Bizsol Thinkline

JP Morgan Chase & CO, the US-based financial services behemoth, announced late September, 2023 that they had decided to include certain Indian Sovereign Bonds in its Global Bond Index – Emerging Markets (GBI-EM) Index starting 28th June 2024. This inclusion would commence in a staggered manner, with 1% incremental weightage considered for each consecutive month, …

Article on ‘Explainer: How JPMorgan’s Decision to Include Indian Government Bonds Affects India.’ by Adwait Venkitachalam, Director, Bizsolindia Financial Services Pvt Ltd. (October 2023) Read More »

Matching ITC with GSTR-2B has been made mandatory effective from 1st January 2022 by inserting clause (aa) in section 16(2) of CGST Act, 2017. Prior to this amendment, though GST Act has not made it mandatory but Rules,36(4) was inserted w.e.f. 09.10.2019 to match ITC with GSTR-2A, the said rule initially allowed to take ITC …

Article on ‘How to handle ITC mismatch for the period prior 1st January 2022’ by Adv. Kiran Sawale, Sr. Advisor, Bizsolindia Services Pvt. Ltd.(October 2023) Read More »

Section 10 CGST Act, 2013 Composition levy extended to suppliers of goods under ecommerce model: Benefit of composition scheme which was earlier not available to registered persons engaged in supplying goods through Ecommerce operator shall be extended to them. However, restriction will continue to apply for such registered persons who are engaged in supply of …

Article on ‘GST Changes applicable from 1st Oct 2023’ by CA Abhishek Malpani, Advisor, Bizsolindia Services Pvt Ltd (October 2023) Read More »

Procedure for Reassessment of Income under Income Tax Act, 1961 has been provided under Sec 147 to 153, wherein Assessing Officer (AO) can reassess the Income which has escaped assessment done earlier. These provisions of reassessment has been revamped by Finance Act, 2021. Prior to 1.4.2021, u/s 147 of the Act, the power to assess …

Article on ‘Reassessment of Income under Income Tax Act, 1961 – Sec 148A’ by CA Preeti Kulkarni, Director, Bizsolindia Services Pvt Ltd (October 2023) Read More »

Adapted From the Book “What Would the Great Economists Do”? By Linda Yueh   One of the most challenging questions that keeps haunting me all the time is one for which the answer is known but not a satisfactory one.  With problems in the field of Economics plaguing countries around the world increasing as never …

Article on ‘Legends who Shaped the Economic Landscape of The World’ by CS Venkat R Venkitachalam, Chairman, Bizsolindia Services Pvt. Ltd. (October 2023) Read More »

The recently released RBI data shows the household savings plummeting to the lowest level in fifty years triggering alarm bells. Indian households saw their financial assets which include bank savings, cash and investments shrink to 5.1% of the country’s GDP in fiscal 2023 down from 7.20% in the previous fiscal. The amount of money households …

From the Desk of Chairman (October 2023) Read More »

There are important changes for RCM liability for GTA considering forward charge optionality to GTA. Kindly go through below changes carefully & do necessary changes in for GTA RCM working. Option to pay GST under forward charge for GTA services supplier was inserted by notification 03/2022 – Central tax (rate) dated 13.07.2022. Services of Goods …

Article on ‘All about GTA under GST’ by CA Abhishek Malpani, Advisor, Bizsolindia Services Pvt. Ltd. (October 2023) Read More »

After a six-year period of anticipation, the establishment of the GST Appellate Tribunal is constituted. It promises the world of taxation, a more streamlined and robust resolution process for tax-related issues. The GST Appellate Tribunal in various states has been announced by Ministry of Finance, Department of Revenue vide Notification dated 14th September 2023 This …

Article on ‘GST Appellate Tribunal’ by Nidhi Nawal, Director, Bizsolindia Services Pvt. Ltd. (October 2023) Read More »

Over the period of time, the GST council is focusing on correct Input Tax credit by the taxpayers. Further, they want to control the credit availment of fake transaction in the overall chain.  To enhance the compliance with regards to Input Tax Credit (ITC) utilization and the accurate reporting of ITC availment, ITC reversal, ITC …

Article on ‘All About “Electronic Credit Reversal and Reclaimed Statement” in GST – Do’s and Don’ts’ , by CMA Amit Devdhe, Sr. Advisor, Bizsolindia Services Pvt Ltd. (September 2023) Read More »

The background The GST Act has merged taxability of goods and services under one act. Under GST, the taxable event is “supply of goods or services” from one taxable person to another taxable person. Section 7 of the CGST Act, 2017 defines the term “supply”. As per the definition of “Supply” amongst other things, “consideration” …

Article on ‘GST on transactions between head office and branches under GST (Cross Charge)’ by CA Manoj Malpani, Director, Bizsolindia Services Pvt Ltd (September 2023) Read More »

THE ORIGIN AND THE EVOLUTION In our growing up years whenever we had occasions to learn the elementary lessons in Civics, I used to wonder how a great nation like the UK could function and thrive without a written Constitution, especially the one that is known as the mother of all democracies. Today when we …

Article on ‘The Construct Of Basic Structure In The Indian Constitution’ by CS Venkat R Venkitachalam, Chairman, Bizsolindia Services Pvt Ltd (September 2023 Read More »

One of the disappointments that has been weighing down the Indian collective psyche was the failure of Chandrayaan 2 that crash landed on the moon on 6th September 2019. The country’s PM returning dejected from the space station with the scientific community in despair were not a remarkable sight. When Chandrayaan 3 landed on the …

From the Desk of Chairman ( September 2023) Read More »

While we are celebrating completion of 6 years of implementation of GST and GST Council is sincerely feeling to resolve the issues. Still, exporters are struggling due to delay in refund or lock up of funds on account of accumulated input tax credit due to exports. In the year 2017-18, we have seen number of …

Article on ‘Un-Resolved Issues of Refund- For EOUs & Advance Authorisation Holders’ by CMA Ashok Nawal, Founder, Bizsolindia Services Pvt. Ltd. (August 2023) Read More »

The Constituent Assembly of India was elected in 1946 to write the Constitution of a newly independent nation.  The motley crowd of 389 erudite members with impeccable records gave us our Constitution that has been revered by all of us, ever since. Though this Assembly gave us the Constitution that we now behold, it also failed in …

Article on ‘ The Uniform Civil Code – India’s Tryst With The Elusive Code That It Needs To Remain United’ by CS Venkat R Venkitachalam, Chairman, Bizsolindia Services Pvt Ltd (August 2023) Read More »

There are times when you find it difficult to describe India to a foreign national. The reason is not that you are challenged in our expressions. It is because of the obvious and inherent contradictions that you find all around us.  We have the Taj Mahal, the marvel built by the Mughal Emperor Shah Jahan …

From the Desk of Chairman (August 2023) Read More »