New tax rules from JAN 2025.Key Changes in GST | INCOME TAX | TDS for F.Y 2024-25| CA ANITA AGRAWAL

New tax rules from JAN 2025.Key Changes in GST | INCOME TAX | TDS for F.Y 2024-25#caanitaagrawal #incometaxupdate #gstupdate #learning #knowledge #subscibenow
In this video I have discussed about the key changes in GST and Income tax from JAN 2025
1. Changes to Tax Collected at Source (TCS) Rates
With effect from January 1, 2025, the following changes have been made to Section 206C(1F) of the Income-tax Act.
TCS Applicability:
Motor vehicles: A 1% TCS is applied to sales of motor vehicles costing more than ₹10 lakh.
Other goods: any goods specified by the Central Government through notification are subject to TCS at 1%.
Read also: GST Rate For Old Cars And Eletric Vehicles – 18% GST
2. Multi-Factor Authentication (MFA) for E-Way Bill and E-Invoice Portals
Old scenario:
Since August 20, 2023, MFA has been required for taxpayers whose Annual Aggregate Turnover (AATO) exceeds ₹100 crores, and since September 11, 2023, it has been optional for those whose AATO exceeds ₹20 crores.
Changes:
Starting January 1, 2025, taxpayers with AATOs over ₹20 crores have to comply.
For taxpayers with AATOs over ₹5 crores, mandatory as of February 1, 2025.
Mandatory for all users and taxpayers as of April 1, 2025.
To prevent last-minute problems, taxpayers are encouraged to activate MFA right away and make sure their registered cell numbers are updated with their the GSTIN.
4. Filing of Income Tax Returns (ITR) for FY 2023-24
December 31, 2024, was the last day to file amended or late ITRs for FY 2023–2024.
Refunds cannot be claimed under ITR-U; only ITR-U (Updated Return) can now be filed.
5. Announcements from the 55th GST Council Meeting
At the 55th meeting of the GST Council, a number of initiatives and rate modifications were announced. These include of the fol
GSTR-9C Late Fee Waiver:
If GSTR-9 has previously been filed, there are no late costs for GSTR-9C filings for FY 2017–18 through FY 2022–23.
You have until March 31, 2025, to file your pending GSTR-9C without paying penalties.
6. Amendment to Section 200(3) of the Income-tax Act
limitations on Correction Statements:

After six years from the end of of a financial year in which the original statement was due, no correction statement for TDS/TCS shall be allowed. Only until March 31, 2025, will correction statements for FY 2007–08 through FY 2018–19 be accepted.
7. Invoice Management System (IMS)
On the GST portal, the Invoice Management System (IMS) is currently functioning.
In 2025, it is anticipated to become required in order to generate GSTR-2B.
Effect on Filing GSTR-3B:
Since IMS actions start on the 14th of the month and the GSTR-3B filing deadline is still the 20th, taxpayers will have less time to reconcile and file GSTR-3B now that IMS is required.

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