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GST Update – Facility for Withdrawal from Rule 14A

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 GST Update – Facility for Withdrawal from Rule 14A Advisory dated 21 February 2026 GSTN has enabled an online facility for eligible taxpayers to apply for withdrawal from Rule 14A by filing Form GST REG-32 on the GST Portal. Who can apply Active taxpayers registered under Rule 14A may apply for opt-out in accordance with the provisions of law. How to apply Login to the GST Portal and navigate to: Services → Registration → Application for Withdrawal from Rule 14A File Form GST REG-32, provide the reason for withdrawal, and complete Aadhaar authentication. ARN will be generated only after successful authentication. Aadhaar authentication Authentication is mandatory for the Primary Authorised Signatory and one Promoter or Partner, wherever applicable. It may be OTP-based or biometric-based. Key conditions The taxpayer must have furnished the required returns: – Minimum three months’ returns if filed before 1 April 2026 – Minimum one tax period return if filed on or after 1 April 2026...
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TDS RATE CHART – FY 2025-26 (AY 2026-27)

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 TDS RATE CHART – FY 2025-26 (AY 2026-27) Understanding TDS rates & thresholds is crucial to avoid interest, penalties, and notices. Here’s a quick summary of frequently applicable TDS sections 👇 🔹 FREQUENTLY APPLICABLE TDS SECTIONS 🔹 Sec 192 – Salary ✔ Threshold: NA ✔ TDS: As per applicable slab rates 🔹 Sec 194C – Contractor Payments ✔ ₹30,000 (single) | ₹1,00,000 (annual) ✔ TDS: 1% (Ind/HUF) | 2% (Others) 🔹 Sec 194H – Commission / Brokerage ✔ Threshold: ₹20,000 ✔ TDS: 2% 🔹 Sec 194J – Professional / Technical Services ✔ Threshold: ₹50,000 ✔ TDS: • 2% – Technical services • 10% – Professional services 🔹 Sec 194I – Rent ✔ Plant & Machinery: 2% ✔ Land / Building / Furniture: 10% ✔ Threshold: ₹50,000 per month 🔹 Sec 194IA – Purchase of Property ✔ Threshold: ₹50 Lakh ✔ TDS: 1% 🔹 Sec 194IB – Rent (Individual / HUF) ✔ Threshold: ₹50,000 per month ✔ TDS: 2% 🔹 Sec 194M – Payments by Individual / HUF ✔ Threshold: ₹50 Lakh ✔ TDS: 2% 🔹 Sec 194N – Cash Withdrawal ✔ ₹1 Cr (₹3...
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STARTUP INDIA REGISTRATION 2026 (DPIIT)

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🚀 What is Startup India? Startup India is a flagship initiative of the Government of India, launched on 16 January 2016, to promote innovation, entrepreneurship, and job creation. It is managed by DPIIT (Department for Promotion of Industry & Internal Trade) and aims to transform India from job seekers to job creators. 🎯 Objectives of Startup India ✔ Promote innovation & unique business ideas ✔ Simplify regulatory & compliance processes ✔ Facilitate access to funding & investors ✔ Encourage employment generation ✔ Build a startup-friendly ecosystem ✅ Who is Eligible for Startup India Recognition (2026)? A startup must: Be incorporated as: Private Limited Company LLP Registered Partnership Firm Be less than 10 years old Have annual turnover ≤ ₹100 Crores Work towards innovation, scalability, or improvement Have potential for job or wealth creation ❌ Who is NOT Eligible? Sole Proprietorships Unregistered partnerships / notary deeds Turnover exceeding ₹100 Crores Compani...
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Location: India
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Union Budget 2026–27: Key Highlights

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Union Budget 2026–27: Key Highlights  Theme of the Budget Yuva Shakti–Driven Budget inspired by 3 Kartavyas : 1️⃣ Accelerate & sustain economic growth 2️⃣ Fulfil aspirations & build capacity 3️⃣ Sabka Saath, Sabka Vikas 💼 Direct Tax Highlights ✅ New Income Tax Act, 2025 effective from April 2026 ✅ Simplified Income Tax Rules & Forms (to be notified) ✅ TCS on foreign tour packages reduced to 2% ✅ TCS on LRS (education & medical) reduced to 2% ✅ Manpower supply services covered under TDS @ 1% / 2% ✅ Time limit to revise return extended till 31st March ✅ Penalty & assessment proceedings to be merged ✅ Pre-deposit reduced from 20% to 10% (core tax only) ✅ Immunity from penalty & prosecution extended even to misreporting cases 🖥️ IT & Start-up Boost 🚀 All IT & ITES services clubbed under one category 🚀 Safe Harbour margin fixed at 15.5% 🚀 Threshold increased from ₹300 Cr to ₹2,000 Cr 🚀 Automated & 5-year continuity of S...
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POST #30 – GST ADVISORY UPDATE

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 📢 GST Advisory Update – 30th January 2026 Advisory on Interest Collection and Related Enhancements in GSTR-3B GSTN has issued an important advisory informing taxpayers about new enhancements in interest computation and reporting in GSTR-3B, applicable from January 2026 tax period onwards. GSTN has issued an important advisory informing taxpayers about new enhancements in interest computation and reporting in GSTR-3B, applicable from January 2026 tax period onwards. 🔹 Key Updates Introduced: ✔ Revised Interest Computation Method Interest will now be calculated after giving benefit of minimum cash balance available in Electronic Cash Ledger (ECL) from due date till date of payment, as per Rule 88B(1). 📌 Revised Formula: Interest = (Net Tax Liability – Minimum Cash Balance in ECL) × (Delay Days ÷ 365) × Interest Rate 🔹 Table 5.1 – Interest (GSTR-3B): ✔ Interest will be auto-populated by system ✔ Auto-populated value is non-editable downward ✔ Taxpayer may increase interest manual...
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POST #29 – GST ADVISORY UPDATE

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  POST #29 – GST ADVISORY UPDATE 📢 GST Advisory Update – 23rd January 2026 RSP-Based Valuation for Notified Tobacco Goods under GST GSTN has issued an important advisory regarding valuation of notified tobacco goods based on Retail Sale Price (RSP) for correct reporting of taxable value and tax liability. 🔹 Key Highlights: ✔ Valuation will now be based on RSP (Retail Sale Price) ✔ Applicable for reporting in: • e-Invoice • e-Way Bill • GSTR-1 / GSTR-1A / IFF ✔ Special valuation method to be followed for notified tobacco products 🔹 Covered HSN Codes: • HSN 2106 – Pan Masala • HSN 2401 – Unmanufactured Tobacco • HSN 2402 – Cigarettes / Cigars • HSN 2403 – Manufactured Tobacco • HSN 2404 – Inhalation Products 🔹 Valuation Method: Tax Amount = (RSP × GST Rate) ÷ (100 + GST Rate) Taxable Value = RSP – Tax Amount ⚠️ Correct valuation & reporting is mandatory to avoid mismatch and GST notices. 📌 Advisory applicable from 1st February 2026 — GSTJIT Advisory Your GST & Tax Compl...
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Post #28: Section 17(5) of CGST Act – Blocked Input Tax Credit

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  What is Section 17(5)? Section 17(5) of the CGST Act specifies certain expenses on which Input Tax Credit (ITC) is NOT allowed , even if GST has been paid. These are commonly known as Blocked Credits . ❌ Major Expenses Where ITC Is Blocked ✔️ Motor Vehicles (Except when used for transport of goods, passengers, or training) ✔️ Food & Beverages / Catering ✔️ Outdoor Catering ✔️ Beauty Treatment & Health Services ✔️ Club Memberships ✔️ Life & Health Insurance (except where mandatory under law) ✔️ Travel Benefits to Employees ✔️ Works Contract Services (for construction of immovable property) ✔️ Goods Lost, Stolen, Destroyed or Written Off ⚠️ Important Practical Point 📌 ITC on blocked items cannot be claimed even if used for business purposes . Wrong claim = interest + penalty . 🧠 Professional Insight “Most GST notices arise due to incorrect ITC claims under Section 17(5).” 📌 Action for Businesses ✔️ Review expense ledgers ✔️ Identify blocked ITC monthly ✔️ Reverse ITC...
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Location: India
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