Recent CBIC Updates on GST Electronic Cash Ledger- Payment Mechanism under GST Regime Electronic Credit Ledger is blocked due to Input Tax Credit denial : The Madras High Court recently addressed a significant issue regarding the pre-deposit requirements when a taxpayer’s access to the Electronic Credit Ledger is blocked due to Input Tax Credit (ITC) …
Ministry of Finance issued 16 circulars under GST dated 26/06/2024- as per recommendations of 53rd GST Council On June 26, 2024, the Ministry of Finance issued 16 circulars under the Goods and Services Tax (GST) framework as per recommendations of 53rd GST Council. These circulars cover various updates and clarifications related to GST policies and regulations. …
Complete Understanding the taxation of foreign companies in India Understanding the taxation of foreign companies in India involves navigating through various legal provisions, especially those pertaining to residency, types of income, and the applicability of Double Taxation Avoidance Agreements (DTAAs). Understanding the taxation regime in India for different types of companies and their residency status …
53rd GST Council Meeting Recommendations & Relief Measures We under the blog provide an update on the significant relief measures and recommendations made by the Good and Services Tax Council during the 53rd Good and Services Tax Council Meeting. The 53rd GST Council met in New Delhi today, chaired by Union Minister for Finance and Corporate …
Introduction of Form GSTR-1A under GST The introduction of GSTR-1A is a significant step towards enhancing the GST return filing system, providing taxpayers with more flexibility and accuracy in reporting In the 53rd GST Council Meeting, Union Finance Minister Nirmala Sitharaman proposed the introduction of GSTR-1A, a new optional facility designed to facilitate amendments in …
NFRA has imposed a significant penalty INR 2.5 crore The National Financial Reporting Authority (NFRA) has imposed a significant penalty on M/s Shridhar & Associates and CA Ajay Vastani, totaling ₹2.5 crore, due to various audit violations during their audit of Reliance Commercial Finance Limited (RCFL) for the fiscal year 2018-19. This decision highlights the …
Change in introduced in Budget, 2024-25 in F&O transactions If Futures & Options profits are reclassified as ‘speculative income’ in the forthcoming Budget 2024-25, several significant changes and implications would arise for traders and the broader financial market. The reclassification of Futures & Options profits as ‘speculative income’ in the forthcoming Budget 2024-25 would have …
Practice Avenues for Social Auditors- Opportunities for Social Auditors: SEBI vide its notification dated 25th July 2022 has made amendments to the Securities and Exchange Board of India (ICDR) Regulations, 2018, and Securities and Exchange Board of India (LODR) Regulations, 2015 to provide Social Enterprises with additional avenues to raise funds through the SSE, which …
Basic myths about CA Examination Preparation CA is an Exceptionally Difficult Course The CA curriculum is undoubtedly challenging, with its three levels of examinations and three years of practical training. The syllabus is extensive, requiring both practical and theoretical knowledge. However, with proper planning, hard work, and smart study techniques, success is achievable. Utilizing resources …
Year End Compliance Perspective Checklist for 31st March The company must ensure that the required TDS, GST, ESI, and PF have been collected and paid. Checking the closing stocks as of March 31: The amount and item-by-item value of closing stocks as of March 31, 2024 are necessary for both tax audits and book closings. …