Seamless Integration: E-Waybill System and New IRP Portals
The integration of E-Waybill services with four new IRP (Invoice Registration Portal) portals via the National Informatics Centre (NIC). This integration empowers taxpayers with the convenience of generating E-Waybills seamlessly alongside E-Invoicing on these four additional platforms. This milestone marks a substantial enhancement to our existing services, furthering our commitment to simplifying compliance procedures and […]
Understanding the General Rules for Interpreting HSN Codes
In the world of international trade, understanding the classification of goods is essential for compliance and proper assessment of import duties. The General Rules for the Interpretation of Import Tariff provide a structured framework for classifying goods for legal purposes. Let’s delve into the key principles outlined in these rules to grasp their significance in […]
Understanding TCS in GST for the E-Commerce Sector: A Comprehensive Guide
In the dynamic landscape of e-commerce, where transactions are brisk and boundaries blurred, the introduction of Tax Collected at Source (TCS) under the Goods and Services Tax (GST) regime marks a significant shift. This article aims to dissect the nuances of TCS in GST, particularly its implications for e-commerce aggregators and operators. The Basics: What […]
Navigating Change: Understanding the Impact of Rate Fluctuations on Tax Applicability
Understanding how these changes affect the applicability of taxes is crucial for navigating the complexities of compliance. In this article, we’ll delve into the factors that influence applicable rates and dissect the provisions outlined in the Central Goods and Service Tax (CGST) Act, 2017. Factors Affecting Applicable Rates: Determining the applicable rates in the event […]
Advisory on GSTR-1/IFF: Introduction of New 14A and 15A Tables
In the dynamic world of taxation, staying updated with regulatory changes is paramount for businesses to ensure compliance and smooth operations. A recent notification, No. 26/2022 – Central Tax dated 26th December 2022, has brought forth significant adjustments to the Goods and Services Tax Return-1 (GSTR-1) framework. Two new tables, Table 14A and Table 15A, […]
Telangana High Court Rules Transfer of Development Rights as Service under GST: Implications for the Real Estate Industry
The Hon’ble Telangana High Court in the case of M/s. Prahitha Constructions Private Limited v. Union of India and Ors. [Writ Petition No. 5493 of 2020 dated February 09, 2024] dismissed the writ petition and held that transfer of development rights would be considered as service and is, therefore, subject to levy of GST. What […]
GSTN and RBI Collaboration: Paving the Way for Frictionless Credit through Data Sharing
In a significant move towards enhancing credit accessibility for businesses, the Indian government has recently given the green light for the GST Network (GSTN) to share data of GST-registered entities, with their consent, to the Reserve Bank of India’s (RBI) new ‘Public Tech Platform for Frictionless Credit’. This initiative marks a pivotal step in leveraging […]
GST Guidelines for E-commerce Platforms
In the dynamic landscape of online commerce, electronic marketplaces have emerged as pivotal facilitators of transactions, bridging the gap between buyers and sellers. With the surge of E-commerce, governments worldwide, including India, have been adapting their tax frameworks to accommodate the digital economy. In this scenario, understanding the role of E-commerce operators under the Goods […]
Navigating GST Refunds for SEZ Units: A Financial Perspective
The Special Economic Zone (SEZ) scheme in India has been a game-changer for businesses, offering a platform for growth and export promotion. Central to the success of SEZ units is understanding and efficiently navigating the Goods and Services Tax (GST) refund process. In this article, we explore the essentials of GST refunds for SEZ units, […]
How to Become CFO? Ultimate Step-by-Step Guide to Leading Finance in the New Age.
In the dynamic world of finance, the role of Chief Financial Officer (CFO) stands as the epitome of leadership and strategic prowess. Becoming a CFO is a career milestone that requires a combination of education, skills, and strategic career moves. In this comprehensive guide, we will explore the essential elements that constitute the journey to […]