Latest news with #GSTR-3B
Economic Times
02-07-2025
- Business
- Economic Times
SBI Cards shares in focus after GST show cause notice on input tax credit
Shares of SBI Cards and Payment Services are in focus after the firm disclosed a GST show cause notice for alleged wrongful ITC claims worth Rs 81.93 crore for FY19 to FY21. The notice cites mismatches in tax filings and issues with vendors' GST compliance. SBI Cards asserts its claims are valid and expects a favourable resolution. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads SBI Cards share price target Shares of SBI Cards and Payment Services will be in focus on Wednesday after the company disclosed that it has received a show cause notice from the Additional Commissioner (East 1), CGST Gurugram , regarding alleged wrongful input tax credit (ITC) claims amounting to Rs 81.93 notice, dated June 30, 2025, pertains to the assessment period from FY 2018–19 to 2020–21 and was disclosed in a stock exchange filing on July to the notice, Rs 81.45 crore of the proposed disallowance relates to mismatches between GSTR-2A and GSTR-3B filings. An additional Rs 47.53 lakh pertains to ITC claimed on supplies from vendors whose GST registrations were either cancelled retrospectively or who failed to file GSTR-3B total demand has been raised under Section 74(1) of the Central Goods and Services Tax Act, 2017, along with corresponding provisions of the SGST and IGST Acts. SBI Cards has been directed to respond within 30 days, explaining why the ITC should not be recovered along with interest under Section 50 and a penalty equal to the amount the disputed ITC, Rs 63.55 crore falls under IGST, Rs 8.89 crore under CGST, and Rs 8.99 crore under Cards stated that it has availed ITC in accordance with applicable GST laws and is confident that the demand will not hold. The company stated that it has a strong case on merit and expects a favorable to Trendlyne, the average target price for SBI Cards is Rs 903, indicating a 3% downside from current levels. The stock carries a 'Hold' rating based on consensus from 25 the previous session, SBI Cards shares closed 2% lower at Rs 932.3. The stock has surged 38% year-to-date and 29% over the past year. The company's market capitalisation stands at Rs 88,715 crore.
Time of India
02-07-2025
- Business
- Time of India
SBI Cards shares in focus after GST show cause notice on input tax credit
Shares of SBI Cards and Payment Services will be in focus on Wednesday after the company disclosed that it has received a show cause notice from the Additional Commissioner (East 1), CGST Gurugram , regarding alleged wrongful input tax credit (ITC) claims amounting to Rs 81.93 crore. The notice, dated June 30, 2025, pertains to the assessment period from FY 2018–19 to 2020–21 and was disclosed in a stock exchange filing on July 1. According to the notice, Rs 81.45 crore of the proposed disallowance relates to mismatches between GSTR-2A and GSTR-3B filings. An additional Rs 47.53 lakh pertains to ITC claimed on supplies from vendors whose GST registrations were either cancelled retrospectively or who failed to file GSTR-3B returns. The total demand has been raised under Section 74(1) of the Central Goods and Services Tax Act, 2017, along with corresponding provisions of the SGST and IGST Acts. SBI Cards has been directed to respond within 30 days, explaining why the ITC should not be recovered along with interest under Section 50 and a penalty equal to the amount claimed. Of the disputed ITC, Rs 63.55 crore falls under IGST, Rs 8.89 crore under CGST, and Rs 8.99 crore under SGST. Live Events SBI Cards stated that it has availed ITC in accordance with applicable GST laws and is confident that the demand will not hold. The company stated that it has a strong case on merit and expects a favorable outcome. SBI Cards share price target According to Trendlyne, the average target price for SBI Cards is Rs 903, indicating a 3% downside from current levels. The stock carries a 'Hold' rating based on consensus from 25 analysts. In the previous session, SBI Cards shares closed 2% lower at Rs 932.3. The stock has surged 38% year-to-date and 29% over the past year. The company's market capitalisation stands at Rs 88,715 crore. ( Disclaimer : Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times)
India.com
26-06-2025
- Business
- India.com
Key Financial Changes From July 1, 2025: Aadhaar-PAN, ITR Deadline, HDFC Credit Card, IRCTC Tatkal Booking Rules And More
photoDetails english Key Financial Changes From July 1, 2025: From July 1, several new financial rules will come into effect that may affect your personal finances and travel. These changes include updates to GST invoice filing, income tax return deadlines, NSE bidding rules, IRCTC Tatkal ticket booking, and train fares. As a new quarter begins, It is important that you should be aware of these updates to manage their finances efficiently. Updated:Jun 26, 2025, 01:54 PM IST New PAN Card Applications Now Require Aadhaar Verification 1 / 7 If you're applying for a new PAN card, Aadhaar verification is now mandatory. This move is aimed at speeding up the application process and preventing the creation of duplicate or fraudulent PAN cards in the system. GSTR-3B Forms Can't Be Revised From July 2025 2 / 7 From July onwards, once you submit the GSTR-3B form, you won't be able to make changes. Corrections must be done using a new form—GSTR-1A. This change may pose challenges for small businesses. NSE Updates SME IPO Bidding Rules 3 / 7 The National Stock Exchange is simplifying bidding norms for SME IPOs to make them more accessible and transparent for retail investors. This initiative is expected to improve participation and boost confidence in the SME investment space. HDFC Bank To Revise Credit Card Charges 4 / 7 HDFC Bank will revise its credit card fee structure from July 1. A 1% fee will apply to wallet loads over Rs10,000, utility payments above Rs 50,000, and online gaming transactions exceeding ₹10,000 in a billing cycle. Train Ticket Fares 5 / 7 The Ministry of Railways is planning a minor fare increase starting July 1, 2025. Non-AC fares in Mail/Express trains may rise by one paisa per km, while AC class fares may rise by two paise per km. Income Tax Return Deadline Extended 6 / 7 The CBDT has extended the tax filing deadline for FY 2024–25 to September 15, 2025. The extension was granted due to recent changes in ITR forms, giving taxpayers more time to file accurate returns. Aadhaar Authentication Must For Tatkal Ticket Booking 7 / 7 Starting July 1, Aadhaar authentication is mandatory to book Tatkal tickets via IRCTC. From July 15, Aadhaar-based OTP verification will also be required, enhancing identity checks and reducing misuse of Tatkal bookings.
Indian Express
20-06-2025
- Business
- Indian Express
How to file GST returns online in 2025?
GST Return Filing Online 2025: All the taxpayers in India needs to submit returns regularly under the Goods and Services Tax (GST) system. To file GST returns, businesses must hand over details about their sales, purchases, taxes they've paid, and input tax credits (ITC) they're claiming in specific formats. One of the most significant aspects of GST compliance is the timely and accurate submission of GST returns. Along with standard monthly and yearly return forms such as GSTR-1, GSTR-3B, and GSTR-9, the GST system includes a number of alternative return types for a number of reasons. Step 1: Visit the official GST portal at Step 2: Enter the GSTIN (GST Identification Number), username, password, and the captcha code to log in. Step 3: After logging in, you will reach the dashboard and go to the returns dashboard: Services > Returns > Returns Dashboard. Step 4: Choose the financial year and month or quarter you want to file the return for. Step 5: This opens up the right return forms for you based on how you're registered. Choose the form you need to file and click 'Prepare Online'. Keep in mind: Different GST Return Forms apply to different taxpayers. It depends on their turnover, type of supply, or registration category. Step 6: Fill out all the needed personal details, save the form, and hit 'Submit'. Step 7: After submitting, use 'Track Return Status' to check where things stand and to pay. Step 8: Head to 'Payment of Tax' and click 'Check Balance' to see your available credit and cash balances. Step 9: Choose 'Offset liability' and pay cash for any amount left after using your input tax credit. Step 10: After payment, file the GST return by checking the declaration box, choosing the authorised signatory, and clicking 'File Form with DSC'/'File Form with EVC', as suitable. Please note: Readers must note that this is simply general guidance on filing GST returns. However, there are other GST returns on the GST system based on the forms, some of which may need fewer or more procedures than those described *This article is written by Amrit Prakash, who is an intern with
Time of India
12-06-2025
- Business
- Time of India
GST filing gets tougher: No room for error in GSTR-3B from July
Ahmedabad: From July onwards, taxpayers will no longer be able to edit auto-populated tax liability in their GSTR-3B returns — a major change in the Goods and Services Tax ( GST ) framework. The GST Network (GSTN) has rolled out this update, aiming to curb misuse and plug revenue leakages. However, tax experts warn that this will warrant higher accuracy from suppliers and could trigger cash flow challenges for buyers. Taxation experts say that to address discrepancies in GSTR-1 filings, a new form—GSTR-1A—has been introduced but it isn't real-time. This means any corrections made through GSTR-1A could delay Input Tax Credit (ITC) for buyers, potentially leading to working capital issues. "This is a major structural shift," said Deep Thakkar, chartered accountant and co-chairman of the Indirect Tax Committee at the Gujarat Chamber of Commerce and Industry (GCCI). "Currently, suppliers file GSTR-1, which auto-populates their GSTR-3B and also feeds into the buyers' GSTR-2B. If suppliers make an error or want to adjust their tax liability, they currently edit GSTR-3B directly. That option will no longer be available,," says Deep Thakkar, chartered accountant and co-chairman of the Indirect Tax Committee at the Gujarat Chamber of Commerce and Industry (GCCI). From July, if a supplier makes a mistake in GSTR-1, the only way to correct it is by filing GSTR-1A—before the GSTR-3B deadline, which is the 20th of every month. However, since GSTR-2B (used by buyers to file GSTR-3B) is generated on the 14th, late corrections may only reflect in the next month's ITC cycle, delaying credit and tying up funds. Explaining the rationale behind the decision being taken, a senior GST official said on condition of anonymity, "The decision to restrict editing in GSTR-3B has been in the pipeline for nearly 18 months. When a supplier files GSTR-1, the output tax liability gets auto-populated into the system and becomes part of the buyer's Input Tax Credit (ITC). This happens by the 10th of every month, with GSTR-3B due by the 20th. If a supplier defaults on tax payment, the entire recovery chain is impacted. Allowing edits in GSTR-3B was leading to misuse—essentially allowing ITC to be passed on without corresponding tax being paid. At some point, the system needs to be secured to protect government revenue." Chartered accountants claim that the decision while making way to curb fraudulent claims will certainly increase the compliance burden of taxpayers. "This change will certainly reduce fraudulent ITC claims and plug revenue loss. But it also increases the compliance burden. Even genuine mistakes in GSTR-1 can be rectified only through GSTR-1A which needs to be streamlined as it is essential to avoiding penalising honest taxpayers," said Thakkar. Another Chartered accountant Karim Lakhani echoed the concerns, stating, "The margin for error has shrunk dramatically. Every supplier will now need to file GSTR-1 with utmost accuracy. Any lapse can impact their clients' ability to claim timely ITC. This is one of the most significant changes to the GST regime since its inception." Ahmedabad: From July onwards, taxpayers will no longer be able to edit auto-populated tax liability in their GSTR-3B returns — a major change in the Goods and Services Tax (GST) framework. The GST Network (GSTN) has rolled out this update, aiming to curb misuse and plug revenue leakages. However, tax experts warn that this will warrant higher accuracy from suppliers and could trigger cash flow challenges for buyers. Taxation experts say that to address discrepancies in GSTR-1 filings, a new form—GSTR-1A—has been introduced but it isn't real-time. This means any corrections made through GSTR-1A could delay Input Tax Credit (ITC) for buyers, potentially leading to working capital issues. "This is a major structural shift," said Deep Thakkar, chartered accountant and co-chairman of the Indirect Tax Committee at the Gujarat Chamber of Commerce and Industry (GCCI). "Currently, suppliers file GSTR-1, which auto-populates their GSTR-3B and also feeds into the buyers' GSTR-2B. If suppliers make an error or want to adjust their tax liability, they currently edit GSTR-3B directly. That option will no longer be available,," says Deep Thakkar, chartered accountant and co-chairman of the Indirect Tax Committee at the Gujarat Chamber of Commerce and Industry (GCCI). From July, if a supplier makes a mistake in GSTR-1, the only way to correct it is by filing GSTR-1A—before the GSTR-3B deadline, which is the 20th of every month. However, since GSTR-2B (used by buyers to file GSTR-3B) is generated on the 14th, late corrections may only reflect in the next month's ITC cycle, delaying credit and tying up funds. Explaining the rationale behind the decision being taken, a senior GST official said on condition of anonymity, "The decision to restrict editing in GSTR-3B has been in the pipeline for nearly 18 months. When a supplier files GSTR-1, the output tax liability gets auto-populated into the system and becomes part of the buyer's Input Tax Credit (ITC). This happens by the 10th of every month, with GSTR-3B due by the 20th. If a supplier defaults on tax payment, the entire recovery chain is impacted. Allowing edits in GSTR-3B was leading to misuse—essentially allowing ITC to be passed on without corresponding tax being paid. At some point, the system needs to be secured to protect government revenue." Chartered accountants claim that the decision while making way to curb fraudulent claims will certainly increase the compliance burden of taxpayers. "This change will certainly reduce fraudulent ITC claims and plug revenue loss. But it also increases the compliance burden. Even genuine mistakes in GSTR-1 can be rectified only through GSTR-1A which needs to be streamlined as it is essential to avoiding penalising honest taxpayers," said Thakkar. Another Chartered accountant Karim Lakhani echoed the concerns, stating, "The margin for error has shrunk dramatically. Every supplier will now need to file GSTR-1 with utmost accuracy. Any lapse can impact their clients' ability to claim timely ITC. This is one of the most significant changes to the GST regime since its inception."
