Pen and Paper

     ✨  Rules 46 and 49 of the CGST Rules, 2017 clearly imply that from the beginning of the next Financial Year, GST taxpayers are required to start a new invoice series that will be unique to the aforementioned financial year.        ✨   Due date for Filing of Letter of Undertaking (‘LUT’) for undertaking zero-rated supplies i.e. export of goods or services or supply to SEZ Unit/developers without payment of IGST for FY 2024-25 will be 31.03.2024.   ✨  Last date to Opt-in or opt out of the Quarterly Return Monthly Payment (‘QRMP’) which is available for registered persons with an aggregate turnover upto Rs. 5 crores will be 30.04.2024   ✨  Last Date to Opt-in for the composition scheme from FY 2024-25 onwards in Form GST CMP-02 will be 31.03.2024   ✨  Last date for Reversal of Input Tax Credit (‘ITC’) in Form GST ITC-03 on account of transitioning from normal registration to composition scheme will be 30.05.202...

1. New Tax Regime as Default Choice: You will be taxed under the new regime unless you specify the old regime when filing. Previously, you had to choose the new tax regime. 2.  Tax Rate under the different tax regime for Individuals and HUF   New Tax Regime Annual Taxable Income Tax Rate 0 - 3,00,000 0 % 3,00,001 - 6,00,000 5 % 6,00,001 - 9,00,000 10 % 9,00,001 - 12,00,000 15 % 12,00,001 - 15,00,000 20 % Above 15,00,000 30 % Old Tax Regime Annual Taxable Income Individuals (Other than Senior and Super Senior Citizens) Resident Senior Citizen Resident Super Senior Citizen 0 – 2,50,000 0 % 0 % 0 % 2,50,001 - 3,00,000 5 % 0 % 0 % 3,00,001 - 5,00,000 5 % 5 % ...