Maximizing ITC Benefits in Motor Vehicle Repair Claims
Insurance companies frequently encounter questions about the eligibility of Input Tax Credit (ITC) on expenses related to motor vehicle repairs, particularly in reimbursement claim scenarios. It’s vital to offer clients precise and transparent guidance on these issues. This blog explains the latest clarifications from the Central Board of Indirect Taxes and Customs (CBIC) to promote […]
Clarification on ITC Claim Time Limits for RCM Supplies from Unregistered Persons
Introduction The Central Board of Indirect Taxes and Customs (CBIC) issued Circular No. 211/5/2024-GST to clarify the time limit for availing input tax credit (ITC) under Section 16(4) of the Central Goods and Services Tax (CGST) Act, 2017. This clarification addresses concerns regarding supplies received from unregistered persons under the reverse charge mechanism (RCM). Issue […]
GST Taxability of Salvage Value in Motor Vehicle Insurance Claims
The Ministry of Finance issued Circular No. 215/9/2024-GST on June 26, 2024. This circular provides essential clarifications on the taxability of salvage or wreck value in motor vehicle insurance claims. Understanding these clarifications is crucial for both insurance companies and policyholders regarding their GST obligations. Here’s an overview of the key points: Definitions and Context […]
The Role of AI in Enhancing Business Intelligence!
The advent of Artificial Intelligence (AI) has revolutionized various industries, and its impact on data interpretation is particularly profound. AI’s ability to analyse and interpret vast amounts of data quickly and accurately is transforming how businesses, researchers, and policymakers make decisions. Here’s how AI is reshaping the field of data interpretation: 1. Speed and Efficiency […]
Simplified Compliance for Manufacturers: Key Clarifications from the Latest Circular
In a recent update, the Central Board of Indirect Taxes and Customs (CBIC) issued Circular No.-208/2/2024-GST. This circular provides essential clarifications on the special procedures for manufacturers of specified commodities. These procedures, detailed in Notification No. 04/2024-Central Tax, were revised to streamline compliance and address various industry concerns. Here, we break down the key points […]
Clarification on Taxability and Valuation of Corporate Guarantees.
Date: July 11, 2024 The Ministry of Finance, Department of Revenue, and Central Board of Indirect Taxes and Customs (CBIC) have issued Circular No. 225/19/2024-GST to clarify various issues related to the taxability and valuation of services providing Corporate Guarantees between related persons. Understanding Corporate Guarantees A corporate guarantee is a company’s promise to cover […]
Scaling New Heights: Business Models That Fuel Expansion!
In the competitive business landscape, scaling new heights requires innovative and robust business models. Companies that aspire to grow and expand need strategies that not only sustain but also drive this growth. This blog explores various business models that fuel expansion, highlighting key strategies that can help businesses reach new pinnacles of success. 1. Subscription-Based […]
Blockchain Smart Contracts: The Game-Changer for Efficiency and Security!
What Are Smart Contracts? Smart contracts are digital agreements that automatically happen when certain conditions are met. These contracts use blockchain technology making them transparent, secure, and unchangeable. Unlike traditional contracts, which need intermediaries like lawyers or notaries; smart contracts work without third parties. The reduction in intermediaries decreases mistakes, fraud, and costs leading to […]
Recent Amendments in GST on Railway, Accommodation’s and Certain Services.
Introduction The Government of India has issued Circular No. 228/22/2024-GST And Notification No. 04/ 2024 – Central Tax (Rate). It’s providing clarifications on Recent Amendments in GST on Railway, Accommodation’s and Certain Services. 1. GST Exemption on the Outward Supplies Made by Ministry of Railways (Indian Railways) Based on the recommendations of the 52nd and […]
Clarification on GST Rates and Classifications: Recent Updates
In the ever-evolving landscape of GST regulations, staying updated on the latest clarifications and amendments is crucial for businesses. Ensuring compliance and optimal tax planning is essential. Recently, the GST Council provided significant updates on GST rates and classifications for various goods. Here, we provide an in-depth look at these updates, helping you navigate through […]