Understanding the New Changes in Invoice Management System (IMS) for GSTR-2B: FAQs and Guidance
In October 2024, the GST Network (GSTN) introduced the Invoice Management System (IMS) to make tax filing easier. This platform helps taxpayers manage invoices, credit notes, and debit notes for GSTR-2B returns. Many businesses want to know how these changes affect their filing. Below, we answer common questions to help you understand the new system. […]
Important Advisory for GSTR-9/9C: Key Changes Starting FY 2023-24
As of October 15, 2024, important changes have been made to the GSTR-9 and GSTR-9C forms for the financial year 2023-24. These changes are meant to make the filing process easier and help taxpayers report Input Tax Credit (ITC) more accurately. Automatic ITC Population in GSTR-9 One major update is the automatic filling of eligible […]
Why Every Business Needs a Virtual CFO: Benefits and Insights!
In today’s fast-paced business environment, financial management is more crucial than ever. For many businesses, especially startups and small to medium enterprises (SMEs), hiring a full-time Chief Financial Officer (CFO) may seem like a luxury rather than a necessity. However, with the rise of Virtual CFO (vCFO) services, businesses can now access expert financial guidance […]
Understanding Indirect and Direct Expenses: Their Impact on Profit and Loss Accounts!
In the complex landscape of business accounting, expenses are a crucial component that determines a company’s profitability and financial health. Among these expenses, direct and indirect expenses play significant roles. Understanding the differences between these two types of expenses is vital for effective financial management, accurate budgeting, and strategic decision-making. This blog explores direct and […]
Gujarat’s IT & ITeS Sector Transformed: Key Reforms Unveiled by CM During Vikas Saptah!
In a progressive move to further bolster Gujarat’s status as a technology hub, Chief Minister Bhupendra Patel announced key reforms to the state’s IT and IT-enabled Services (ITeS) policy during the Vikas Saptah celebration. These reforms focus on attracting investments, fostering innovation, and building a strong digital infrastructure for the state’s tech ecosystem. A Game-Changer […]
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 […]