Rajasthan Government Introduces New TCS Rates
On July 19, 2024, the Government of Rajasthan issued an amendment to its earlier notification .This amendment specifically addresses the rate of Tax Collected at Source (TCS).
The revised notification introduces a reduction in the TCS rate. Previously set at 0.5%, the rate will now be halved to 0.25%.
Understanding the Latest Amendments to the Rajasthan GST Rules: What You Need to Know
The Rajasthan Goods and Services Tax (Amendment) Rules, 2024, introduce crucial updates aimed at enhancing the GST framework in the state. These changes aim to:
Improve Compliance
Enhance Transparency
Streamline Processes.
Delhi Government’s Big Relief: No Annual GST Return for Small Businesses with Turnover up to 2 Crores
The Government of Delhi has decided that if total sales (aggregate turnover) for the financial year 2023-24 for a business is up to Two crore rupees, there is no need to file an annual GST return for that year.
Haryana Government’s Big Relief: No Annual GST Return for Small Businesses with Turnover up to 2 Crores
The Government of Haryana has decided that if total sales (aggregate turnover) for the financial year 2023-24 for a business is up to Two crore rupees, there is no need to file an annual GST return for that year.
New Clarification on ITC Entitlement for Insurance Companies on Motor Vehicle Repair Expenses in Rajasthan
On July 9, 2024, the Government of Rajasthan clarified ITC rules for insurance companies:
ITC Claim: Allowed on repair invoices reimbursed by insurers.
Non-Network Garages:
Separate Invoices: ITC for the approved claim amount only.
Consolidated Invoices: ITC limited to the reimbursed amount.
Invoice Name: ITC not available if the invoice isn’t issued in the insurance company’s name.
Govt. of Rajasthan issues Clarity on Taxability of Loans Between Overseas Affiliates and Indian Affiliates
On July 9, 2024, the Government of Rajasthan clarified that providing loans by an overseas affiliate to an Indian affiliate, or by a person to a related person, is not considered a taxable supply under GST if the only consideration is interest or discount. Services related to granting loans or credit are fully exempt from GST when no additional fees or charges are involved.
Rajasthan’s Latest Tax Clarification: Good News for Telecom Companies
On July 9, 2024, the Department of Commercial Tax in Rajasthan clarified that telecom companies can claim Input Tax Credit (ITC) on materials like ducts and manholes used in their optical fiber cable (OFC) networks.
New Notification on Input Tax Credit Reversal for Discounts
On July 9, 2024, the Department of Commercial Tax, Rajasthan, issued a notification detailing how to handle discounts given after a supply and associated ITC reversals. The update provides a mechanism for verifying compliance with the proportional reversal of ITC by recipients for discounts given through tax credit notes issued after the supply.
Government of Rajasthan issues New clarification on Time Limit in respect of RCM Supplies received from Unregistered Persons
On July 9, 2024, the Department of Commercial Tax, Rajasthan, clarified the process for claiming Input Tax Credit (ITC) on Reverse Charge Mechanism (RCM) supplies from unregistered suppliers. The notification outlines procedural aspects and time limits for availing ITC, emphasizing compliance with invoice issuance and tax payment requirements.
Understanding the New Bihar Financial Rules: A Boost for Local Businesses
On July 16, 2024, the Government of Bihar amended the Bihar Financial Rules, 1950, through the Bihar Financial (Amendment) Rules, 2024. The key update is:
Rule 131B: The Bihar Government can now create special policies to prioritize local businesses for procurement of goods and services. These policies will take precedence over existing and future procurement rules.
