GSTR-1 is a monthly/quarterly return that summarises all sales (outward supplies) of a taxpayer. You must make sure that a valid GSTIN is filled while entering sales invoice details.Latest Updates9th January 2025GSTN issued an advisory on implementation of mandatory mentioning of HSN codes in GSTR-1 & GSTR 1A.Phase 3 for reporting of HSN code in Table 12 of GSTR-1 & 1A is being implemented from January 2025 return period on the GST portal.In this phase manual entry of HSN has been replaced by choosing correct HSN from given drop down. A customized description mentioned in HSN master will auto-populate in a new filed called “Description as per HSN Code". Also, Table-12 has been bifurcated into two tabs namely B2B and B2C, to report these supplies separately.Following validations in Table 12 with regards to value of the supplies have also been introduced: *Validate the value of B2B supplies shown in different Tables viz: 4A, 4B, 6B, 6C, 8 (recipient registered), 9A, 9B (registered), 9C (registered), 15 (recipient registered), 15A (recipient registered) with the value of B2B supplies shown in table-12. Similarly, validate the value of B2C supplies shown in different tables viz: 5A, 6A, 7A, 7B, 8 (recipient unregistered), 9A (export), 9A (B2CL), 9B (unregistered), 9C (unregistered), 10, 15 (recipient unregistered), 15A (recipient unregistered) with the value of B2C supplies shown in Table-12. In case of amendments, only the differential value will be taken for the purpose of validation. *However, initially these validations have been kept in warning mode only, that means warning or alert message shall be shown in case of mismatch in values, whereas taxpayers will be able to file GSTR-1 in such cases. Further, in case B2B supplies are reported in other tables of GSTR-1, in that case B2B tab of Table-12 cannot be left empty.29th September 2024As per the latest advisory from the GSTN, due to persistent demand from trade, the return data for July 2017 and August 2017 was earlier archived on 1st August and on 1st September respectively has been restored until further notice. 24th September 2024As per the advisory from GST Network, on 01st October 2024, data of September 2017 shall be taken down from the GST portal in line with its data archival policy of saving data up to 7 years.10th July 2024A new optional facility in Form GSTR-1A is notified for taxpayers to add/amend details filed in the GSTR-1 (or IFF) for a tax period before filing their GSTR-3B for the same tax period.CGST Rule 59(4) has been amended to replace the invoice reporting limit of Rs.2.5 lakhs with Rs.1 lakh for inter-state supplies to unregistered persons. Accordingly, the GSTR-1 and GSTR-5 formats are amended to reflect the revised limit, which will apply from 1 August 2024.What is GSTR-1?GSTR-1 is a monthly or quarterly return that should be filed by every registered GST taxpayer, except a few as given in further sections. It contains details of all outward supplies i.e sales.

The Indian textile industries play a key role in the development of the country’s economy with respect to employment, GDP, export promotion, etc. It’s one of the oldest industries in the country and also the second-largest industry after agriculture providing skilled and unskilled employment. GST rates on clothes or GST rates on clothing has changed a few times since the introduction of GST law due to the tax structure in the textile industry.GST Rates on Clothes: In January 2022, a proposal suggested a standard 12% GST rate for all clothing.Taxability of GST on clothes and textilesSale of clothes, whether stitched or unstitched, is taxable under GST as it falls in the scope of supply. However, raw jute and raw silk are kept under nil rate of tax so no need to register under GST or pay taxes if you are a raw jure/raw silk dealer or run mills.Buyers of raw cotton must pay GST on a reverse charge basis at 5%. Services of tailoring and renting of clothes also attracts GST.

Hospitality and tourism industry in India is expected to rise from Rs.15.24 lakh crore (US$ 234.03 billion) in 2017 to Rs.32.05 lakh crore (US$ 492.21 billion) by 2028. Implementation of GST has helped the sector by reducing costs for customers, harmonising taxes, and reducing business transaction costs, but has its own set of challenges. In this article, we will look at the effects of the GST on the hospitality and tourism industry. Hospitality and Tourism under Pre-GSTThe hospitality industry, like every other sector in the Indian economy, was liable to pay multiple taxes (VAT, luxury tax, and service tax) under the previous VAT regime. A hotel where the room tariff exceeded Rs.1,000, was liable for service tax at 15%. An abatement of 40% was allowed on the tariff value, thus bringing the effective rate of service tax down to 9%. The Value Added Tax (ranging between 12% to 14.5%) and luxury tax, would apply on top of this. However, for restaurants, there was 60% abatement which meant that the service tax was charged at an effective rate of 6% on the F&B bills, apart from VAT (12% to 14.5%).

GST is applicable on the premiums paid on health insurance policies in India. In the 54th GST Council Meeting, it was decided to create a Group of Ministers (GoM) to evaluate the proposal of reducing the GST rate on health insurance premiums from 18% to 5%. However, the 55th GST Council meeting provided an extention to the GoM to submit their report.GST Rate on Health Insurance: Health insurance premiums in India currently incur an 18% GST.The article covers the latest GST rate on health insurance. Can we claim Input Tax Credit (ITC) on employees' health insurance under GST? Read and find out.What is GST on Health Insurance?GST on health insurance premiums is applicable at the time of the sale or renewal of the policy. Simply put, the premium paid on a medical or health insurance policy will attract GST. The GST rate on health insurance premiums is 18% under the HSN code 997133.However, there are exemptions given for certain government-run health insurance schemes for economically weaker sections of society.

GST calendar helps every registered business and professionals to be ready for compliance well in advance. GST Dates are crucial for every taxpayer to file the GST returns and prescribed forms under the GST law to avoid incurring any interest or late fees. You can identify the right GST return to file by knowing the type of registration obtained for your GSTIN, using the GST search tool.The CBIC continues to extend the GST Dates of various returns and forms under GST. Accordingly, our handy GST calendar can remind you when to pay tax and file your GST returns.Annual GST CalendarDownload FY 2025-26 Calendar Download FY 2024-25 CalendarGST due dates in April 2025Here is the GST calendar for April 2025 at a glance-*Due dateForm/FunctionPeriodDescription      10th AprilGSTR-7(Monthly)March'25Summary of Tax Deducted at Source (TDS) and deposited under GST laws GSTR-8(Monthly)March'25Summary of Tax Collected at Source (TCS) and deposited by e-commerce operators under GST laws11th AprilGSTR-1(Monthly)March'25Summary of outward supplies where turnover exceeds Rs.5 crore (in the current FY and the previous FY) or have not chosen the QRMP scheme for Jan-Mar'2513th AprilGSTR-1(Quarterly)Jan-Mar'25Summary of outward supplies by taxpayers who have opted for the QRMP scheme**GSTR-5(Monthly)March’25Summary of outward taxable supplies and tax payable by a non-resident taxable personGSTR-6(Monthly)March'25Details of ITC received and distributed by an ISDGSTR-5A(Monthly)March’25Summary of outward taxable supplies and tax payable by a person supplying OIDAR services18th AprilCMP-08(Quarterly)Jan-Mar'25Quarterly challan-cum-statement to be furnished by composition taxpayers20th AprilGSTR-3B(Monthly)March'25Summary return for taxpayers with turnover more than Rs.5 crore (in the current FY and the previous FY) or have not chosen the QRMP scheme for Jan-Mar'2522nd AprilGSTR-3B (Quarterly)Jan-Mar'25Summary return for taxpayers who have opted for the QRMP scheme and registered in category X states or UTs#24th AprilGSTR-3B (Quarterly)Jan-Mar'25Summary return for taxpayers who have opted for the QRMP scheme and registered in category Y states or UTs##28th AprilGSTR-11March’25Statement of inward supplies by persons having a Unique Identification Number (UIN) for claiming a GST refund Note: Small taxpayers, i.e. taxpayers with turnover up to Rs.5 crore in the given financial year and the earlier year, can opt in or out of the Quarterly Return filing and Monthly Payment of taxes (QRMP) scheme for the April-June 2025 quarter on or before 30th April 2025.*The due dates mentioned are subject to changes notified by the concerned department.**If the taxpayer opted for the Invoice Furnishing Facility (IFF) and uploaded B2B invoices for Jan 2025 and Feb 2025, it is sufficient to upload B2B invoices for Mar 2025 and B2C invoices for the entire quarter in the GSTR-1.

GST notifications are issued by the department from time to time to keep the concerned people updated regarding changes made by the department with regard to various compliance procedures, tax rates, and similar matters.We have for you here, an updated summary of all such notifications issued in a summarised form. If you want to refer to any GST circular or order or removal of difficulties order, visit our page on “GST Circulars and Orders”.Central Tax NotificationsNotification NumberDateSubjectDescription10/202513/03/2025Seeks to amend notification No. 02/2017-CT.The territorial jurisdiction of Principal Commissioner/ Commissioner of Central Tax for Alwar, Outer Chennai, Jaipur, Jodhpur, Madurai, Tiruchirapalli, Udaipur was amended 09/202511/02/2025Seeks to bring rules 2, 8, 24, 27, 32, 37, 38 of the CGST (Amendment) Rules, 2024 in to forceThe provisions stated in rules 2, 24, 27 and 32 of the CGST (Amendment) Rules, 2024 came into force w.e.f 11.02.205 while rules 8, 37 and 38(ii) of the CGST (Amendment) Rules, 2024 will be applicable from 1.04.2025 08/202523/01/2025Notifying amnesty scheme for waiver of the late feeProvides a conditional waiver of late fees for delayed filing of Form GSTR-9C. The scheme restricts the late fee to delays associated with filing Form GSTR-9, provided Form GSTR-9C is submitted by 31 March, 2025.Taxpayers who have filed form GSTR-9 (annual return) but failed to file for GSTR-9C (reconciliation statement) for the FY 2017-18, 2018-19, 2019-20, 2020-21, 2021-22 or 2022-23 are provided relaxation from the payment of late fees.No refund of late fee will be provided if the amount is already paid in respect of delayed furnishing of Form GSTR-9C for the said financial years.07/202523/01/2025Seeks to amend CGST Rules, Central Goods and Services Tax (Amendment) Rules, 2025Amended CGST Rules, 2017 by inserting Rule 16A and making changes to Rule 19 and 87Via Rule 16A, any person who is not liable to take GST registration but is required to make any payment under the provisions of the Act, the proper officer may grant a temporary identification number and issue an order in Part B of FORM GST REG-12.Format for REG-12 was also provided.06/202510/01/2025Seeks to extend the due date for furnishing Form GSTR-8 for December, 2024The time limit for furnishing the statement in the Form GSTR-8 by an E-commerce Operator for December was extended to 12.01.202505/202510/01/2025Seeks to extend the due date for furnishing Form GSTR-7 for December, 2024The time limit for furnishing the return in the Form GSTR-8 by a TDS deductor for December was extended to 12.01.202504/202510/01/2025Seeks to extend the due date for furnishing Form GSTR-6 for December, 2024The time limit for furnishing the return in the Form GSTR-6 by an Input Service Distributor for December was extended to 15.01.202503/202510/01/2025Seeks to extend the due date for furnishing Form GSTR-5 for December, 2024The time limit for furnishing the return in the Form GSTR-5 by a non-resident taxable person for December was extended to 15.01.202502/202510/01/2025Seeks to extend the due date for furnishing Form GSTR-3B for December, 2024 and the quarter October to December, 2024 The time limit for furnishing GSTR-3B for December was extended to 22.01.2025 and for the quarter October to December it was extended to 24.01.2025 and 26.01.2025 depending on the class of registered persons.01/202510/01/2025Seeks to extend the due date for furnishing Form GSTR-1 for  December, 2024 and the quarter October to December, 2024The time limit for furnishing GSTR-1 for December was extended to 13.01.2025 and for the quarter October to December it was extended to 15.01.2025 #inlineCTA-choosePlan{ display: flex; flex-direction: row; align-items: flex-start; flex-wrap: wrap; padding: 24px 0; border-top: 1px solid #C4C4C4; } #inlineCTAimage{ padding-right: 20px; } #CTAbody{ flex: 1 1 55%; } #inlineCTAhead{ color: #314259; font-size: 20px; font-weight: 700; padding-bottom: 8px; } #inlineCTAcontent{ font-size: 16px; color: #9092A3; font-weight: 400; } #inlineCTAbutton{ padding: 8px 24px; color: #1678FB; font-size: 16px; background-color: #FFF; border: 1px solid #1678FB; border-radius: 8px; font-weight: 700; text-decoration: none; 8px 0 10px; } #inlineCTAbutton:hover{ background-color: #1678FB; color: #fff; box-shadow: 4px 5px 10px rgb(0 0 0 / 14%); } @media only screen and (max- 600px){ #full-width-mob, #inlineCTAbutton{ 100%; } #inlineCTAhead { font-size: 19px; padding: 8px 0; } #CTAbody{ flex: 1 1 100%; } } .

e-Invoices must be generated within a notified e invoice generation time limit of 30 days from the invoice date. The time limit for e invoice was earlier set as seven days, but the government deferred the implementation. The law currently applies to a few notified taxpayers. The restriction compels businesses to adopt real-time invoicing. Read on to get complete details and latest updates.Latest Updates4th April, 2025With effect from June 1, 2025, IRP will treat invoice numbers as case-insensitive for IRN generation.

In India, mobile phones are subject to an 18% GST, which raises the total price by 18% of the original cost. This change became effective on 1 April 2020 at the 39th GST Council meeting. Budget 2023 proposed higher import duties on phone materials, driving up mobile prices. This article covers the GST rate, accessories, import impact, and input tax credit eligibility.How did the Price of Mobile Phones Change due to GST?Before GST, excise and VAT were charged on mobile phones. The VAT rates varied from state to state, so it was difficult to set a uniform price for the mobile phone.

In the modern world, free trade policy states the absence of any trade restrictions between two or more nations implemented by a formal and mutual agreement. It’s completely the opposite of trade protectionism or economic isolationism. Let’s dive deeper. What is a Free Trade Agreement (FTA)?Free trade agreements function as international legal pacts between two or more countries to minimise any barriers that impede international imports and exports. The free trade policy allows merchants to make transactions across international borders by removing government-imposed barriers which include tariffs and quotas and subsidies. The concept of trade freedom exists under two alternative terms: “laissez-faire trade” alongside “trade liberalisation.”However, governments with free-trade policies or agreements in place do not necessarily abandon all their powers over imports and exports.

At the MIT Sloan CFO Summit held in November 2024, amid panels on generative AI, FP&A, and CFO best practices, a key insight emerged: generative AI for CFOs is not just about automating tasks—it’s elevating their strategic influence. Moody’s CFO, Noémie Heuland, emphasised how AI amplifies the need for interpersonal finesse, urging finance leaders to balance technological expertise with human connection.This aligns with a pivotal trend: by 2026, 47% of generative AI investments will target growth, far surpassing the 10% earmarked for experimentation. Clearly, CFOs must adapt swiftly to leverage this transformative power.Ready to reshape your strategy? Dive deeper into this evolving role.The Current Role of a CFOWhen critical financial challenges arise—allocating resources, managing risks, or ensuring compliance—the CFO is the linchpin. Imagine a company planning to expand into new markets; the CFO meticulously analyses costs, forecasts returns, and shapes the strategy. Their expertise bridges numbers with actionable decisions.CFOs juggle diverse responsibilities: financial reporting, budget management, compliance oversight, and asset protection.