With a dynamic gathering of finance leaders and industry experts, the 26th edition of the CFO Summit 2024 took place on April 19th at the Renaissance Racecourse Hotel in Bengaluru. Among the honoured participants was the GSTrobo team, the tax platform of Binary Semantics, contributing to insightful discussions and shaping the trajectory of finance and taxation in the digital age. …
In any country, the taxation system and tax reforms are a certainty that can neither be denied nor ignored. It is the pillar for establishing and flourishing the social and economic structure. The taxation system is not a new concept. It’s been existential for ages. Even then, the idea was clear – to systematize the …
GSTR 2A reconciliation is vital in identifying the precise amount of Input Tax Credit (ITC) a taxpayer can claim. This directly impacts the business’s finances and its liquid cash cycle. Businesses prioritize investing their time in accurately reconciling their data and accounts to claim the full eligible Input Tax Credit. What do you mean by …
A smooth flow of goods is most important for any business. However, introducing electronic mechanisms like the E-way bill, designed to regulate the movement of goods, has brought challenges. Authorities unlawfully hold goods once the E-way bill expires, posing a significant challenge. Understanding E-way bills India’s Goods and Services Tax (GST) framework mandates the E-way …
TAXATION in India is a complex subject that involves various laws, regulations, and compliance requirements. The Indian tax system is governed by the Income Tax Act, of 1961. Besides this, there are laws on GST, Customs, and a host of other areas, from banking to finance transactions. These collectively lay down the provisions related to …
GSTR-6 is a GST return statement/ form that the Input service distributor (ISD) files every month to claim ITC against all taxes central tax (CGST), State tax (SGST)/ Union territory tax (UTGST), and integrated tax (IGST). If an organization with operations in multiple locations is looking to claim ITC amounts that they are eligible for, …
E-invoicing today is important, period. Every single transaction in business operations needs to be documented properly in an e-invoice format. It is the base for all compliance procedures to follow, whether it’s filing returns, reconciling accounts, or calculating GST amounts. At the same time, we see e-invoices being a big part of cash flow management …
India’s transition to the Goods and Services Tax regime in 2017 marked a significant milestone in its economic journey. With the aim of streamlining the tax structure and fostering a unified market, GST brought about sweeping changes that impacted businesses of all sizes and sectors. Amidst these changes, one crucial aspect emerged – the need …
A Goods and Services Tax (GST) refund holds significant relevance in exporting goods. It operates as a mechanism allowing exporters to recuperate the taxes they have paid for the inputs used in the production of goods intended for exportation. This reimbursement system is strategically designed to avert the issue of double taxation and to uphold …
