From Essentials to Indulgence: GST Council Resets Food & Beverages
Foreword The 56th GST Council Meeting, convened on 3rd September 2025, announced a major rationalisation of GST rates across multiple sectors. Among these, the Food & Beverages sector has witnessed the most extensive set of revisions. By aligning tax slabs with consumption patterns, the Council has sought to improve household affordability, create uniformity for FMCG […]
Real Estate & Construction Sector – GST Updates from the 56th Council Meeting
Overview The 56th GST Council meeting held in September 2025 brought significant changes for the Real Estate and Construction sector. These updates focus on rationalising GST rates for key construction materials and clarifying the treatment of specified works contracts. Unless otherwise notified, the changes are effective from 22 September 2025. A) GOODS – Construction Materials […]
Next-Gen GST 2.0: 25 FAQs That Will Brighten Your Business Like a Diwali Gift
Introduction: India’s tax landscape is stepping into a next-generation phase with the GST Council’s recent decisions. This isn’t just another update; it’s the beginning of a Next-Gen GST framework. From 22nd September 2025, new rates, exemptions, and compliance rules will come into effect — changes designed not just to simplify taxation but to reshape the […]
56th GST Council Meeting – Complete Sector-Wise GST Rate Changes & Key Announcements
56th GST Council Meeting
GST Made Simple: When You Exchange Goods and Services Without Money
Introduction: The exchange of goods and services without involving money may sound simple, but under GST it carries specific tax implications. Such transactions are common in business — for example, when companies swap advertising for products, or professionals exchange services. Even though no money changes hands, GST still applies because the law treats these exchanges […]
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 […]
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 […]
Internal Controls & ICFR Reporting: A Backbone of Corporate Governance
Introduction In any business, whether it is a fast-growing startup or a well-established company, having the right systems in place lays the foundation for long-term success. And here the internal controls come in. Think of them as protective measures that help businesses run smoothly and use resources effectively and efficiently. They help spot errors, catch […]
Big Win for Exporters: No FIRC Needed, Rules Gujarat HC
Introduction In a major victory for exporters, the Gujarat High Court has ruled in favor of Kuehne + Nagel Pvt. Ltd., allowing the refund of unutilized Input Tax Credit (ITC) without the submission of Foreign Inward Remittance Certificates (FIRCs). This judgment will benefit businesses that export services and receive foreign exchange through RBI-approved net-off clearing […]
₹1,050 Price Tag, GST Confusion & Online Sales: A Clothing Vendor’s Daily Puzzle
Introduction: The textile and garment industry is the backbone of India’s MSME sector. Whether you’re a manufacturer in Surat, a trader in Delhi’s Chandni Chowk, or selling shirts online from Tiruppur, one thing is common: dealing with GST compliance isn’t easy. Over the last few years, GST laws have evolved, but for garment vendors — […]