Textile Policy 2024: Empowering the Future of India’s Textile Industry!
Textile Policy 2024
New GST Updates: Reverse Charge Mechanism for Metal Scrap Supplies
The Indian Government has made important changes under the Central Goods and Services Tax (GST) Act, 2017. The latest update affects businesses that deal with metal scrap. These changes introduce modifications to the reverse charge mechanism (RCM), simplifying tax compliance for certain transactions. What is the Reverse Charge Mechanism (RCM)? The reverse charge mechanism shifts […]
Crisis Management: Turning Challenges into Growth Opportunities!
In the unpredictable world of business, crises are inevitable. Whether it’s a global economic downturn, supply chain disruption, or a sudden industry shift, businesses will face challenges that can threaten their survival. However, with a strong business model and effective crisis management strategies, these challenges can be turned into growth opportunities. In this blog, we’ll […]
GST Update: Reverse Charge Mechanism (RCM) for Renting of Non-Residential Property
As of October 10, 2024, businesses renting non-residential properties will need to comply with a new GST rule. Under Notification No. 09/2024-Integrated Tax (Rate), the Reverse Charge Mechanism (RCM) applies when renting non-residential properties from an unregistered supplier. Key Points: Why the Change? This adjustment aims to reduce revenue leakage and ensure proper tax compliance […]
Understanding GST Appellate Tribunal’s New Role in Price Reductions: Key Insights
The Central Goods and Services Tax (CGST) Appellate Tribunal now has new responsibilities. Effective from October 1, 2024, it can review whether input tax credits and tax rate reductions have led to proportional price cuts for consumers. This change, announced in Notification No. 18/2024 – Central Tax(18-2024-ct-eng), affects both businesses and consumers. What’s New? The […]
Sustainable Business Practices that Promote Long-Term Growth!
In today’s business environment, sustainability is more than just a buzzword—it’s a crucial factor for long-term success. Companies that adopt sustainable practices not only reduce their environmental impact but also build stronger relationships with customers, improve operational efficiency, and create new growth opportunities. Sustainable business practices are essential for achieving long-term growth, as they help […]
Understanding ITC on Immovable Property Under the CGST Act: A Supreme Court Ruling
The Supreme Court of India recently clarified the rules for claiming Input Tax Credit (ITC) under the Central Goods and Services Tax (CGST) Act, 2017. This ruling directly impacts businesses that build commercial properties, such as malls and hotels, for renting or leasing. The Issue with ITC for Immovable Property Under the current CGST Act, […]
The Power of Business Model in Driving Business Growth!
A strong business model is the foundation of any successful company. It defines how a business creates value, generates revenue, and maintains profitability. In a competitive marketplace, the right business model can be the difference between steady growth and stagnation. In this blog, we will explore how a well-designed business model drives business growth and […]
TDS Entries: How They Affect Accounting
Tax Deducted at Source (TDS) is a vital component of the Indian tax system. Understanding TDS is essential for businesses and accountants because it impacts cash flow, compliance with tax laws, and the accuracy of financial records. This blog will explain what TDS is, its importance, how it affects accounting practices, and how to manage […]
Advisory: GSTN e-Services App to Replace e-Invoice QR Code Verifier App Shortly
The Goods and Services Tax Network (GSTN) is excited to announce the launch of the E-Invoice Verifier App. This app is a new and improved tool designed to make verifying electronic invoices (e-invoices) easier. It replaces the older e-Invoice QR Code Verifier App and offers more features. As a result, businesses can now manage their […]