasse platea dictumst. Nullam nec eros non purus dictum pulvinar. Vivamus eu nulla sed odio efficitur sodales eu eget neque. Nunc at eros in velit mollis dapibus eget non metus. Sed at nibh eget nunc tristique convallis.
References
1. Lorem Ipsum, et al. (2020). “Lorem Ipsum: A Study in Contradiction.” Journal of Lorem Ipsum 26(2), 123-145.
2. Ipsum Lorem, et al. (2019). “Contradictory Findings in Lorem Ipsum Research.” Lorem Journal of Ipsum 12(4), 65-78.
Acknowledgements
The authors would like to thank Lorem Ipsum for funding this research project and Lorem Ipsum for their valuable contributions.
In conclusion, Instagram hashtags are an essential part of any successful social media strategy. By utilizing a combination of popular, niche, and branded hashtags, you can increase the visibility of your posts and reach a larger audience. Remember to do your research, use relevant hashtags, and monitor your results to see which ones are driving the most engagement.
#socialmediatips #instagrammarketing #digitalstrategy #socialmediastrategy #viralhashtags #socialmediaengagement #instagramsuccess #brandawareness #hashtagstrategy #instagramtips