The month of March is usually a very busy month as it marks the end of the financial year. However due to hefty work some of the compliances may be missed or the books may not be updated fully for the audit, and which eventually will delay the process of audit and filing of Income […]
Blockchain technology has started to transform how many businesses work. Despite being an elusive concept for many we cannot ignore the magnitude with which it has gained momentum in changing almost all the existing business operations. Especially, the financial sector is already undergoing various reforms relating to banking, financial markets, and fintech that revolve around […]
Matching of ITC has been done away with and only eligible credit as per GSTR 2B shall only be taken as ITC.A) Important amendments in GST:1) Input Tax Credit:From 1st Jan 2022, Government has implemented section 16(2)(a) & (b) as per which a person can take credit only if the invoices are appearing in GSTR-2B.Now […]
Lower Income tax rate @15% +SC+SHEC for newly incorporated manufacturing companies extended till 31/03/2024.The most anticipated part of any Budget, over the years, is taxes. More so this year, as we come off a pandemic and citizens hoped to see some silver linings.While the salaried individuals and professionals expected increased deductions, which the Budget failed to […]
KEY HIGHLIGHT – You will be able to claim ITC for your business only if your supplier has filed GST returns.
