Advisory for FORM GSTR-1A
The Government of India has introduced a significant update for GST taxpayers through notification No. 12/2024 – Central Tax dated 10.07.2024. That allows taxpayers to add or amend supply details of the current tax period that were either missed out or wrongly reported. This can be done before filing the GSTR-3B return for the same […]
Time of Supply for Construction and Maintenance Services under Hybrid Annuity Model (HAM)
Introduction The Central Board of Indirect Taxes and Customs (CBIC) has issued Circular No. 221/15/2024-GST, dated 26th June 2024. This circular aims to clarify the time of supply concerning the supply of services for the construction and maintenance of National Highway Projects under the Hybrid Annuity Model (HAM) implemented by the National Highways Authority of […]
Place of Supply for Custodial Services Provided by Banks to FPIs.
Introduction The Central Board of Indirect Taxes and Customs (CBIC) has issued Circular No. 220/14/2024-GST to provide clarity on the place of supply for custodial services provided by banks to Foreign Portfolio Investors (FPIs). Place of supply of services provided by a banking company to account holders is the location of the supplier. Background The […]
Empowering Progress: A Comprehensive Analysis of India’s Budget 2024-2025
Dear Readers, Being one of the Chartered Accountants firms offering strategic insights and customized solutions, we take great pleasure in presenting our next Budget publication, explaining the extraordinary opportunities arising from the present economic scenario of India and its global positioning. A detailed analysis of the Economic Survey 2023-24 and the Finance Bill 2024 brings […]
Recent Amendment Made by GST Council in 53rd Council Meeting.
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 recent amendment and decisions from the meeting. Please refer Below list of detailed blogs of amendment approved by GST council :- 1 New […]
What’s My Business Export Potential?
Understanding your business export potential can unlock new revenue streams and growth opportunities in an increasingly globalized market. For small and medium-sized enterprises (SMEs), exploring international markets isn’t just an option but a significant growth avenue. This blog will explain how to assess and maximize your business’s export potential effectively. What are the Key Factors […]
AI in Financial Planning and Analysis: Game-Changer for Modern Business!
The integration of Artificial Intelligence (AI) in Financial Planning and Analysis (FP&A) marks a significant shift in how businesses approach their financial strategies. This aims to provide business leaders with a detailed understanding of AI in FP&A, focusing on its key applications and benefits. Understanding AI in Financial Planning and Analysis AI involves the development […]
The Role of AI in Validation and Reconciliation in the Financial Sector!
In the financial sector, ensuring the accuracy and consistency of financial records is crucial. Traditional methods of validation and reconciliation have often been manual and error-prone. However, with the integration of Artificial Intelligence (AI), these processes are being transformed, offering unprecedented improvements in accuracy and efficiency. Understanding Validation and Reconciliation in Finance To grasp the […]
Using Ai For Anomaly Detection to Prevent Compliance Violations!
In today’s stringent regulatory environment, mastering the detection of anomalies in financial data is essential for preventing compliance violations. Understanding how to identify these anomalies can significantly impact an organization’s ability to adhere to compliance standards. Understanding Anomalies as Compliance Red Flags Anomalies in financial data often serve as early warning signs of compliance violations. […]
GST REFUND – FEBRUARY 2023 To JULY 2024 UPDATES
GST refund processes are designed to ensure that businesses do not face a cash crunch due to accumulated input taxes. It’s crucial for businesses to understand the specific conditions under which they can claim a refund and ensure that their documentation and filings are accurate and timely to avoid delays or rejections in the refund […]