24 Oct, 2024
Blog Content: With the extended deadline of March 31, 2026, for the expiry of the GST compensation approaching, reports suggest that the Group of Ministers (GoM) is considering merging the cess with standard GST rates on certain luxury and demerit goods. This includes items like automobiles, soft drinks, tobacco, and coal. However, while the move […]
Read More24 Oct, 2024
The Group of Ministers (GoM) on GST rate rationalisation, appointed by the GST Council, is reportedly considering a restructuring of GST rates on a range of items. This move could potentially generate an additional revenue surplus of ₹22,000 crore for the government. The GoM met in New Delhi on October 19, where they discussed various […]
Read More24 Oct, 2024
The Goods and Services Tax (GST) has undergone multiple amendments over recent times, bringing along both clarity and confusion. The recent clarification from a circular issued on June 26, 2024 (Circular No. 209/3/2024 – GST), concerning the place of supply for unregistered persons, has left many businesses questioning whether this new update simplifies GST compliance […]
Read More24 Oct, 2024
The Group of Ministers (GoM) on GST rate rationalization, led by Bihar Deputy Chief Minister Samrat Chaudhary, has recommended key changes to GST rates on several goods. These changes include reducing the GST rate on essential items like 20-litre packaged drinking water bottles, bicycles, and exercise notebooks to 5%, while increasing taxes on high-end luxury […]
Read More24 Oct, 2024
On October 21, 2024, the National Financial Reporting Authority (NFRA) issued an order against CA Chirag Doshi, citing professional misconduct in the statutory audit of Ushdev International Limited (UIL) for the financial year 2017-18. This blog breaks down the key issues identified by NFRA and what this means for auditors and stakeholders in India. Background […]
Read More19 Oct, 2024
How the Madhya Pradesh High Court Ruling Defends Taxpayers from Faulty GST Cancellation Notices On September 30, 2024, the Madhya Pradesh High Court delivered a crucial judgment in the case of Mahakali Foods Pvt. Ltd. vs. Ministry of Finance. This decision brought relief to many taxpayers, particularly small businesses, who often find themselves at the […]
Read More19 Oct, 2024
When you start a business in India, one of the key steps is getting a business registration number. This unique identifier is essential for compliance, tax purposes, and other official activities. But how do you locate this number if you don’t remember it or have misplaced it? Here, we explore simple ways to find a […]
Read More19 Oct, 2024
Can You Start Multiple Businesses with One GST Number? If you’re an entrepreneur planning to expand your business horizons, you might wonder if it’s possible to run more than one business with a single GST number. The answer is yes—but there are specific conditions to be aware of. Let’s break down the regulations to help […]
Read More19 Oct, 2024
What Are Some Ways to Save Income Tax in India? Saving on income tax is a common goal for individuals and businesses across India. The good news is that the Indian Income Tax Act offers several provisions to help reduce your tax liability legally. Here are some of the most effective ways to save on […]
Read More19 Oct, 2024
The Most Important Things to Know About Personal Finance Understanding personal finance is the foundation for building a secure financial future. Whether you’re just starting out or looking to optimize your current approach, here are the most important aspects to focus on: 1. Budgeting and Expense ManagementCreating a clear budget that accounts for your income, […]
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