One of the most common taxing hurdles faced by taxpayers is having a smooth coordination between GSTR-1 and GSTR-3B return submissions. It is to be duly noted that as these two return filling are integrated with each other, they hold utmost importance. Any complications or inconsistency can lead to disputes with the tax authorities. We …
In recent years, governments have been implementing measures to promote healthier lifestyles and generate revenue. One such approach involves taxing sugary beverages, including sodas, as well as digital services like online entertainment platforms. While these taxes aim to address health concerns and fiscal gaps, individuals need to manage their finances wisely to avoid financial strain. …
In 2017, when The GST Act was introduced in India, it aimed at streamlining the indirect tax structure and a seamless flow of credits across the supply chain. However, with the increasing complexity of various laws and procedures, multiple disputes started to arise. The complex nature of transactions and varying interpretations of laws have increased …
A new rule 88D was recently added to the CGST Act, 2017, that explains the mandatory action required on the taxpayer’s end in case of there are differences in GSTR-2B and GSTR-3B and the taxpayer has taken excess or ineligible Input Tax Credit. As per Notification No. 38/2023- Central Tax dated 4th August 2023 by …
Introduction Tax transformation refers to making significant changes to how tax functions are structured, operated, and managed within an organization. It involves implementing strategies, technologies, and processes to streamline and optimize tax-related activities and enhance compliance. People usually decide to do tax transformation because tax rules change, taxes become more complicated, businesses go global, or …
E-invoice can be called one such government mandate that changed how India does business since 2020. Since its introduction, the visionary reform has brought about substantial and systematic changes by digitizing the transaction processes and carving a path for machine-readability and interoperability amongst business and compliance ecosystems. Aside from that, the principal feature of e-invoicing …
What is Tax Transformation? Tax transformation is the complete modernization of tax systems currently being practiced all around. Modernization is inevitable because of the evolving economic, technological, and regulatory changes. It involves the restructuring of different tax variants, which will result in increased efficiency and adaptability. The goal is to create a tax framework better …
The e-way billing system has become essential to India’s goods transportation process, ensuring seamless movement of goods from one place to another. E-way bills are mandatory to transport goods over and above Rs 50,000 from one state to another or within the state. It contains essential details such as the type of goods, value, place …
The manufacturing industry of India stands at an impressive growth trajectory, with manufacturing exports for FY22 reaching a staggering US$ 418 billion & overall contribution of 17% to India’s GDP. The government’s “Make in India” also has been a key driver towards this boom in the manufacturing industry. But as the manufacturing sector is reaching …
