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While there is an excitement about the introduction of #GSTR1A, it needs to be remembered that every new key also opens new doors. Avoid falling in the loop of amendments and streamline your business processes by automating tax compliance with IRISGST

Anticipation around the introducion of GSTR-1A! 📢 It is being anticipated that the GST Council is set to introduce a new form GSTR-1A, bringing greater flexibility and efficiency to the GST filing process. 🆕 What's New? 🔹Amendments Made Easy: With the introduction of GSTR-1A, taxpayers will now have the ability to revise or add records within the same month after filing GSTR-1 and before submitting GSTR-3B. This new form eliminates the need to wait until the next return period for corrections. 🔹Automatic Adjustments: Any changes made in GSTR-1A will be automatically reflected in GSTR-3B, ensuring that liabilities are accurately and promptly updated. 📊 Impact: 📌Timely Corrections: Modify your GSTR-1 within the same period, avoiding delays in reporting amendments or missed records. 📌Streamlined Reporting: GSTR-1A simplifies the reporting process, making it easier to ensure accuracy before finalizing GSTR-3B. 📌Comprehensive Impact: This change will affect related forms and processes, including GSTR-2A, GSTR-2B, GSTR-3B, GSTR-4A, GSTR-6A, GSTR-9, GSTR-11 tax liabilities and ITC comparison. 📌No Double Amendments: Records amended in GSTR-1A cannot be altered again in the next month's GSTR-1, promoting accuracy and consistency in reporting. ❓Open Questions : 💡Will the 3B liability values be freezed? The full benefit of this new flow will only be impactful if the auto computed liability in 3B is not allowed to be edited. 💡What is the impact on ITC for the recepient? Currently GSTR2B is generated on 14th for the recipient. If amendment to GSTR 1 is done through GSTR1A, will it still form part of next months GSTR 2B? Do you also have any similar questions or suggestions in your mind!! Do share with us in the comments section. 🤝 Avoid falling in the loop of amendments and streamline your business processes by automating tax compliance with IRISGST Stay tuned for further updates ! IRIS Business Services Limited IRISIRP #GST #TaxUpdate #GSTR1A #TaxCompliance #Finance

What is the GST Amnesty Scheme - Who can apply, how to apply and what is the last date Who can apply for the scheme? 1. Taxpayer who could not file appeal against demand order passed on or before 31.3.23, and Those taxpayers who’s earlier appeal was rejected solely on the ground that appeal was filed after deadline was over can apply for this scheme. 2. This means that appeal under GST amnesty scheme cannot be filed against GST orders issued under different sections *like refund rejection, cancellation of GST registration* etc. How to Apply? 1. Appeal under GST amnesty scheme against the GST demand order must be filed electronically in Form APL-01. 2. An enhanced pre deposit of 12.5% of the demand is required to be paid prior to filing appeal out of which atleast 20% of such pre-deposit of 12.5% is required to be paid in cash. Balance 80% can be paid through credit. Last date to apply Last date to apply for the GST amnesty scheme is 31.1.2024. Follow Manjushree Sudheendra for more #india #gst #finance #economics

Kind Attention - Madam Nirmala Sitharaman Honorable Finance Minister, Sharing suggestions for your consideration to enhance government revenues and stimulate the economy. Enhanced Government Revenues- 1. GST Structure Overhaul Renewed GST Structure: - Items below ₹10,000: 5% - Items between ₹10,001 - ₹25,000: 10% - Items between ₹25,001 - ₹ 50,000: 15% - Items between ₹ 50,001 - ₹1,000,00 : 20% - Items above ₹1,00,001: 30% Big Weddings - Above 10 Lakhs , Surcharge 10% Remove GST on common food items priced up to ₹1,000, excluding sugar-based soft drinks, cigarettes, and alcohol. A tiered GST structure ensures a progressive tax system where luxury items contribute more, thereby increasing revenue while keeping essential items affordable for the common man. 2. Income Tax Restructuring (New Regime): No tax up to ₹10 lakh , ₹10 lakh - ₹20 lakh: 15% ₹20 lakh - ₹30 lakh: 20% ₹30 lakh - ₹1 crore: 25% Above ₹1 crore: 30% Agriculture Income Tax: Introduce for those with net income above ₹10 lakh per year. Increasing the threshold for non-taxable income empowers the middle class, boosting spending and stimulating the economy. Taxing high-income agriculturists ensures equity and broadens the tax base. 3. Introduction of New Taxes A) International Travel Tax: Flat 10% tax on international hotel, flight, or travel bookings. B) International Study Tax: Flat 10% tax on fees paid to international universities/colleges. C) Immigration Tax: Flat 10% tax on total bank balance held in India for those emigrating. D) International Career Tax: One-time tax based on the value of the international job offer: - Up to $20,000: $1,000 - Proportional increase thereafter E) International Investment Tax: Flat 10% tax on investments made abroad. These taxes discourage capital flight and promote domestic spending and investment, boosting local economic growth. Incentives for Taxpayers 1. Group Health Insurance: Provide group health insurance equal to 10 times the annual tax paid. 2. Free Group Accidental Insurance: Offer free group accidental insurance with coverage equal to 100 times the #FastTag recharge amount. These incentives encourage tax compliance and provide significant benefits to taxpayers, improving their quality of life and financial security. Supporting Statistics - Outbound Tourism: India generated over 26.3 million outbound tourists , expenditure by them is projected to grow to $42 billion !! - Indian Students : Over 750,000 Indian students enroll for International courses , spending around $30 billion annually. - Immigration: Over 17 million Indians live abroad , with thousands seeking to Immigrate each year ! - Overseas Jobs: Significant numbers seeking employment abroad. - Outbound FDI: Indians investing abroad has hit a record high of $85 billion, indicating growing international investments by Indians. Thank you for your consideration. Arvind Mayaram FICCI Confederation of Indian Industry NITI Aayog Official GST Council

📢 The 53rd GST Council meeting is scheduled for June 22, 2024, under the leadership of Finance Minister Nirmala Sitharaman. Key issues on the agenda include rationalizing GST rates, simplifying compliance for SMEs, enhancing GSTN infrastructure, and more. These decisions are set to impact businesses and consumers across India significantly. Read our article to know more about the expectations: https://ow.ly/BN0m50Sm6n8 #GSTCouncil #TaxReform #EconomicGrowth #BusinessSimplification #IndiaEconomy

#53rdGSTCouncilMeeting Update! GST Council announces the introduction of form GSTR-1A, enabling taxpayers to report any disclosures they missed in GSTR-1. #NirmalaSitharaman #GST #GSTCouncil #GSTIndia #GSTSolution #GSTR #GSTReturn #LatestGSTUpdate

The Delhi bench of the Tribunal held that for the purposes of the service PE clause, the actual performance of services in India is essential and accordingly, only the duration of the employees physically present in India for furnishing the services are to be taken into account. • Accordingly, the taxpayer does not have a service PE in India as the presence of its employees in India is less than the 90-days threshold. • The Tribunal also accepted the positions taken by the taxpayer for calculating its presence in India for the purposes of service PE: 1. The taxpayer’s presence in India should not include the days during which the employees (though physically present in India) did not render any services to the taxpayer’s clients. These include the employees’ vacation period and days on which they performed non-revenue generating business development activities (such as identification of customers, technical presentation/ providing information to prospective customers, developing market opportunities, providing quotations to the customers). 2. The presence in India should be based on solar days (and not man days). Accordingly, the common days (i.e., days on which more than one employee was present in India) should be counted as one day. • The Tribunal distinguished the decision in ABB FZ(ABB FZ-LLC v. DCIT [2017] 83 taxmann.com 86 (Beng)) based on the facts of the case. • The Tribunal also rejected the tax officer’s reliance on the OECD interim report 2018 (OECD Interim Report 2018 under the OECD/G20 BEPS Project Titled “Tax challenges arising from Digitalisation”) on the ground that there is no provision in the treaty regarding the virtual service PE. The report itself mentions that in the absence of any amendments to the treaty provisions, the measures relating to the virtual PE can be challenged by the taxpayers before the courts.

On 1 July, on the 7th anniversary of GST, the government stopped the release of monthly GST data, first time in the history of GST. It was indeed unprecedented and uncalled for. Why did the government do it? In a still more questionable move, government officials called a few journalist, told them total GST collection number informally and told them that, as large growth in GST was communicating wrong message to people, the regular press release was being stopped. There could not have been a lamer excuse. GST collections are actually doing badly. Is the government intending to hide the bad news? My oped in the Quint analyzing the reasons and asking government to release the data immediately. #subhashgarg #gst #wealsomakepolicy #indianeconomy #budget2024-25

“Setting New Benchmarks: India and the U.S. Reach Record Highs in Advance Pricing Agreements” In the fiscal year 2023-24, India and the United States achieved unprecedented milestones in their Advance Pricing Agreements (APAs) programs. India’s government finalized an unparalleled total of 125 APAs, out of which 39 were bilateral agreements. This marks the most bilateral APAs concluded in a single financial year thus far. Concurrently, the United States set its own record by concluding 156 APAs in the year 2023, surpassing all previous figures since the program’s establishment. The notable increase in APA completions reflects a growing trend in both nations to adopt APAs as a proactive tool for averting disputes and fostering resolution in cross-border taxation issues. The pertinent question that comes to mind is: - Can Record Highs in APAs Signal a New Era for International Taxation? and - How Have India and the U.S. Achieved New Milestones in Advance Pricing Agreements? Read the press release by Govt Of India on this: https://lnkd.in/ejR_YHqi

📣 Simplifying GST: A Call for Change by Vijay Kelkar! 📣 Former Finance Secretary, Vijay Kelkar, has made a renewed call for the simplification of India’s Goods and Services Tax (GST) structure, which he describes as “unnecessarily complex” 🏦. He has advocated for a more democratic administration and a fair resource-sharing mechanism 🤝. While his preference for a single GST rate of 12% has made headlines 📰, there are other significant suggestions that deserve our attention. Kelkar has questioned the practice of setting tax rates with the primary objective of maintaining revenue neutrality, labeling it as “counter-productive” 🚫. He warns that high rates could incentivize fraudsters to evade taxes 💰. This comes at a time when policymakers are considering raising the average GST rate by a substantial 5-6 percentage points to the so-called “revenue neutral rate” 📈. Furthermore, Kelkar has championed for an “equitable” sharing of GST proceeds among all three tiers of government, including local governments, and for states to play a larger role in the GST Secretariat 🏢. Let’s join the conversation and work towards a simpler, more effective GST system for India 🇮🇳. #GST #TaxReform #India