New GST Update: Redefinition of “Specified Premises” Effective April 2025
The Indian government has introduced a crucial update under GST with Notification No. 08/2025-Central Tax (Rate), redefining the concept of “Specified Premises.” This change, effective from April 1, 2025, aims to bring greater clarity and compliance to hotel accommodation services. What Are “Specified Premises”? As per the latest notification, premises offering hotel accommodation services with […]
What Are the Challenges of Business Valuation Beyond Financial Metrics?
Introduction In the realm of business valuation, investors and analysts often depend on various financial techniques, such as the Discounted Cash Flow (DCF) model and market comparable, to estimate a company’s worth. However, the process is rarely as straightforward as these structured approaches suggest. For instance, the DCF method relies on forecasting future cash flows […]
9 Years of Startup India: Transforming the Entrepreneurial Landscape!
In 2016, India’s startup ecosystem was at a nascent stage. With only a handful of startups and minimal representation on the global map. The idea of a thriving entrepreneurial culture seemed ambitious. Fast forward nine years, and the landscape has been completely transformed. Thanks to the vision and initiatives under the Startup India campaign. From […]
Advisory on Waiver Scheme under Section 128A: A Guide for Taxpayers
The Goods and Services Tax Network (GSTN) has recently issued an important advisory regarding the waiver scheme under Section 128A. To help taxpayers benefit from the scheme, this guide simplifies the advisory and provides actionable steps. Key Updates and Guidelines 1.Official NotificationThe advisory was released on December 29, 2024. Taxpayers can find the complete details […]
Streamlining GST Compliance: Phase-III Updates for Table 12 of GSTR-1
The Goods and Services Tax Network (GSTN) has introduced Phase-III enhancements for Table 12 of GSTR-1 and GSTR-1A, effective from January 2025. These changes simplify reporting, improve accuracy, and ensure better compliance with GST regulations. This article highlights the key updates, making it easier for taxpayers to understand and implement them. What’s New in Table […]
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 […]