CBIC Clarifies GST Liability and ITC for Warranty/ Extended Warranty Cases
The Ministry of Finance released Circular No. 216/10/2024-GST. This circular provides further clarification on GST liability and input tax credit (ITC) availability for warranty and extended warranty scenarios. It continues the explanations from Circular No. 195/07/2023-GST dated 17th July 2023. Key Points and Clarifications: Detailed Breakdown: Replacement Under Warranty: Distributor Handling: Extended Warranty Clarifications: Conclusion […]
Understanding Advance Ruling: A Comprehensive Guide for Taxpayers
Advance Ruling is a significant aspect of the Goods and Services Tax (GST) framework that provides clarity on tax-related matters to businesses. In this blog, we will explore who can apply for Advance Ruling, the matters on which it can be sought, and the detailed process involved. Who Can Apply for Advance Ruling? Both registered […]
MSMEs: Small Business, Big Impact!
Small and Medium Enterprises (SMEs), often referred to as MSMEs (Micro, Small, and Medium Enterprises), play a pivotal role in driving economic growth and fostering innovation globally. These enterprises are the backbone of many economies, contributing significantly to employment generation, GDP growth, and industrial output. In this blog, we explore the profound impact of MSMEs […]
Simplify GST Compliance: Expert Services from Fantasies for Your Business
What is GST? Goods and Services Tax (GST) is a comprehensive, multi-stage, destination-based tax levied on every value addition. It replaced multiple taxes levied by the central and state governments, creating a single taxation system for the entire country. GST is designed to make tax compliance easier and more transparent, benefiting both businesses and consumers. […]
Govt Launches Rs.277Cr. Scheme To Help MSMEs !!
Launch of the TEAM Scheme to Boost E-commerce for MSEs On MSME Day 2024, celebrated on Thursday, MSME Minister Jitan Ram Manjhi announced the launch of a new Trade Enablement. And Marketing (TEAM) scheme with an ambitious outlay of Rs 277.35 crore for the period of 2024-27. This initiative aims to enhance e-commerce access for […]
Avoiding Interest Penalties: Section 50(1) Under GST
Introduction According to Section 50(1) read with Rule 88B of the CGST Act 2017, anyone liable to pay tax but failing to do so within the prescribed period must pay interest at 18% per annum for the period the tax remains unpaid. Amount Subject to Interest Charges Tax authorities typically charge interest on gross payments, […]
Understanding Cash Flow: The Lifeblood of Your Business!!
Cash flow is crucial for any business. Whether you run a small startup or manage a large corporation, maintaining a healthy cash flow is essential for your company’s survival and growth. In this guide, we will understanding what cash flow is, why it matters, and how you can manage it effectively. What is Cash Flow? […]
New GSTR-1A Form to Allow Changes Before 3B Filing
Introduction The Goods and Services Tax (GST) Council has introduced a new form, GSTR-1A, aimed at simplifying the tax filing process for businesses. This optional form allows taxpayers to make corrections to their GSTR-1 before submitting the GSTR-3B, ensuring accurate tax liability. Key Features of GSTR-1A 1. Amendment Capability The GSTR-1A form permits taxpayers to […]
Financial Forecasting Techniques for Business Growth !!
Financial forecasting is a vital aspect of business planning, allowing businesses to anticipate future financial performance and make informed decisions. Whether you’re an entrepreneur, a small business owner, or a corporate executive, understanding it can drive your business towards growth and success. In this blog, we’ll explore some essential tools and techniques for effective financial […]
Highlights of the 53rd GST Council Meeting Recommendation.
The 53rd GST Council meeting, chaired by Union Finance Minister Smt. Nirmala Sitharaman, was recently held to address critical issues and streamline the Goods and Services Tax (GST) framework. Here are the significant recommendations and decisions from the meeting. Changes in GST Tax Rates GST Rates on Goods Uniform 5% IGST on Aircraft Parts To […]