Vicissitudes of Human Behaviour: Consider an individual who is given two choices – a guaranteed sum of ₹500 or a 50% chance to win ₹1,000. You are likely to choose ₹500 due to what is known as loss aversion – favouring certainty over potential risk. The example demonstrates how reference points and loss aversion shape …
Micro, Small, and Medium Enterprises (MSMEs) are a crucial part of India’s economy, significantly contributing to employment, innovation, and exports. Recognizing the evolving business landscape, the Government of India has updated the MSME classification criteria, effective April 1, 2025. This article explores the objectives behind this change, outlines the new classification, highlights key benefits, details …
The Remission of Duties and Taxes on Exported Products (RoDTEP) scheme was introduced by the Government of India to replace the earlier Merchandise Exports from India Scheme (MEIS). The RoDTEP scheme came into effect on January 1, 2021. Introduction of this scheme was also a response to a ruling by the World Trade Organization (WTO) …
As the Financial Year 2024-25 draws to a close, businesses must fulfill their critical GST compliance obligations. The key tasks are outlined below: Letter of Undertaking (LUT): Apply/Renew for Letter of Undertaking (LUT) for FY 2025-26 on GSTN Portal (required for Exports and SEZ Supplies without payment of GST) Quarterly Return Monthly Payment (QRMP) Scheme …
Here is a case involving an important legal issue as regards mortgages in India. We have different kinds of mortgages prevalent in India – simple mortgages, equitable mortgages, registered mortgages, et al, with ever so subtle differences amongst them. For a layperson the differences between these types of legal documents can be quite challenging. Here …
Introduction: Imagine walking into your favourite electronics store, only to find that your preferred smartphone has suddenly doubled in price. The culprit? Tariffs, an often-misunderstood element of international trade that wields the power to reshape economies, industries, and even our daily lives. But what exactly are tariffs, and how do they influence the intricate dance …
Background The Indian Customs system has been undergoing continuous transformation to enhance ease of doing business and facilitate smoother trade across borders. In line with the government’s vision to digitize all remaining Customs processes by mid-2026, the Central Board of Indirect Taxes & Customs (CBIC) has now introduced an automated system for processing refund applications. …
Starting October 1, 2024, the GST portal will implement the Invoice Management System (IMS), a significant step towards enhancing tax compliance and streamlining invoice reconciliation. While currently optional, it is evident that the government envisions IMS as a mandatory compliance tool in the near future. Necessary legal changes have already been introduced to ensure a …
Introduction The Union Budget 2025, presented by Finance Minister Nirmala Sitharaman, introduced a critical amendment to the Customs Act, 1962, with the insertion of Section 18A. This provision is a much-awaited reform that provides importers and exporters with the ability to voluntarily revise their bills of entry or shipping bills post-clearance. Historically, businesses faced considerable …
Just recently in last November I was at Prayag Raj taking a dubki in the holy waters at Sangam at Prayagraj where the Ganga, Yamuna and the mythical Saraswati rivers meet – one of the holiest places as per Hindu mythology. It was part of a small family pilgrimage outing. If you are brought up …
Prologue: Just as I was about to start on this article, I chanced upon and leafed through the latest issue of “Frontline” magazine (3rd February 25) by sheer accident. There I saw the all too familiar photograph of Dr Manmohan Sigh accompanying an article “Manmohan Sigh: The Heterodox Economist”. That piece had been penned by …
Bizsolindia is inviting you to the webinar on “Decoding Union Budget 2025-26” Date : 1st Feb 2025 Time : @4:30 pm to 6:30 pm click here for Registration
I wish you all a Happy New Year! May the year 2025 usher in unprecedented opportunities and unheard-of prosperity to all of us. It is a long time since our planet and its inhabitants has had a decent year of peace and tranquility. Shaktikanta Das demitted office as the Governor of Reserve Bank of India …
31st December 2024 Dear Dr Singh, You may not be used to see a letter of this kind though you might have been getting glorious communications during your illustrious career on earth and thereafter. With so many followers for you in this world of which an equal number as your ardent admirers, you may be …
The World of Influencers: Have you heard of Aitana? Does the name sound familiar? No? She is the beauty who is the envy of every woman and is the cynosure of all eyes of all men on our planet. She is all of 25, a pink-haired woman from Barcelona who receives private messages from all. …
In the recently concluded elections to the Maharashtra State Assembly there were some anticipated winners and some sore losers. However, the biggest winner of them all was the ruling dispensation’s “Ladli Behna Yojana”, a giveaway to the voters in anticipation of their voting for the party in power (in this case), otherwise known as “freebies”. …
Introduction: After the excitement associated with the elections, both at state and central, it is time now to let the inevitable fatigue to take over. It is also a time to take a hard look at where we stand as a country on many fronts. With every passing election, one gets an uncanny feeling that …
Impact on Recipient for non-payment of tax by the Supplier Rule 37A. Reversal of input tax credit in the case of non-payment of tax by the supplier and re-availment thereof : Background of Introducing Rule 37A of CGST Rules, 2017: Prior to the implementation of this Rule, suppliers would report their transactions in Form GSTR-1, …
Corporate social responsibility (CSR) is a vital element of business in India. With effect from April 1, 2014, CSR has become an obligatory requirement for certain companies under section 135 of the Companies Act, 2013, compelling them to engage in activities that contribute to the social, economic & environmental development of the country. In this …
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 …
