Refund on Account of Export of Goods (With Payment of Tax)
Exporting services while complying with tax regulations is essential for businesses operating internationally. Understanding the process to claim refunds under such circumstances can help exporters maintain their cash flow and ensure compliance. Below, we outline the steps to file for a refund on the GST Portal effectively. Steps to File Refund for Export of Services […]
Enabling Filing of Application for Rectification Under Notification No. 22/2024-CT
The Central Government, based on recommendations from the 54th GST Council, has introduced a new facility under Notification No. 22/2024-CT dated October 8, 2024. This notification allows registered taxpayers to rectify demands related to incorrect Input Tax Credit (ITC) claims that were previously issued due to non-compliance with sub-section (4) of section 16 of the […]
Essential Updates to GST E-Way Bill and E-Invoice Systems Starting January 2025
The Goods and Services Tax Network (GSTN) has unveiled significant updates to the E-Way Bill and E-Invoice systems, set to take effect on 1st January 2025. These updates aim to fortify compliance, enhance security, and integrate transportation systems seamlessly. Here’s everything you need to know to stay prepared and compliant. 1. Stricter Rules for Document […]
Redefining Work: Automation and the Future of Human Effort!
The debate between human touch and automation in the workplace is complex, with valid arguments on both sides. Let’s understand both the perspective and what should be the best collaboration. Human Touch Empathy and Emotional Intelligence: Humans excel at understanding and responding to the emotional needs of others, which is crucial in building trust and […]
Beyond Generative AI: The Future of Finance, Accounting & Tax Innovation!
1. Explainable AI (XAI): 2. Decentralized Finance (DeFi): 3. Quantum Computing: 4. Edge Computing: 5. Metaverse and Virtual Reality (VR): 6. Human-AI Collaboration: These are just a few examples of the exciting technologies that are poised to shape the future of finance, accounting, and tax. By embracing these innovations, the industry can continue to evolve […]
January 2025 Compliance Deadlines: Key Dates and Requirements
As the new year begins, staying on top of compliance deadlines is crucial for businesses and individuals to avoid penalties. January 2025 brings a host of important dates for tax filings, payments, and returns. Here’s a clear, concise guide to help you stay compliant. Key Compliance Deadlines in January 2025 7th January: TDS Payment for […]
Advisory for Waiver Scheme under Section 128A
The GST Network (GSTN) has issued an important advisory concerning the Waiver Scheme under Section 128A. Taxpayers are strongly advised to review the details and follow the necessary steps to avail of the benefits offered under this scheme. Key Highlights of the Advisory 1. Reference to the Advisory Issued by GSTN GSTN released an advisory […]
The Importance of Risk Management for Enterprises!
In today’s volatile business landscape, risk management is more than just a buzzword—it’s a critical function for enterprises aiming to thrive in an increasingly unpredictable world. Whether you run a small startup or a multinational corporation, the ability to identify, assess, and mitigate risks arising from internal and external factors can mean the difference between […]
Why Digital Accounting Is Essential for Startups and Growing Businesses!
In today’s fast-paced and tech-driven world, startups and growing businesses face unique challenges. From managing tight budgets to scaling operations, the need for efficiency and accuracy has never been greater. One of the most impactful ways to streamline operations and stay ahead is by adopting digital accounting solutions. Here’s why digital accounting is essential for […]
GST Rate Changes and Clarifications: Highlights from the 55th Council Meeting
Introduction The 55th GST Council Meeting introduced significant changes, including GST rate revisions, clarifications on taxability, and measures to simplify compliance. From updates on used vehicle taxes to exemptions for agricultural goods and improved trade facilitation, these changes aim to streamline the GST framework and resolve key ambiguities for businesses and taxpayers. Key Updates to […]