E-Invoicing Extended to RCM & Imported Services: What Does It Mean? One of the most significant compliance proposals of the 57th GST Council Meeting is the expansion of e-invoicing requirements to certain Reverse Charge Mechanism transactions and imported services for taxpayers having annual turnover of INR 5 crore or more. Current Position : At present, …
Key Highlights of the 57th GST Council Meeting Held on 8 October 2026 The 57th GST Council Meeting, chaired by the Union Finance & Corporate Affairs Minister in New Delhi on 8 October 2026, focused primarily on process reforms, digitalisation, ease of compliance, dispute resolution, and trade facilitation. Unlike the 56th GST Council Meeting, which …
RBI Raises Repo Rate to 5.50%: Detailed Explanation The Reserve Bank of India (RBI) has increased the repo rate by 25 basis points (0.25%), raising it from 5.25% to 5.50%. This is significant because it marks a shift towards controlling inflation and signals that interest rates are likely to remain elevated for some time. What …
Key Highlights & Analysis 57th GST Council Meeting (8 October 2026) The 57th Meeting of the Goods and Services Tax Council introduced some of the most taxpayer-friendly reforms since the Goods and Services Tax was implemented. The focus has shifted from rate changes to simplifying compliance, reducing litigation, speeding up refunds, and improving the flow …
FEMA Export Reporting for Service Exporters: Major Compliance Change from 1 October 2026 A significant compliance change comes into effect from 1 October 2026 under the Foreign Exchange Management Act (FEMA). Going forward, every Indian business, professional, consultant, freelancer, or service provider raising invoices on overseas clients will be required to report such export transactions …
Overlooked responsibility of the tax auditor regarding transfer pricing compliance. Here is Highlights an important but often overlooked responsibility of the Tax Auditor regarding Transfer Pricing (TP) compliance. If management is unaware that Form 3CEAA may be applicable, must be filed by the entity itself, and carries substantial penalty exposure for non-compliance, the organisation may …
Supreme Court Settles the ITC Debate: Your Credit Now Depends on Your Supplier’s Tax Payment Few GST disputes are as frustrating as this one. A genuine business pays its vendor in full, GST included. Months later, it receives a demand notice and its working capital is blocked, because the vendor kept the tax and never …
Apple Pay Makes Its Debut in India India’s digital payments ecosystem has welcomed a significant new entrant with the launch of Apple Pay. After years of speculation, Apple has officially introduced its contactless payment service in India, allowing eligible users to make secure transactions using their iPhone, iPad, and Apple Watch. The move marks Apple’s …
Moving to the UAE? Your Indian Tax Residency Depends on Days, Not Documents Many Indians moving to the UAE assume that obtaining a residence visa, Emirates ID, tenancy contract, or opening a UAE bank account automatically makes them a non-resident for Indian tax purposes. However, these documents only establish where you live. They do not …
TRACES Password Guide 2026: Conso File, Form 16/16A, Justification Report and More Short answer: TRACES has no single universal password. The password depends on which file you downloaded. Identify the file type first, then use the format for that file. 1. Quick reference: TRACES download passwords S. No. TRACES File What It Is Used For …