23 Nov, 2024
Understanding the GST Audit Process A GST audit is typically ordered by the department when discrepancies, such as mismatches in GST returns or significant irregularities, are detected. The audit process often culminates in a report, followed by a notice issued to the taxpayer under relevant sections of the GST Act. For FY 2020-21, the Maharashtra […]
Read More22 Nov, 2024
X’s Payment Feature: A Step Towards Financial Integration In December 2023, X (formerly Twitter) secured payment processing licenses in 33 U.S. states, setting the stage for an ambitious X money transfer feature. While the feature hasn’t officially launched as of November 23, 2024, the groundwork signals Elon Musk’s commitment to turning X into a one-stop […]
Read More22 Nov, 2024
PhonePe’s Strategic Leadership Shift: Manish Sabharwal Joins the Board Payments app PhonePe has announced a key leadership change, appointing Manish Sabharwal as an independent director, replacing Flipkart co-founder Binny Bansal. This decision comes as PhonePe gears up for a potential Initial Public Offering (IPO) in the next couple of years. Sabharwal, the founder of TeamLease, […]
Read More22 Nov, 2024
Can a Legal Heir Transfer ITC to a New Entity After the Sole Proprietor’s Death? Yes, a legal heir can transfer unutilized Input Tax Credit (ITC) to a new entity in case of the sole proprietor’s death. The Central Goods and Services Tax (CGST) Act, 2017 governs this process, ensuring business continuity while adhering to […]
Read More22 Nov, 2024
Understanding GST Supply Types: Taxable, Exempted, and Zero-Rated Goods and Services Tax (GST) forms the backbone of India’s indirect tax system. Understanding GST supply types like taxable, non-taxable, exempted, and zero-rated is essential for businesses to ensure compliance and leverage benefits. Each type has unique implications for taxation, input credit eligibility, and refunds. Let’s break […]
Read More22 Nov, 2024
Why Additional Qualifiers Are Crucial for Coal Imports Effective December 15, 2024, the Central Board of Indirect Taxes and Customs (CBIC) mandates importers to declare mandatory additional qualifiers for coking and non-coking coal. These changes build on Circular No. 55/2020-Customs, which introduced voluntary declarations for importers. What Are the New Qualifiers? CBIC has classified the […]
Read More22 Nov, 2024
The Central Board of Direct Taxes (CBDT) has introduced new electronic filing mandates for Forms 42, 43, and 44 under Rule 131 of the Income Tax Rules, 1962. Effective 22nd November 2024, this move aims to enhance transparency, reduce paperwork, and streamline appeal processes for provident funds, superannuation funds, and gratuity funds. Importance of CBDT’s […]
Read More22 Nov, 2024
What is the GST Invoice Management System? The GST Invoice Management System is a framework introduced to streamline invoice corrections and revisions under India’s Goods and Services Tax (GST). This system enables taxpayers to take real-time actions on invoices, allowing them to approve, reject, or mark them as pending. Designed to address common issues like […]
Read More22 Nov, 2024
TDS Compliance for Mizos: Key Updates from Income Tax Department The Income Tax Department has recently highlighted the importance of TDS compliance for Mizos despite their tax exemption status under the Sixth Schedule of the Indian Constitution. While Mizos are exempt from paying income tax on earnings within tribal areas, TDS (Tax Deducted at Source) […]
Read More22 Nov, 2024
Zepto’s Meteoric Rise in Quick-Commerce Founded in 2021 by Aadit Palicha and Kaivalya Vohra, Zepto started with a bold promise—deliver groceries in under 10 minutes. What began as a small-scale venture quickly transformed into one of India’s leading quick-commerce platforms, challenging established players like Blinkit and Swiggy Instamart. Zepto’s focus on hyperlocal delivery, efficient operations, […]
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