GST Clarification on circular of Life Insurance Premiums
On June 26, 2024, the Central Board of Indirect Taxes and Customs (CBIC) issued Circular No. 214/8/2024-GST. This circular explains how to treat life insurance premiums for GST purposes. It also addresses the reversal of input tax credit (ITC) for the part of life insurance premiums not included in the taxable value. Key Highlights of […]
From Data to Decisions: The Impact of AI on Reporting
In the age of digital transformation, Artificial Intelligence (AI) has emerged as a game changer in a variety of disciplines, including reporting and data analytics. Using AI to communicate findings not only improves accuracy, but also provides efficiency and depth that were previously unavailable. This blog discusses the numerous potential AI offers in reporting discoveries, […]
New GST Circular 226/2024: Mechanism for IGST Refund on Export Price Revisions
Introduction The Central Board of Indirect Taxes and Customs (CBIC) has issued Circular No. 226/2024-GST, dated July 11, 2024. This introduces a new mechanism for exporters to claim refunds on the additional Integrated Goods and Services Tax (IGST) paid following an upward revision in the prices of goods post-export. Overview of the New Mechanism Filing […]
Simplifying GST Refund Process for Canteen Stores Department: A Step-by-Step Guide
Navigating through the GST refund process can often be complex, especially for entities like the Canteen Stores Department (CSD). The recent Circular No. 227/21/2024-GST aims to streamline this process by introducing a new electronic submission method. This blog will guide you through the updated procedure, ensuring a smooth and efficient refund claim experience. Understanding the […]
The Impact of Technology on Business Models Creation and Monitoring !
In today’s rapidly evolving landscape, technology is not merely an accessory but a fundamental driver reshaping business models across industries. From small enterprises to global conglomerates, the influence of technological advancements is profound and multifaceted. In this blog, we will explore how technology impacts business models, transforming operations, enhancing customer experiences, and driving innovation. 1. […]
Ensuring Compliance with GST: Recovery of Outstanding Dues
Navigating the Goods and Services Tax (GST) landscape can be challenging for businesses. Recently, the Central Board of Indirect Taxes and Customs (CBIC) issued Circular No. 224/18/2024. This circular provides crucial guidelines on recovering outstanding dues when the first appeal has been resolved, and the GST Appellate Tribunal is not yet operational. Understanding the Context […]
From Zero to Hero: Crafting a Business Model that Dominates the Market!
Creating a business model that dominates the market is essential for achieving long-term success. Unlike our previous blog, which focused on developing a winning business model, this article will dive into the critical aspects of crafting a model that stands out and thrives in a competitive environment. 1. Analyze Market Dynamics Understanding market dynamics goes […]
How to Develop a Winning Business Model !
Creating a winning business model is crucial for any business aiming for long-term success. A well-defined business model not only outlines how a company creates, delivers, and captures value but also serves as a strategic tool to identify potential challenges and opportunities. Here are the key steps to develop a business model that stands out […]
Understanding the Recent Clarifications on Input Tax Credit (ITC) under RCM
The Central Board of Indirect Taxes and Customs (CBIC) issued Circular No. 211/5/2024-GST on June 26, 2024. This circular provides essential clarifications regarding the time limit for availing Input Tax Credit (ITC) under the Reverse Charge Mechanism (RCM). This blog covers all the key points from the circular and its implications for businesses. Key Points […]
Important Update: GST Document Upload Size Increased to 500 KB
We are excited to share a significant GST update for all taxpayers regarding the upload of documents for GST registration and amendment. In response to feedback and grievances from the trade community, changes have been made to the size limits for uploading documents related to the Principal Place of Business and Additional Place of Business. […]