- GST compliance is crucial for businesses in India
- GST Portal introduced RCM Liability/ITC Statement and mandatory bank account details
- Updates aim to streamline reporting process and ensure accurate financial records
- RCM ITC opening balance reporting guidelines provided
- Deadline for declaring opening balance is October 31, 2024
- Amendments to opening balance can be made until November 30, 2024
- Bank account information must be provided before filing GSTR-1/IFF
- Rule 10A of Central Goods and Services Tax Rules requires bank account details within 30 days of registration grant date
Source: taxilla.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
Latest Posts in "India"
- Supreme Court Rules: “Parts” Must Functionally Integrate into Machinery, Rejecting End-Use Claims
- Centre to Consider Panel’s GST Recommendations on Air Purifiers, Tells Delhi High Court
- Sunglasses Not Classified as Spectacles, Taxable at Higher 12.5% VAT: Punjab & Haryana HC
- BMW Urges No GST Hike on EVs as Electric Car Sales Surge Over 200% in 2025
- Supreme Court: Hostel Rooms for Students Qualify as Residential Dwellings, GST Exempt
