Advisory: System Enhancement for Order-Based Refunds (GST)
The Goods and Services Tax Network (GSTN) has announced an important enhancement to the system for processing refunds under the category “On account of Assessment/Enforcement/Appeal/Revision/Any Other Order (ASSORD)”. This change directly addresses long-standing challenges faced by taxpayers and tax officers while filing refund applications in cases linked to demand orders. Background – The Earlier Limitation […]
When Strategy and Wisdom Seem to Clash: A Founder’s Dilemma
In the relentless world of entrepreneurship, we often face a confusing crossroads: Should we act boldly and build? Or step back, reflect, and recalibrate? Strategy and Wisdom? In Chapter 3, Verse 2 of the Bhagavad Gita, Arjuna voices a similar dilemma to Krishna. He’s torn between paths: one of renunciation and reflection, the other of […]
GST Refunds 2025: 25 Advanced FAQs Every Business Should Know
Getting GST refunds is not just about compliance—it is about keeping your working capital free. Many businesses struggle because of mistakes, mismatched returns, or missing documents. This guide answers 25 advanced questions on GST refund with clear, direct, and practical insights. 1. What are the key grounds for GST refunds? Refunds arise mainly from exports, […]
State-Wise SGST Subsidy Schemes: A Complete Guide for Startups and Enterprises
Introduction State Goods and Services Tax (SGST) is an important part of India’s GST system, collected by state governments on sales within their state. To boost investments and encourage industrial growth, many states reimburse part of this tax to eligible businesses. This is known as the SGST subsidy or reimbursement scheme. These subsidies help companies […]
Checklist Before Filing Your GST Refund Application
Filing a GST refund application is often a critical step for businesses to maintain healthy cash flow and ensure compliance. However, even minor errors can result in delays, rejections, or unnecessary scrutiny from tax authorities. To avoid such pitfalls, it’s essential to have a well-prepared checklist before filing your GST refund claim. This blog provides […]
Role of AI and Automation in GST Refund Processing
Introduction The Goods and Services Tax (GST) framework in India was introduced to simplify indirect taxation, yet refund processing continues to be one of the most challenging aspects for businesses. Delays, documentation errors, and manual scrutiny often create roadblocks, directly impacting working capital. This is where Artificial Intelligence (AI) and automation are transforming the landscape. […]
CCM: The Next Swift Change in Internal Controls and Internal Audit
Why Internal Audit Needs a Shift Now More Than Ever In today’s business landscape, where data flows in milliseconds and risks emerge overnight, traditional internal audit and control reviews performed after the fact are no longer sufficient. Management wants real-time assurance, regulators expect evidence-based governance, and stakeholders demand transparency. Enter: Continuous Controls Monitoring (CCM) a […]
Refund of Unutilised ITC on Business Closure: Sikkim High Court’s Landmark Ruling
Introduction What happens to unutilised GST Input Tax Credit (ITC) when a business shuts down? Until now, the law was silent, and authorities often rejected refund claims. The Sikkim High Court, in a landmark ruling (SICPA India Pvt. Ltd. & Anr. v. Union of India & Ors., 10 June 2025), has clarified that taxpayers are […]
Top AI Tools for Accounts in 2025
Introduction As we step into 2025, artificial intelligence (AI) is revolutionizing accounting by automating mundane tasks, boosting accuracy, and delivering predictive insights—without the need for full-fledged ERP systems. For virtual CFO services specializing in digital transformation for finance, accounts, and compliance, pure AI tools offer targeted solutions to streamline operations, cut errors by up to […]
Book Finalization Requirements for Professionals & Businesses Filing ITR‑3 (FY 2024–25)
Book Finalization Requirements for ITR-3 If you’re a professional or running your own business and filing ITR-3, then Book Finalization is the most important step before filing your return. Don’t worry, it’s not as complicated as it sounds. In this guide, I’ll explain book finalization requirements for ITR-3 from basic steps to advanced checks in […]
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