Ramdev Consultancy Services

From 1st September, many changes in the GST Act will take place that will impact your GST Returns filing!

✅Notification No. 12/2024 (10 July 2024): From September 2024, if a supply's value is above Rs. 1 lakh, it must be reported in GSTR-1's Table B2CL.

✅Notification No. 12/2024 (10 July 2024): Taxpayers can now report negative liability in GSTR-3B's Table No. 3. The negative liability will be automatically adjusted in the next month's return, making the reconciliation process smoother.

✅Blocking of GSTR-1 for Non-Furnishing of Bank Account Details: From 1st September 2024: If you haven't added and validated your bank account details in your GST registration, your GSTR-1 /IFF will be blocked.

✅GSTR-9 and GSTR-9C: Forms GSTR-9 (Annual Return) and GSTR-9C (Reconciliation Statement) will be active on the GST portal.

Here are some tax tips:

1. Keep accurate records: Maintain precise records of income, expenses, and receipts.

2. File on time: Submit tax returns before deadlines to avoid penalties and interest.

3. Claim deductions: Utilize eligible deductions and credits to minimize tax liability.

4. Consult a tax professional: Seek guidance from a tax expert or consultant for optimal tax planning.

5. Stay informed: Stay updated on tax laws and changes to maximize benefits.

6. Report all income: Declare all income, including freelance or side hustle earnings.

7. Utilize tax-deferred accounts: Leverage tax-deferred savings options like 401(k) or IRA.

8. Donate wisely: Donate to eligible charities and claim deductions.

9. Keep personal and business expenses separate: Maintain separate records for personal and business expenses.

10. Review and adjust: Regularly review tax strategies and adjust as needed.

Remember, tax planning is an ongoing process. Stay organized, informed, and consult professionals to optimize your tax situation.

आप सभी को बताते हुए हमें परम हर्ष हो रहा है कि आज "रामदेव कंसलटेंसी सर्विसेज" आप सभी के सहयोग से अपना 11 वां स्थापना दिवस मना रहा है !

आप सभी का बहुत बहुत धन्यवाद
🙏🙏🙏🙏🙏

Proud to be partners in nation building..