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Tax Technology

Oct 28th, 2021

Technology have eased GST compliances. But, there still a need for manual intervention to conclude ITC reconciliations. Read the blog to know more.

GST Guide

Oct 22nd, 2021

The GST law, like most of the other countries, is based on self-assessment. Nonetheless, tax evasion and frauds are still widely prevalent in the country. The GST law embodies certain provisions that empower the proper officer to inspect, search, seize, and investigate cases to check this evasion.

Tax Technology

Oct 20th, 2021

In the last couple of years, the digitization of tax functions has rapidly grown across the globe. More and more companies are looking at tax technology as the future. Even tax authorities have now endorsed the benefits of technology in tax and are radically making a shift to using technology in their day-to-day activities.

Vendor Management

Oct 14th, 2021

The heading of this blog – ‘Vendor Payments’ might intrigue the readers as to what is not so simple about vendor payments. Once you receive the supplies and invoices, you can verify the quality and quantity and make payments to vendors.

GST Guide

Sept 23rd, 2021

Charitable trusts, religious trusts, and Non-Governmental Organizations (NGOs) are entities, the objectives of which are not to make a profit or enhance their revenues but to work towards the greater good of the society.

GST Guide

Sept 16th, 2021

All laws, whether taxation or otherwise, grant certain powers to officers which enable the officers to execute the law in the right spirit.

Tax Technology

Sept 13th, 2021

As per a recent study, global RPA (Robotic Process Automation) software revenue is forecasted to reach $1.89 billion in 2021.

GST Guide

Sept 9th, 2021

In another attempt to convince the taxpayers to file their Income Tax Returns or ITR, the Central Board of Direct Taxes or the CBDT has introduced Section 206AB and 206 CCA of the Income Tax Act, 1961.

GST Guide

Sept 6th, 2021

In the year 2000, India first dreamt of the GST law. However, it took eight years for the Indian Government to conclude that India would need dual GST model to befit the political structure and the allocation of tax revenues.

Industry Insights

Aug 30th, 2021

Gold is very crucial to the Indian culture and the value system of the country. It is not only an investment means in India but an icon of status, wealth and key element of rituals. Even today, gold is the primary metal used for gifting, wearing and investing in India.

Tax Technology

Aug 26th, 2021

In conversation with tax tech expert: Krunal Shah, Shivpriya Sumbha: discovers insights on a recent GSTN meeting on adopting private fintech as IRP and the reasons behind it. 

Tax Technology

Aug 24th, 2021

Banks and financial institutions constitute the backbone of any economy. The rise and fall of any economy are largely dependent on the health of its financial sector. Therefore, banks and other financial institutions are always under scrutiny. 

GST Guide

Aug 20th, 2021

GST software simplifies the GST filing process and makes it easier for many businesses. The software has a wide range of features that eliminate a lot of complexities. The efficiency of the filling process is improved, allowing business owners to file GST before the due date.

GST Guide

Aug 17th, 2021

A recent change in GST in the Finance Bill 2021 is the removal of the requirement of the GST Audit annually and the inclusion of self-certification. It was proposed due to a variety of reasons. 

GST Guide

Aug 12th, 2021

Annual Aggregate Turnover (AATO) is a significant variable in the GST regime. It is the total annual turnover of one legal entity which may be registered in multiple states. 

GST Guide

July 26th, 2021

The Goods and Services Tax (GST) Act, 2017 provides for a mechanism to compensate the states for the revenue loss on account of the rollout of GST. Such compensation is to be provided by the Centre to the States.

Industry Insights

July 21st, 2021

While the tourism industry and hospitality sector overlap each other, this blog aims to cover the impact of GST on tourism and travel sector.

E-Invoicing

July 16th, 2021

Soon after the introduction of e-Invoicing from October 2020, the GSTN had begun auto-populating the GSTR-1 returns with the details from e-Invoices generated by the taxpayers to facilitate compliance and provide pre-filled returns.

Tax Technology 

July 13th, 2021

The G-7 is a group of seven countries including the USA, the UK, Canada, France, Germany, Japan & Italy. This is an informal group without any legal backing; however, the fact that these countries account to approximately 40% of the Global GDP and 10% of the world population…

GST Guide

July 9th, 2021

Seamless availability of Input Tax Credit (ITC) is the highlight of the GST regime. For any tax regime, the flow of credits is an integral part. It determines the cascading effect of taxes and the tax cost that forms part of each product to the ultimate consumer.

Industry Insight

June 30th, 2021

ndia is among the top five retail destinations of the world and one of the fastest-growing too! The sector contributes about ten percent to the GDP of the country and about eight per cent of the employment generated. Factors like a large consumer base, urbanization of the country…

GST Guide

June 25th, 2021

The Indian real estate sector is one of the most prominent sectors – both in terms of value and employment generated. Notably, the real estate sector is the second-highest employment generating sector in India.  It is anticipated that by 2040, the real estate market will grow to…

GST Guide

June 22nd, 2021

The tax laws have several penalties prescribed for non-compliance or violating the laws. One such penalty that indirect taxes have had for ages are the detention and seizure of goods. Even during the VAT regime, there were vehicle detention and seizure of material provisions in place

GST Guide

June 18th, 2021

Before the GST regime, Indirect taxes in India were extremely complex and intricate. There were multiple levies governed by varied laws and regulations. This complicated the indirect tax domain further. Hence, there were high probabilities of mistakes being committed by taxpayers. 

e-Invoicing

June 14th, 2021

Historically, during the erstwhile regime, the Input Tax Credit (ITC) of any assessee was never dependent on or connected with the vendor’s payment of tax. Although no legislative provisions enacting such a restriction, there were practical instances when assessing officers…

GST Guide

May 27th, 2021

An independent examination of books of accounts of an organization by an expert to provide a true and fair opinion on the same is referred to as audit in general terms. The definition of audit can vary from one law to another; however, the principle remains the same.

GST Guide

May 19th, 2021

Each law has penal and corrective provisions which ensure and encourage taxpayers to adhere to the legal provisions in their entirety. However, laws are different and so are the penalties prescribed. GST law also has certain penalties prescribed for…

GST Guide

May 11th, 2021

The Indian Government in the last few years has been actively trying to formalize the economy by adopting various measures. The intent behind such measures is to widen the tax base and eliminate the cash or the parallel economy. Various steps are being taken in both the GST domain…

e-Invoicing

April 29th, 2021

The advent of GST in India has taken the country to the ranks of many developed nations in terms of its tax administration. Starting 2017, India is climbing the ladder to becoming one of the top nations on the World Bank’s Paying Tax index. 

e-Invoicing

April 27th, 2021

The buzz word in the B2C space today is ‘Dynamic QR code’. After the recent momentous launch of e-Invoicing in the country for B2B invoices, it is now time to shift our focus to B2C invoicing.

Tax Technology

April 23rd, 2021

The digitisation of the financial sector began in the early 90s when Automated Teller Machine (ATM) and Electronic Fund Transfers (EFT) were introduced. Subsequently, internet banking was approved in India, followed by the National Electronic Fund Transfer (NEFT)…

GST Guide

April 15th, 2021

GST is a self-assessment regime wherein taxpayers are required to assess and deposit tax themselves. Periodical returns are required to be filed with revenue authorities. Such returns filed, are later assessed or scrutinized by the Government to identify any deviations.

E-Invoicing

April 12th, 2021

Export of goods and services are given preferential treatment and benefits across the globe in the form of export benefits or refund of taxes in line with the principle that taxes should not be exported. However, the area also remains prone to fraudulent practices for the claim of such benefits. 

Tax Technology

April 1st, 2021

Financial Technology or Fintech are innovations such as software, mobile applications, or algorithms that bring together the business owners and financial expertise at a single platform and enhance & automate the financial service offerings.

Tax Technology

March 30th, 2021

A bank statement is the summary of the inflows and outflows of any particular account holder during the specified time period. It is the bank’s transactional history which is usually considered to be robust documentation for assessing any account holder’s financial health. All sources of revenues, expenses, withdrawals, overdraft payments, credit card payments, etc. 

GST Guide

March 25th, 2021

Provisional attachment of property is a legal term that essentially means seizing or blocking property including bank accounts of an assessee, who is being subject to a department inquiry/ investigation/ assessment. 

Hyperautomation

March 23rd, 2021

People want to be better with every passing day and grow (personally and professionally) to lead a better lifestyle. It’s human nature to choose from what is best for them.

GST Guide

March 18th, 2021

India has always been suspected to have a gigantic parallel cash economy which was primarily the reason for tax evasions and frauds. With the intent to curb transactions happening under such a parallel cash economy, the Government took various significant steps such as demonetisation, GST roll-out, etc. 

E-Invoicing

March 12th, 2021

A question often asked – Why should we automate our purchases or procurements? What’s the need? Instead, we propose that you ask – Why shouldn’t we automate our procurements? What are we losing if we don’t? In the era of technology revolution like the present, automation empowers organizations.

Vendor Management

March 11th, 2021

Every business has many stakeholders and the importance of each stakeholder is different from the other. One such stakeholder are the vendors of an organisation. Vendors are a critical participant of various cycles in an organization such as procurement to pay, record to report, and more without whom…

E-Invoicing

Feb 25th, 2021

The country is all geared up for its final phase of the rollout of E-invoicing. With effect from 1 April 2021, the E-invoicing storm shall reach its final stage wherein the businesses with turnover less than Rs. 100 crores shall be liable to raise E-invoices for all B2B supplies made by them.

GST Guide

Feb 22nd, 2021

Every business or taxpayer wishes to be tax compliant. Efficient tax administration helps and encourages businesses to become compliant. Filing tax returns correctly and timely is not the only compliance. There are several other factors that decide whether a taxpayer is…

Tax Technology

Feb 17th, 2020

While a lot of organisations may not consider data management a task for which technology is required, technology when used appropriately in data management gives information; Information that is useful, meaningful, and has real value.

Budget

Feb 10th, 2021

One of the key aspects which the Hon’ble FM focussed on in her budget speech was technological advancements that need to be done to pave India’s way on the global stage. Not only to enhance the manufacturing capabilities but to further augment ease of doing business in India…

Vendor Management

Feb 8th, 2020

Trade financing can be understood from dissecting the term itself – Financing a trade. It can be done by financial institutions like banks and NBFCs.

Budget

Feb 3rd, 2021

In a historic budget presented by the Hon’ble FM, Smt. Nirmala Sitharaman, she laid emphasis on the 6 pillars i.e. Health and well-being, Physical, financial capital and infrastructure, Inclusive development, Human Development & skilling, innovation and R&D…

GSTR-9C & Cygnet ACE Sol

Jan 28th, 2020

While the Finance Minister extended the due date to file GSTR-9 and GSTR-9C for FY 2019-20 from 31st December 2020 to 28th February 2021, a hope for another extension is prevailing.

Industry Insights

Jan 25, 2021

The Indian hospitality sector has been witnessing a steady growth from the past few years and was contributing around 7.5% to the country’s GDP before the pandemic. According to WTTC, India ranked 10th among 185 countries…

Hyperautomation

Jan 22nd, 2020

This is our last in the series of three blogs on Hyperautomation. In our first blog, we covered the challenges faced by the industry in current business processes.

E-Invoicing

Jan 20, 2021

While there has been much discussion around issuing E-invoices and the regulatory requirements, the other side of the story remains largely undebated – The impact of E-invoicing…

E-Invoicing

Jan 18th, 2020

The next phase of E-invoicing is here! For businesses with a turnover of more than INR 100 crores and less than INR 500 crores, 2021 seems to be exhilarating. 

GST Guide

Jan 15, 2021

Export promotion has always been one of the top priorities of the Government of India. Boosting exports is important as it ensures trade balance and is good for the economy of a country.

Hyperautomation

Jan 12th, 2020

Hyperautomation collates several elements of process automation, integrating tools and technologies that intensify the capability to automate daily and repetitive tasks.

Hyperautomation

Jan 05, 2021

In this part of the blog, we will discuss the concept of Hyperautomation and the challenges that can be resolved using Hyperautomation especially post Covid-19.

GST Guide

Dec 24th, 2020

The Indian Constitution is the utmost law of India. It has 470 Articles which are divided into 25 parts. It has been amended 104 times since its inception.

Tax Technology

22nd Dec 2020

Once E-invoicing becomes applicable to all registered users, it will become an uphill task to keep a track of all E-invoices generated and shared. Further, the schema being new, the suppliers would also be grappling with it.

Tax Technology

Dec 18th, 2020

After successfully launching the first phase of E-invoicing for the businesses with turnover exceeding INR 500 crore, the next phase is set to begin w.e.f 1st January 2021 for businesses whose turnover exceeds INR 100 crore. 

Tax Technology

16th Dec, 2020

Read this blog to know how technology has played an important role in evolving the Indian compliance ecosystem for corporates and what are the upcoming tax technologies.

E-Invoicing 

9th Nov, 2020

The famous author Stewart Brand once said “Once a new technology rolls over you if you are not a part of the steamroller you’re a part of the road.” Across the globe, organizations are quickly evolving. Significant progressions are being made in the field of technology; the tax function is also not left behind. 

E-Invoicing

Nov 5th, 2020

E-invoicing is the new household word in the country which has caused a stir in recent times. The GST Council has rolled out the first phase of E-invoicing from 1 October 2020. While a lot has been said and discussed E-invoicing…

E-Invoicing 

4th Oct, 2020

Change is the only constant – technology is an invincible tool that has changed our everyday life to an extent that it has become indispensable. A new addition to the technological revolution in India is the rollout of E-invoicing for businesses…

GST Guide

Oct 19th, 2020

India had its first experience with Anti Profiteering provisions when GST came into play in 2017. The idea behind introducing anti-profiteering in India was to control inflation which was observed in other countries where GST had been rolled out such as Australia, Malaysia, etc.

GST Guide

Oct 5th, 2020

GST law seeks to ensure the accurate transfer of input tax credit (ITC) between the states and the parties in the transaction. Invoice matching is a concept wherein all the taxable supplies procured by a buyer and supplied by a seller are matched.

GST Notification

Oct 5th, 2020

According to Section 206C (1H), the Seller of goods is required to collect tax at 0.1 % of the amount in excess Of Rs. Fifty lakhs from the buyer.

GST Guide

Oct 1st, 2020

Job work is a vertical of the business wherein a principal manufacturer can send inputs or semi-finished goods to a job worker for further processing. GST law is devised in a way to ensure the compliance liability for the job worker rests with the principal to the extent possible…

E-Invoicing

Oct 1st, 2020

Amidst a lot of speculation, the Government has decided to go ahead with the E-Invoicing implementation for certain specified persons. E-invoicing is going to be implemented from 01 October 2020 for registered persons with a turnover…

GST Guide
Sept 29th, 2020
While the ultimate burden of an indirect tax is to be borne by the consumer, under the Central Goods and Service Tax Act, 2017 (‘CGST ACT’) the responsibility to collect and deposit the tax with the government rests with the supplier.

GST Guide

Sept 18, 2020

Electronic Commerce or E-commerce is a business transaction wherein the selling and purchasing happen over an electronic platform or the internet. The explosion of E-commerce in the 21st century has changed the way of life. Thus, it is imperative to understand the…

GST Guide

Aug 24, 2020

Exports are incredibly important to modern economies because they offer businesses many more markets for their goods. One of the core functions of diplomacy and foreign policy between governments is to foster economic trade, encouraging exports and imports for the benefit of all trading parties.

GST Guide

Aug 10, 2020

GST known to be One Tax – One Nation is a combination of Integrated GST, Central GST, State GST, and Cess. GST has replaced a number of indirect taxes and levies under Union and state legislation. Before the introduction of GST, there were various types of Cess applicable like…

GST Guide

Aug 7, 2020

GST is levied on any taxable outward supplies by a person. The complete responsibility of calculation, chargeability, and payment of tax has been assigned to the person making outward supplies. 

GST

Aug 5, 2020

Sigmund Freud, the father of psychoanalysis once said “History is just new people making old mistakes”. While it can be said that the GST council has tried hard to not repeat the old mistakes of the erstwhile Indirect taxes, but certain issues have been gummed to the Indian Indirect tax scenario;

GST

Aug 4, 2020

Government has notified e-invoicing schema (FORM GST INV-1) and the applicable threshold for the mandatory generation of e-invoices. The details have been summarised.

GST

July 27, 2020

A common sight these days is people carrying small handy bottles of sanitizers everywhere they go; the magic potion has gained unparalleled popularity in India amidst the Covid-19 threat. Earlier, sanitizers were an accessory…

GST

July 23, 2020

Important changes which have been proposed in the GST returns in order to make it more user friendly and to further simplify the return filing process

GST Guide

July 22, 2020

For any law to be effective, it is important that persons should comply with the legal requirements specified in the law. A fear of interests and penalties instills timely compliances and adherence to the legal requirements mentioned in the law.

GST Guide

July 17, 2020

The provisions of Income Tax Act, 1961 require every person making a payment to a Non-Resident or to a foreign company to submit the details of remittance to jurisdictional income tax officer in Form 15CA with regard to compliance …

GST Guide

July 6, 2020

The concept of TDS and TCS is familiar under Direct Tax Laws. TDS is a mechanism for advanced collection of tax while TCS is levied and collected on the sale value of certain commodities when referred to the Income Tax Act. However, the concept of TDS & TCS under Indirect Tax…

GST Guide

July 3, 2020

Appeals under any law is an application to a higher court for a reversal of the decision of a lower court or department.

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