A. Amendment
DGFT-Public Notice No. 33/2024-25 dated 14.11.2024
DGFT issued Public Notice No. 33/2024-25 dated 14.11.2024 regarding Fixation of SION at A-3682 under Chemical & Allied Product.
DGFT Trade Notice 22/2024-25 dt 14.11.2024
DGFT issued Trade Notice 22/2024-25 dated 14.11.2024 regarding Harmonisation of Schedule-II (Export Policy), ITC(HS) 2022.
B. Article
Note on GSTN latest Advisory for IMS on Supplier View
by R.SRIVATSAN, IRS, NACIN, CHENNAI
The Invoice Management System (IMS) has been made available on the GST Portal from 14th October, 2024 wherein the recipient taxpayer can accept, reject or keep the invoices pending which are saved/filed by their suppliers in their respective GSTR-1/1A/IFF.
GST Levy and ITC on Advance Receipts Bombay HC upholds equal treatment
By Vikash Agarwal
In a significant judgment, the Hon’ble Bombay High Court upheld the GST levy on advance receipts and overturned the denial of Input Tax Credit on such advances. The court’s ruling is summarized below:
C. Tax in Media
New GSTN feature to correct mistakes in GST invoice matching process for claiming input tax credit; Know how it works
The Goods and Services Tax Network has introduced the Invoice Management System (IMS) on the GST portal, effective October 1, 2024. This new feature is designed to assist GST-registered taxpayers in claiming input tax credit (ITC) with fewer disputes. With IMS, invoice data entered by sellers in a designated form on the GST portal will automatically appear in the buyer’s IMS. Using this information, buyers can choose to accept, reject, or leave the invoice pending. Once a buyer accepts an invoice, it will then be included in their GSTR-2B as an eligible input tax credit.
Tax burden shifting to super-rich, but middle class barely growing
Income tax liability on individuals earning below Rs 20 lakh a year, categorised as middle class, has reduced in the first ten years of the Narendra Modi government, while the burden on those earning above Rs 50 lakh has increased, as per date released by the tax department.
Can you expect major income tax changes in Budget 2025? Check details
The Union Budget 2025-26 is set to usher in a new era of tax simplification in India, with the Finance Ministry working on comprehensive reforms to streamline the income tax system. According to Finance Ministry sources, these changes aim to reduce compliance burdens while expanding the tax base.
EPF, EPS contribution limit may be hiked to Rs 21,000 soon: How it can impact you
The central government may soon raise the wage ceiling limit under the Employees’ Provident Fund (EPF) scheme to Rs 21,000 from Rs 15,000 currently. The government last increased the wage limit threshold in September 2014, more than doubling it from Rs 6,500 to Rs 15,000.
What Is Employees’ Pension Scheme (EPS): Check Eligibility, Calculation & Formula
The Employees’ Pension Scheme (EPS) is a social security initiative provided by the Employees’ Provident Fund Organisation (EPFO), aimed at ensuring a regular pension for employees after their retirement.
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