GSTN Advisory: IMS Launched for Taxpayers to Streamline ITC Claims On 14th October 2024, the Goods and Services Tax Network (GSTN) introduced a new system called the Invoice Management System (IMS). This system is designed to help taxpayers accurately claim Input Tax Credit (ITC) by matching their records with the invoices issued by their suppliers. With the launch of this
15% Minimum Corporate Tax Rule Likely to be Included in Ongoing IT Act Review India is gearing up for a significant overhaul of its tax system by aligning with the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS). A key part of this alignment is the adoption of Pillar 2, which mandates a global minimum corporate tax rate
CBIC Issues Clarification on GST Rates and Classification of Goods Following the 54th GST Council Meeting The Central Board of Indirect Taxes and Customs (CBIC) recently provided significant clarifications on Goods and Services Tax (GST) rates and the classification of goods. These updates were issued through Circular No. 235/29/2024-GST, dated October 11, 2024, and follow the recommendations made during the
Provident Fund (PF) Overview The Provident Fund (PF) is a critical retirement savings tool designed to ensure financial security for employees after retirement. It is a mandatory, government-regulated scheme where both employees and employers contribute a specific percentage of the employee’s salary each month. These funds are then invested and grow with interest over time. Different forms of provident funds
CBIC Issues Clarification on “As Is / As Is, Where Is Basis” in GST Circulars The Central Board of Indirect Taxes and Customs (CBIC) recently issued a crucial clarification regarding the terminology “as is” and “as is, where is basis” as it applies to Goods and Services Tax (GST). This clarification, issued via Circular No. 236/30/2024-GST on October 11, 2024,
Union Govt Releases ₹1.78 Lakh Crore Tax Devolution to States, Including Advance Instalment Ahead of Festive Season On October 10, 2024, the Union Government made a significant financial decision by releasing a total tax devolution of ₹1,78,173 crore to various State Governments. This release includes an advance instalment of ₹89,086.50 crore, provided ahead of the festive season, in addition to
NFRA Imposes Rs 2 Crore Fine on Auditor, Debars CAs for Lapses in Coffee Day Enterprises Audit The National Financial Reporting Authority (NFRA) recently imposed severe penalties on the auditors of Coffee Day Enterprises Limited (CDEL), a major player in India’s coffee business, for serious lapses during their audit of the company for the financial year 2019-2020. The NFRA’s investigation
Record E-Way Bill Surge in September Signals Festival Season Boost India’s supply chain activity surged in September, with e-way bill generation reaching an all-time high of 109 million, marking an impressive 18% growth compared to the same period last year. This growth reflects the country’s robust economic activity as businesses prepared for the festival season, which is anticipated to further
Understanding the Ministry of Corporate Affairs Notification: G.S.R. 630(E) In July 2024, the Ministry of Corporate Affairs (MCA) issued a notification that directly impacts the Companies (Adjudication of Penalties) Rules, 2014. If you are wondering how this affects companies, adjudicating officers, and corporate professionals, we’ve got you covered. This notification introduces amendments that modify the way penalties are managed under
Valuation of ESOP: Understanding the Key Elements Employee Stock Options Plans (ESOPs) have become a popular compensation tool, particularly in the startup world, to incentivize and reward key employees. ESOPs give employees the opportunity to own shares of the company at a predetermined price, benefiting from the company’s growth over time. But how do we determine the value of these
