55th GST Council meeting issuance of 8 Notifications by CBIC The 55th GST Council meeting and subsequent issuance of eight notifications by the CBIC on January 16, 2025, reflect ongoing efforts to refine and enhance the GST framework. These aim to streamline tax rates, exemptions, compliance mechanisms, and definitions to ensure greater clarity and fairness …
Harmonized system of nomenclature (HSN) in Goods and Services Tax HSN CODE IS REQUIRED ON ALL B2B INVOICES FOR EVERY TAXPAYER. HSN codes to be declared under the GST in present circumstances Note: A registered person with a cumulative turnover of up to 5 crores rupees in the past financial year is not required to …
GSTN Advisory on the Waiver Scheme under Section 128A, issued on January 14, 2025: Taxpayers should review their eligibility and take immediate steps to leverage the waiver scheme for smoother GST compliance. For more details, visit the advisory section of the GST portal. For guidance on filing applications and other updates, refer to the GST …
Statutory Compliance Register required as per the Companies Act, 2013. The Statutory Compliance Register required as per the Companies Act, 2013, consolidates various statutory registers required for the company to maintain for compliance. This combined approach simplifies record-keeping while ensuring that all mandated registers are up-to-date and readily available for inspection by stakeholders or authorities. Here’s …
Right2Vote is a GOI Tested & Certified eVoting platform The information highlights the credentials and certifications of the Right2Vote eVoting platform, which emphasizes its compliance with security, quality, and government standards. Below are the key points summarized: Certification and Testing—eVoting Platform STQC Certification: Certified by the Standardization Testing and Quality Certification (STQC) Directorate under the …
NRIs, PIOs, and foreign nationals – Foreign Remittances and Tax Implications This notification, FEMA 13 (R)/2016-RB, issued by the Reserve Bank of India on April 1, 2016, governs the remittance of assets outside India under the Foreign Exchange Management Act (FEMA), 1999. The regulations provide a framework for NRIs, PIOs, and foreign nationals to remit …
IIIPI Advisory for IIIPI Members on Fulfilling CPE Hours Requirement The Indian Institute of Insolvency Professionals of ICAI advises its members to comply with the Continuing Professional Education requirements prescribed by the Insolvency and Bankruptcy Board of India to maintain their professional competency and eligibility. IIIPI emphasizes the importance of proactive planning to meet CPE …
Summarized list of 30 points on GST officers & their powers The following points outline the comprehensive powers and responsibilities of GST officers under the Goods and Services Tax law, ensuring adherence to tax regulations and efficient tax administration. Classes of Officers: Various officer ranks like Principal Chief Commissioner, Commissioner, etc., under Goods and Services …
Checklist for incorporating a Private Limited Company in India Ensure all the following documents are correctly filled out, signed, and submitted to avoid delays in the incorporation process. Digital Signature Certificate : Ensure all subscribers and directors have valid DSCs. Director Identification Number : Obtain DIN for all directors if not already issued. Company Name: …
Revenue shared with franchise doesn’t attract TDS liability U/S 194I if no actual services were rendered: The case of Addl CIT Vs. VLCC Health Care Ltd. (ITA No. 4414/DEL/2017) decided by the Delhi Income Tax Appellate Tribunal addresses the issue of whether revenue shared with collaborators or franchisees under a Joint Venture Partnership model attracts …