The GST Council has unveiled a groundbreaking initiative to ease the financial burden on exporters who encounter upward price revisions after exporting their goods. This strategic move will allow for the processing of refund applications for the additional Integrated Goods and Services Tax (IGST) paid under such circumstances. The formalization of this process has been … Continue reading Fast Track Game Changing GST Refunds for Exporters
Litigation Management under 🇮🇳 GST—Part 02
Adjudication proceedings in tax administration are crucial, providing taxpayers the essential opportunity to present their case before any action is taken against them. The issuance of a Show Cause Notice (SCN) is a fundamental step in this process, serving as a formal notification to the taxpayer about the proposed actions by the tax authorities. The … Continue reading Litigation Management under 🇮🇳 GST—Part 02
Unveiling GST Rules on Appeals Before the Appellate Authority
In the intricate landscape of the Central Goods and Services Tax (CGST) Rules, 2017, understanding the appellate authority’s rules, procedures, and mechanisms is crucial for compliance and effective navigation of the legal framework. This guide offers a detailed examination of key rules, ensuring a profound comprehension and proficient application of the CGST provisions. Rule 26: … Continue reading Unveiling GST Rules on Appeals Before the Appellate Authority
Common ITR Issues and FAQs for Filing Returns for AY 2024-25
Filing income tax returns can be a complex and often challenging task for taxpayers, especially with frequent updates to tax laws and regulations. The Assessment Year (AY) 2024-25 introduces several changes and clarifications that taxpayers need to be aware of to ensure a smooth and accurate filing process. This document provides a comprehensive list of … Continue reading Common ITR Issues and FAQs for Filing Returns for AY 2024-25
The 🇮🇳 tycoon who took on big pharm by launching $1 AIDS Drugs that shook the world
Dr. Yusuf Hamied, the visionary leader of Cipla, navigated a turbulent sea of medical and ethical challenges to revolutionize AIDS treatment. His journey, underscored by relentless dedication and profound empathy, would change the course of pharmaceutical history, providing life-saving drugs at unprecedentedly low prices. The Genesis of a Movement In 1986, Dr. Hamied stumbled upon … Continue reading The 🇮🇳 tycoon who took on big pharm by launching $1 AIDS Drugs that shook the world
Recent Development in 🇮🇳 GST—Part 01
India’s economic landscape is in the midst of a remarkable transformation, as evidenced by the latest data released by the National Statistical Office (NSO) on May 31, 2024. The nation’s fiscal year 2024 growth rate stands at an impressive 8.2%, marking the ninth instance since 1961 where the GDP growth rate has surpassed the 8% … Continue reading Recent Development in 🇮🇳 GST—Part 01
Key Circulars in 53rd GST Council Meeting—Part 1
Following the 53rd GST Council meeting on June 22, 2024, the Central Board of Indirect Taxes and Customs (CBIC) issued a series of clarifying circulars, numbered 207 to 222, on June 26, 2024. These circulars address key issues including taxability, place of supply, and time of supply, ensuring compliance and clarity for taxpayers. Here is … Continue reading Key Circulars in 53rd GST Council Meeting—Part 1
Key Circulars in 53rd GST Council Meeting—Part 2
In the aftermath of the pivotal 53rd GST Council meeting on June 22, 2024, the Central Board of Indirect Taxes and Customs (CBIC) has released a series of 16 circulars, numbered 207 to 222, all dated June 26, 2024. These circulars provide critical clarifications on various aspects such as taxability, place of supply, and time … Continue reading Key Circulars in 53rd GST Council Meeting—Part 2
Advantages of Filing a Nil ITR
In the realm of personal finance, the act of filing a Nil Income Tax Return (ITR) often goes undervalued. While it may seem unnecessary for those earning below the taxable limit, the benefits extend far beyond compliance. Filing a Nil ITR can unlock significant advantages, from easing travel visa approvals and securing scholarships to simplifying … Continue reading Advantages of Filing a Nil ITR
ITR Filing Deadline Must Be Permanently Extended beyond 31 July
Here’s Why 45 Days Isn’t Enough for Salaried Individuals The current deadline to file income tax returns (ITR) for FY 2023-24 (AY 2024-25) is set for July 31, 2024. This timeframe, while applicable to taxpayers whose accounts do not require auditing – including salaried individuals and certain self-employed professionals – remains insufficient. Here, we delve … Continue reading ITR Filing Deadline Must Be Permanently Extended beyond 31 July