The Goods and Services Tax (GST) affects how businesses of all sizes operate in India. For MSMEs (Micro, Small and Medium Enterprises), it is imperative to understand the implications of GST and how it can affect their business operations. This…
No GST exemption on business transfer between distinct persons as a going concern
The transfer of a going concern in a simple way can be described as the transfer of a running business, which is capable of being carried on by the purchaser as an independent business. To have more understanding regarding the…
Keep a check, whether your details are being used to create bogus entities?
Beware of Sham Entities Being Created Using Your Details “Caution is the parent of safety” With the development and access to technology across the globe, cybercrime is the biggest challenge in today’s world. Sharing personal information with others should always…
Scope of Forensic Accounting in the business environment
In an organization, in particular, situations in which irregularities of various kinds occur, it is possible that a company can request corporate auditing firms in India to conduct a forensic audit to analyse and quantify the fraud detected or presumed to have…
Recent Madras High Court Judgment- Eradicating the Hardships of Bonafide Recipients
In the Pre-GST era, many debatable issues had been settled by various high court judgments. Among the various issues, one of the burning issues, which was highly debatable even before GST came into the picture was whether ITC would be…
Supreme Court Extends the Limitation Period for Providing Relaxation to Taxpayers
It was on 23rd March 2020 that the Supreme Court extended the limitation period for filing petitions/applications/suits/appeals and all other proceedings in all courts and tribunals with effect from 15th March 2020 until further orders. A bench headed by The…
Increasing GST Revenues Amidst Pandemic Outbreak-A Blessing in Disguise!
The Government of a nation is responsible for the welfare and well-being of the people. To achieve this aim, the government has to spend its resources on various sectors such as infrastructure, health, agriculture, defence, etc. But money can be…
Challenges Ahead in Implementation of Dynamic QR Code
In an attempt to reduce GST evasion and increasing business efficiency, the government had introduced an e-invoicing system. It is a standardized system that enables reporting of the B2B, and Export invoices being issued by the taxpayers to their customers…
CBIC Introduces Improved Functionality of PMT-03 For Re-Crediting ITC Sanctioned as Refund
The government has always been under the lens of the taxpayers for seamlessly granting the refund. Currently, the taxpayers are facing delays in the grant of refunds due to stringent rules and regulations for processing refunds. The majority of the…
GST – A Roadmap Ahead (Part-2)
In continuation to the previous blog, there are certainly more important changes in CGST Act,2017 which commence on such date as the Central Government may, through a notification in the Official Gazette, appoint. Section 74 of CGST Act,2017 From Section…