Bizsol Thinkline

Shah Bano was a Muslim woman who was married to Mohamad Ahmed Khan, an affluent and well-known advocate from Indore.  As luck would have it, she turned out to be a symbol in the constitutional struggle in a disorderly intersection of religious principles and individual rights as enshrined in a liberal democracy and the gendered …

Article on ‘THE JUDICIAL DECISION THAT HAD A LASTING CONSEQUENCE ON SOCIETY The Case that was the Undoing of a Great Political Party in India’ by CS Venkat R Venkitachalam, Chairman, Bizsolindia Services Pvt. Ltd. (October 2024) Read More »

In the recent times, it has been seen that the GST officers often asking the assessee to make the payment of tax during search/ inspection proceedings under sec 67 of the CGST Act by using threat and coercion. However, it is to be noted that there are no provisions under GST Law for advance payment …

Article on ‘GST payment during Search or Investigation by GST Authorities’ by CA Abhishek Malpani, Sr. Advisor, Bizsolindia Services Pvt Ltd. (October 2024) Read More »

There was this item of news in the newspapers that came to dominate the headlines recently, perhaps for all the wrong reasons.  A young Chartered Accountant pursuing her career by name Anna Sebastian Perayil died in Pune allegedly because of overwork. Her mother wrote a heart wrenching note to her daughter’s employers (Earnst & Young …

From the Desk of Chairman (October 2024) Read More »

Click here to updates on 54th GST Council Update      

Corporate culture is the invisible but ever-present personality of a corporate entity during its lifetime through its shared values, beliefs, and behaviours that characterise an organisation. It is the unique personality of a company that shapes its interactions, decision-making processes, and overall atmosphere within and outside the organisation itself.  Think of the company’s culture as …

Article on ‘CORPORATE CULTURE – The Silent Enabler in Building Values and Driving Performance in Organisations’ by CS Venkat R Venkitachalam , Chairman, Bizsolindia Services Pvt. Ltd.( September 2024) Read More »

Sec 129 of the CGST Act provides for the provisions relating to detention or seizure of goods or conveyances” or both in case of certain defaults under the GST law. In common parlance, meanings of the terms – detention and seizure are understood as under: Detention means keeping or holding back either by force or …

Article on ‘Detention & Confiscation of Goods and Conveyances in Transit and Levy of Penalty’ by CA Abhishek Malpani, Sr. Advisor, Bizsolindia Services Pvt Ltd (September 2024) Read More »

Reverse Charge Mechanism (RCM) is a provision under the Goods and Services Tax law where the liability to pay tax is shifted from the supplier to the recipient of goods or services. This mechanism is particularly applicable in cases where the supplier is unregistered or in specific notified supplies. Legal Provision – Section 9(3) of …

Article on ‘Reverse Charge Mechanism and Input Tax Credit Time Limits under GST’ by CMA Amit Devdhe, Sr. Advisor, Bizsolindia Services Pvt Ltd (September 2024) Read More »

Recently the GSTN portal has issued a new advisory Invoice Management System (IMS). IMS will provide the preview of GSTR-2B based on the invoices (including credit/debit notes) saved by supplier in GSTR 1, IFF, or 1A and enable taxpayers to review and take action before they are reflected in GSTR 2B.  This IMS system is …

Article on’Invoice Management System (IMS) under GST’ by CA Abhishek Malpani, Sr. Advisor, Bizsolindia Services Pvt Ltd (September 2024) Read More »

Last month, I was away on sabbatical missing in the process my editorial piece for Bizsol Update. That said, it is necessary for me to mention where I had been to, for a particular reason.  I was on a backpack tour of the Eastern belt spanning South Korea, Taiwan and Indonesia.  We had to cancel …

From the Desk of Chairman Read More »

On July 23rd, the Modi 3.0 Government presented their first Union Budget of their third consecutive term. The Union Budget was delivered by Mrs. Nirmala Sitharaman, the Finance Minister of India. This marked her seventh consecutive budget presentation, setting a record as the first Finance Minister to achieve this milestone. While her tenure as Finance …

Editorial of the Month ( August 2024) Read More »

Hon. Finance Minister announced the budget on 23rd July 2024 and considering the changes made in the budget w.r.t. GST as well as income tax, the intension of the govt has been well-noted and exhibited. However, whether the real benefit of those intensions to reduce the litigation or provide amnesty scheme will be really benefitted …

Article on ‘Impact of Budget w.r.t. GST’ by CMA Ashok Nawal, Founder, Bizsolindia Services Pvt Ltd (August 2024) Read More »

Tax Deduction at Source (TDS) is a system, initially introduced by the Income Tax Department. It is one of the models/methods to collect tax, under which a certain percentage of amount is deducted by a recipient at the time of making payment or crediting the payment to the supplier. In indirect tax, the concept of …

Article on ‘Analysis of Tax Deducted at Source (TDS) under GST’ by CA Abishek Malpani, Sr. Advisor, Bizsolindia Services Pvt. Ltd. (August 2024) Read More »

As per Section 18(6) of the Central Goods and Service Tax Act, 2017 In case of supply of capital goods or plant and machinery, on which input tax credit has been taken, the registered person shall pay an amount equal to the input tax credit taken on the said capital goods or plant and machinery …

Article on ‘ GST Impact on Supply of Capital Goods’ by CA Abhishek Malpani, Sr. Advisor, Bizsolindia Services Pvt. Ltd. Read More »

CBIC on recommendation of 53rd GST Council meeting has issued Circular No. 212/6/2024 dated 26th June 2024. The first reaction of Accounts Executive in the Company is “Ohh Teri” “My responsibilities have grown, but my pay hasn’t.” 😊. On the other hand, CA / CMA professionals must be happy for new avenues of business. Besides …

Article on’ Post-Sale Discounts Credit Note and ITC Reversal: Key Evidence and Compliance’ by Adv. Kiran Sawale, Sr. Advisor, Bizsolindia Services Pvt. Ltd. (August 2024) Read More »

On 5th February 24 when Narendra Modi sought formal permission from the Chairman of the Rajya Sabha for speaking a little longer, the gesture on his part seemed a mere formality. The speech that he made that day was something significant and indeed longer than usual.  That day he launched a blistering attack on the …

From the Desk of Chairman (July 2024) Read More »

A Will and A Living Will: A Living Will is a contradiction in terms.  A Will, as commonly known, is a compendium of your wishes when you are alive that are expected to get activated on your death.  A Living Will on the other hand, is a collection of your instructions and wishes on mostly …

Article on ‘ The Living Will-The Document that Speaks for you when you Silent’ by CS Venkat R Venkitachalam, Chairman, Bizsolindia Services Pvt. Ltd. (July 2024) Read More »

Introduction: The Government of India has specified the due dates to pay Goods and Services Tax. The due date to pay GST is different for different types of taxpayers. If one fails to pay GST within the due date, one must pay the interest along with the GST dues for the delay period.   Relevant …

Article on ‘Analysis of Interest under GST’ by CA Abhishek Malpani, Sr. Advisor, Bizsolindia Services Pvt Ltd (July 2024) Read More »

In the world of GST regulations, compounding of offences provides a unique mechanism for defaulters to escape major legal consequences. This article delves into the concept of compounding offences under the GST Act, 2017, elucidating the process, eligibility conditions, compounding charges, and various aspects of classification. Relevant Legal Provisions under GST: Chapter XIX of the …

Article on ‘Concept of Compounding of offences under GST’ by CA Abhishek Malpani, Sr.Advisor, Bizsolindia Services Pvt. Ltd. (July 2024) Read More »

In India every company incorporated under the Indian Companies Act, 2013 and erstwhile Act of 1956, which is limited by shares, is required to issue certain types of securities to its stakeholders, viz. equity shares, preference shares, debentures etc., depending upon various factors. These securities are issued by the Company either in physical or dematerialized …

Article on ‘MANDATE FOR DEMATERIALIZATION OF SECURITIES BY PRIVATE LIMITED COMPANIES (OTHER THAN SMALL CO’S & GOVT. CO’S): RULE 9B (PAS) RULES, 2014’ by CS Anita Patil, Sr.Advisor, Bizsolindia Services Pvt Ltd (July 2024) Read More »