Watch ‘Invoice Management System Under GST (IMS)’ by CMA Ashok Nawal, Founder, Bizsolindia Services Pvt. Ltd. (November 2024)
Insolvency and Bankruptcy Code: After considering representations from liquidators and agencies citing technical difficulties, the Insolvency and Bankruptcy Board of India has extended the deadline for filing liquidation and voluntary liquidation forms to 31.12.2024, previously set at 30.11.2024.(02.12.2024)
Insolvency and Bankruptcy Code After considering representations from liquidators and agencies citing technical difficulties, the Insolvency and Bankruptcy Board of India has extended the deadline for filing liquidation and voluntary liquidation forms to 31.12.2024, previously set at 30.11.2024. Further, it has been clarified that for ongoing liquidation and voluntary liquidation cases, the responsibility for filing …
Company and SEBI law: SEBI has notified the SEBI (Merchant Bankers) (Amendment) Regulations, 2024.(02.12.2024)
Company and SEBI law SEBI has notified the SEBI (Merchant Bankers) (Amendment) Regulations, 2024. As per the amended norms, a merchant banker, when called upon pursuant to an agreement for underwriting to subscribe to the securities of a body corporate, must subscribe to the said securities before finalizing the basis of allotment. Further, the merchant …
Income Tax: The Central Board of Direct Taxes (CBDT) has notified the Safe Harbour Rules for foreign companies engaged in the business of diamond mining.(02.12.2024)
Income Tax The Central Board of Direct Taxes (CBDT) has notified the Safe Harbour Rules for foreign companies engaged in the business of diamond mining. The Safe Harbour Rules apply to the business of selling raw diamonds in any notified special zone. Notification No. 124/2024 dated 29th November 2024
Income Tax: The Central Board of Direct Taxes (CBDT) has extended the due date for furnishing the Return of Income for the Assessment Year 2024-25 for assessees required to furnish a TP report.(02.12.2024)
Income Tax The Central Board of Direct Taxes (CBDT) has extended the due date for furnishing the Return of Income for the Assessment Year 2024-25 for assessees required to furnish a TP report. The due date has been extended from 30th November 2024 to 15th December 2024. Circular No. 18/2024 dated 30th November 2024
GST Updates: Government to authorize Additional and Joint Commissioners to adjudicate cases under GST Sections 67, 73, 74,76, 122, 125, 127,129 and 130 of Central Goods and Services Tax Act 2017 across India for notices issued by Directorate General of Goods and Services Tax Intelligence.(27.11.2024)
GST Updates Government to authorize Additional and Joint Commissioners to adjudicate cases under GST Sections 67, 73, 74,76, 122, 125, 127,129 and 130 of Central Goods and Services Tax Act 2017 across India for notices issued by Directorate General of Goods and Services Tax Intelligence. It specifies jurisdiction for Principal Commissioners or Commissioners locations include …
GST Updates: Date for furnishing the return in FORM GSTR-3B for the month of October 2024 till the 30th November, 2024, for the registered persons whose principal place of business is in the State of Manipur.(27.11.2024)
GST Updates Date for furnishing the return in FORM GSTR-3B for the month of October 2024 till the 30th November, 2024, for the registered persons whose principal place of business is in the State of Manipur. [GST NOTIFICATION No. 29/2024 – CENTRAL TAX dated 27th November 2024]
GST Updates: GSTN has prepared a consolidated document on authorized B2B e-Invoice verification apps available for download.(27.11.2024)
GST Updates GSTN has prepared a consolidated document on authorized B2B e-Invoice verification apps available for download. The said document would serve as a reference to ensure that taxpayers have the most up-to-date information regarding approved B2B e-Invoice verification apps. [GST Advisory dated 27th November 2024]
DGFT: Directorate General of Foreign Trade (DGFT) implements amendments to the Indian Trade Classification (Harmonized System) 2022 (ITC HS) Schedule-I, aligning import policies with the Finance Act, 2024.(26.11.2024)
DGFT Updates Directorate General of Foreign Trade (DGFT) implements amendments to the Indian Trade Classification (Harmonized System) 2022 (ITC HS) Schedule-I, aligning import policies with the Finance Act, 2024. The updates include changes to specific codes, descriptions, and policy conditions for various goods, including natural menthol, aviation turbine fuel, ballistic protection items, and certain machinery …
GST Advisory: It has been reported by few taxpayers that their GSTR-2B for October-2024 period has not been generated on 14th November 2024.(18.11.2024)
GST Advisory It has been reported by few taxpayers that their GSTR-2B for October-2024 period has not been generated on 14th November 2024. In this regard it to be informed that as per the design of IMS, GSTR-2B will not be generated by the system in below scenarios: i. In case the taxpayer has opted …
GST Advisory: It has been reported by few taxpayers that their GSTR-2B for October-2024 period has not been generated on 14th November 2024.(18.11.2024)
GST Advisory It has been reported by few taxpayers that their GSTR-2B for October-2024 period has not been generated on 14th November 2024. In this regard it to be informed that as per the design of IMS, GSTR-2B will not be generated by the system in below scenarios: In case the taxpayer has opted for …
Article on ‘GST Annual Return & Reconciliation Statement – GSTR-9 & 9C’ by CS Anita Patil, Sr. Advisor, Bizsolindia Services Pvt Ltd (November 2024)
In GST regime, more than 1.47 Crore businesses in India have been registered and issued GST registration. All entities having GST registration are required to file GST annual return having aggregate total turnover more than 2 Crores, except for few exceptions, irrespective of business activity or sales or profitability during the return filing period. GSTR …
Bizsol Update (November 2024)
Bizsol Update for the month November 2024 Article on ‘PASSIVE AGGRESSION: THE SILENT SABOTEUR How Employees Unwittingly Work Against Themselves and Their Organisations’ by CS Venkat R Venkitachalam, Chairman, Bizsolindia Services Pvt Ltd. Article on ‘GST Annual Return & Reconciliation Statement – GSTR-9 & 9C’ by CS Anita Patil, Sr. Advisor, Bizsolindia Services Pvt Ltd …
From the Desk of Chairman (November 2024)
Wish You All A Happy Diwali Prosperous New Year. The statue of Lady Justice, often found outside courthouses and law libraries in India represents the core principles of justice – fairness, impartiality and moral integrity. Lady Justice is typically depicted as a blindfolded woman holding scales in one hand and a sword in the other, …
Article on ‘PASSIVE AGGRESSION: THE SILENT SABOTEUR How Employees Unwittingly Work Against Themselves and Their Organisations’ by CS Venkat R Venkitachalam, Chairman, Bizsolindia Services Pvt Ltd (November 2024)
What is Passive Aggression? It is no secret that one of the most challenging tasks for an organisation is in managing its employees. It is not because the employees are by nature recalcitrant or non-cooperative. It is because of those who are tasked with the job of training and motivating the employees are always found …
Central Excise: The CBIC has issued a notification which amends supplementary notes under chapter 27 regarding mineral products, specifically defining “Blended Aviation Turbine Fuel” as containing 70% or more petroleum oils blended with synthesized hydrocarbons.(25.10.2024)
Central Excise The CBIC has issued a notification which amends supplementary notes under chapter 27 regarding mineral products, specifically defining “Blended Aviation Turbine Fuel” as containing 70% or more petroleum oils blended with synthesized hydrocarbons. It introduces a new tariff item (2710 19 33) for this fuel, with a duty rate of 14%. [Notification No. …
GST: GSTN has introduced an update to facilitate the registration compliance for buyers of metal scrap through form GST REG-07.(24.10.2024)
GSTN has introduced an update to facilitate the registration compliance for buyers of metal scrap through form GST REG-07. This update follows the new GST provisions for metal scrap buyers as outlined in the advisory issued on October 13. [GST Portal Advisory dated 22.10.2024]
GST: GSTN has implemented a validation process for cases where a taxpayer attempts a non-core amendment to update bank account details.(24.10.2024)
GST GSTN has implemented a validation process for cases where a taxpayer attempts a non-core amendment to update bank account details. [GST Portal Advisory dated 22.10.2024]
DGFT: The Directorate General of Foreign Trade (DGFT) has issued a public notice to notify procedure for filing of Annual RoDTEP Return (ARR) by exporters (IECs) whose total RoDTEP claims exceeds Rs. 1 crore in a financial year across all 8-digit HS codes.(24.10.2024)
The Directorate General of Foreign Trade (DGFT) has issued a public notice to notify procedure for filing of Annual RoDTEP Return (ARR) by exporters (IECs) whose total RoDTEP claims exceeds Rs. 1 crore in a financial year across all 8-digit HS codes. The ARR of particular financial year shall be filed on DGFT portal by …
DGFT: The Directorate General of Foreign Trade (DGFT) has issued a notification to lift the requirement of Minimum Export Price (MEP) for the export of Non-Basmati White Rice under HS Code 1006 30 90 with immediate effect.(24.10.2024)
The Directorate General of Foreign Trade (DGFT) has issued a notification to lift the requirement of Minimum Export Price (MEP) for the export of Non-Basmati White Rice under HS Code 1006 30 90 with immediate effect. [Notification No. 37/2024-25 dated 23.20.2024]
