Changes in GST and Income Tax (September 2024)

Start of the Video

• Discussion on important changes in GST and Income Tax.
• All courses are available at CAGURUJICLASSES.COM.

Income Tax Changes

1. ITR Filing Data

   • For Assessment Year 24-25:
     • 7.5 crore ITRs filed by August 31.
     • 7.34 crore ITRs e-verified.
     • 6.16 crore ITRs processed.

2. E-Verification Timeline

   • 30-day deadline for those filing ITR by July 31.
   • In September, the e-verification date will be considered as the ITR date.
   • Consequences if ITR is not e-verified.

3. 10-year Time Limit Reduced to 5 Years

   • Effective from September 1, 2024, according to budget changes.
   • More notices being issued for Assessment Year 2018-19.
   • Deadline by August 31, 2024.

4. For More Details

   • Information related to Article 148 available.

GST Changes

1. RCM Liability and ITC Statement

   • New ledger on GST portal.
   • Separate information for RCM liability and ITC.
   • Opening balance must be reported by October 31.

2. Bank Account Details

   • Bank account must be added within 30 days of GST registration.
   • GST R1 will be blocked if the bank account is not added.

3. Biometric-based Authentication

   • Biometric authentication now required for GST registration.

4. GST Council Meeting

   • Meeting on September 9.
   • Expectation of new notifications.

Other Information

• Courses and Material
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  • Courses available with limited and lifetime validity.
  • Contact for any queries.

Conclusion

• All updates are important, understand them carefully.
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