In the modern business landscape, keeping accurate and comprehensive books of accounts is not just good practice; it’s a legal necessity and a cornerstone of financial management. The relationship between maintaining books of accounts and Goods and Services Tax (GST) compliance is particularly vital for businesses operating in countries with a GST or Value Added …
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The Ministry of Finance, in collaboration with State Governments, is set to introduce the “Mera Bill Mera Adhikaar” Invoice Incentive Scheme, aimed at fostering a culture of requesting invoices for all purchases. This initiative seeks to instigate a profound cultural shift, encouraging consumers to assert their right and demand proper invoices. Key Details of the …
Introduction The Goods and Services Tax (GST) is a comprehensive indirect tax that replaced multiple cascading taxes levied by the central and state governments in India. This transformative tax system has brought about significant changes in the country’s economic landscape, particularly for the service and manufacturing industries. GST registration has emerged as a pivotal step …
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Introduction In recent years, the rise of freelancing has transformed the global job market. Freelancers, or independent professionals, provide a wide array of services across various industries, from writing and design to programming and consulting. As this trend continues to gain momentum, it’s essential for freelancers to understand the regulatory landscape they operate in. One …
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Introduction In 2017, India underwent a significant tax reform with the introduction of the Goods and Services Tax (GST). This comprehensive indirect tax structure replaced the intricate web of multiple taxes, such as excise duty, service tax, and value-added tax, streamlining the taxation system and fostering economic growth. One of the pivotal aspects of this …
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Introduction: The Ministry of Finance has recently unveiled important updates regarding the Liberalised Remittance Scheme (LRS) and Tax Collection at Source (TCS). These changes, aimed at facilitating remittances and overseas travel, were initially scheduled to take effect from July 1, 2023. However, in response to feedback and suggestions, the government has made certain amendments and …
A new provision has been introduced to facilitate the transfer of balance in the Electronic Cash Ledger (ECL) between registered persons who share the same PAN. Previously, unutilized balances in the CGST/IGST head of the Electronic Cash Ledger could only be utilized by the same registered person. However, with this new facility, the unutilized balance …
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A considerable number of newly registered GST applicants remain unaware of the obligation to promptly update their bank account information. Nowadays, banks have made it a prerequisite to acquire a GST registration before allowing individuals, sole proprietors, and partnerships to open accounts. Consequently, the mandatory submission of bank details during the GST registration process has …
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GST has received reports highlighting the confusion surrounding the interpretation of the term “Intermediary services” in the GST Law. After careful examination of the matter, and considering the challenges faced by the trade and industry, as well as the need for consistent implementation of the law across different field formations, the Board, exercising its powers …
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The E-Waybill System has been enhanced with new features for Enrolled Transporters and Common Enrolled Taxpayers. These features are designed to improve the functionality and user experience of the system. Here are the details of the new features: These new features aim to provide more flexibility, control, and security to enrolled transporters and common enrolled …
