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The GST Council has met for the first time post election and the entire industry was keeping an eye on this meeting with high expectations. The council meeting discussed various crucial issues and made certain recommendations to resolve legal and technical issues being faced by the industry. The GST Council recommended about: Changes in tax rates of goods and services; Issues seeking clarification from CBIC Measures to facilitate trade This article discusses recommendations related to the change
Accountants and ProAdvisors can now determine which of their clients' QuickBooks subscriptions should be billed to their client vs themselves on a client-by-client and product-by-product basis.
Summary: The Petitioner was engaged in manufacturing and sale of Aluminum Casting and Machinery Parts. The petitioner claimed ITC on inward supplies received from the supplier. During the conduct of the survey at the location of the supplier, it was found that the suppliers were non-existent and bogus firms. Therefore, corresponding ITC was disallowed to the petitioner and corresponding demand was raised alongwith interest and Penalty.
Held by Hon’ble High Court of Kerala In the matter of M/s M.TRADE LINKS Vs Union of India (WP(C) NO. 31559 OF 2019) Summary: The Petitioner was denied the Input Tax Credit despite the availability of valid tax invoice, proof of payment of value and receipt of goods. In some cases, ITC was disallowed as the respective supplier failed to disclose the supply in GSTR-1 or failed to pay the tax in GSTR-3B.
Traditional budgeting and forecasting methods can no longer keep pace with today’s rapidly evolving business environment. Static budgets, rigid annual forecasts, and outdated financial models limit an organization’s ability to adapt to market shifts and economic uncertainty. To stay ahead, finance leaders must leverage a future-forward approach—one that leverages real-time data, predictive analytics, and continuous planning to drive smarter financial decisions.
The most awaited 53rd GST Council meeting has held on June 22, 2024 and was chaired by the Hon’ble Finance Minister. Ths GST Council meeting aimed to enhance trade, simplify business operations, and enhance GST compliance. The GST Council has recommended a series of amendments and clarifications including: changes in GST Rates for certain goods and services, waiver of interest and penalty in certain cases, reduced TCS rates to ease financial burdens of taxpayers, Option to amend GSTR-1 The GS
In line with recommendations provided during 53rd GST Council Meeting, CBIC has issued clarification vide Circular No. 211/5/2024-GST date 26th June, 2024 regarding time limit under Section 16(4) of CGST Act, 2017 to claim Input Tax Credit of GST paid under reverse charge on inward supplies received from unregistered person. 1. Issue under Consideration As per representations received from industries, in some cases, tax is payable by the recipient under reverse charge mechanism on supplies recei
The GST Council has met for the first time post election and the entire industry was keeping an eye on this meeting with high expectations. The council meeting discussed various crucial issues and made certain recommendations to resolve legal and technical issues being faced by the industry. The GST Council recommended about: Changes in tax rates of goods and services; Issues seeking clarification from CBIC Measures to facilitate trade This article discusses recommendations related to the change
The GST Council has met for the first time post election and the entire industry was keeping an eye on this meeting with high expectations. The council meeting discussed various crucial issues and made certain recommendations to resolve legal and technical issues being faced by the industry. The GST Council recommended about: Changes in tax rates of goods and services; Issues seeking clarification from CBIC Measures to facilitate trade This article discusses recommendations related to the change
Summary: The Petitioner was engaged in manufacturing and sale of Aluminum Casting and Machinery Parts. The petitioner claimed ITC on inward supplies received from the supplier. During the conduct of the survey at the location of the supplier, it was found that the suppliers were non-existent and bogus firms. Therefore, corresponding ITC was disallowed to the petitioner and corresponding demand was raised alongwith interest and Penalty.
Held by Hon’ble High Court of Kerala In the matter of M/s M.TRADE LINKS Vs Union of India (WP(C) NO. 31559 OF 2019) Summary: The Petitioner was denied the Input Tax Credit despite the availability of valid tax invoice, proof of payment of value and receipt of goods. In some cases, ITC was disallowed as the respective supplier failed to disclose the supply in GSTR-1 or failed to pay the tax in GSTR-3B.
The most awaited 53rd GST Council meeting has held on June 22, 2024 and was chaired by the Hon’ble Finance Minister. Ths GST Council meeting aimed to enhance trade, simplify business operations, and enhance GST compliance. The GST Council has recommended a series of amendments and clarifications including: changes in GST Rates for certain goods and services, waiver of interest and penalty in certain cases, reduced TCS rates to ease financial burdens of taxpayers, Option to amend GSTR-1 The GS
In line with recommendations provided during 53rd GST Council Meeting, CBIC has issued clarification vide Circular No. 211/5/2024-GST date 26th June, 2024 regarding time limit under Section 16(4) of CGST Act, 2017 to claim Input Tax Credit of GST paid under reverse charge on inward supplies received from unregistered person. 1. Issue under Consideration As per representations received from industries, in some cases, tax is payable by the recipient under reverse charge mechanism on supplies recei
As businesses increasingly adopt automation, finance leaders must navigate the delicate balance between technology and human expertise. This webinar explores the critical role of human oversight in accounts payable (AP) automation and how a people-centric approach can drive better financial performance. Join us for an insightful discussion on how integrating human expertise into automated workflows enhances decision-making, reduces fraud risks, strengthens vendor relationships, and accelerates R
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