Indeed, technology serves as a valuable tool within the GST framework, facilitating the automation of processes, data collection, and enhancing overall efficiency. Nevertheless, it is the human element that breathes life into the system. Below are essential aspects highlighting the imperatives for human knowledge involvement in the GST framework: Interpreting Complex Transactions In the landscape of GST, intricate business transactions often require the discerning judgment and expertise of human professionals to accurately classify and appropriate within the GST framework. While
Month: November 2023
Transaction & Regulatory Advisory Services Alert October 2023
In this edition, we have tried to bring to your notice the latest amendment that followed in the month of October 2023 issued by MCA, RBI, SEBI, IBBI and others. MCA The Companies (Incorporation) Third Amendment Rules, 2023 (October 23, 2023) The Ministry of Corporate Affairs (MCA) vide its notification dated October 20, 2023, has notified “The Companies (Incorporation) Third Amendment Rules, 2023” which came into force with effect from October 21, 2023. According to the amendment, under Rule 30(9)
Tax Calendar – November 2023
7 November 2023 – Due date for deposit of Tax deducted/collected for the month of October 2023. However, all sum deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day when tax is paid without production of an Income-tax Challan. 14 November 2023 – Due date for issue of TDS Certificate for tax deducted under section 194-IA in the month of September, 2023 14 November 2023 – Due date for issue
UK Tax Update Report – October 2023
HMRC Tax Repayment and Pension Updates The HMRC has provided a concise overview of key developments in the realm of pension schemes: Tax Repayment Report (July to September 2023) During this period, HMRC processed a substantial number of tax repayment claims for pension flexibility payments, including 12,007 P55 forms, 4,890 P53Z forms, and 1,954 P50Z forms. The total value repaid amounted to £61,305,602. Expect the next tax repayment figures for October to December 2023 in January 2024’s Pensions Schemes Newsletter.
Indirect Tax Alert October 2023
GST Calendar –Compliances for the month of October’2023 Nature of Compliances Due Date GSTR-7 (Tax Deducted at Source ‘TDS’) November 10, 2023 GSTR-8 (Tax Collected at Source ‘TCS’) November 10, 2023 GSTR-1 November 11, 2023 IFF- Invoice furnishing facility (Availing QRMP) November 13, 2023 GSTR-6 Input Service Distributor November 13, 2023 GSTR-2B (Auto-Generated Statement) November 14, 2023 GSTR-3B November 20, 2023 GSTR-5 (Non-Resident Taxable Person) November 20, 2023 GSTR-5A (OIDAR Service Provider) November 20, 2023 PMT-06 (who have opted for
Form 10F – Clarifications
The Central Board of Direct Taxes (CBDT), vide notification1 dated 16 July 2022, had mandated the electronic filing of Form 10F. Due to this requirement, the non-residents transacting with residents in India and relying on any provision of the tax treaty for exemption/beneficial tax rates had to face certain challenges as: To file Form 10F electronically, the non-resident had to register themself on the income tax portal. For registration, PAN was mandatorily required. To sign Form 10F digitally, the non-resident had
RNM Tax Alert – Direct Tax Part for December 2023
CBDT Vide Circular No. 19/2023 dated 23.10.2023; Condonation of delay under u/s 119(2)(b) of the Act, in the filling of Form No. 10-IC for AY 2022-23; To avoid genuine hardship to the domestic companies in exercising the option u/s 115BAA of the Act, CBDT condone delay in filing subject to following conditions:- The return of income for the relevant A.Y. has been filed on or before due date specified u/s 139(1) of the Act. The assesse company has opted for
Continuous Auditing
Introduction: Continuous Auditing encompasses the ongoing risk and control assessments, enabled by technology and facilitated by a new audit paradigm that is shifting from periodic evaluations of risks and controls based on a sample of transactions to ongoing evaluations based on a larger proportion of transactions. Continuous Auditing is the “application of computer technology” to the audit, such that, tasks that were previously performed manually and infrequently can be performed in an automated, real-time, or near real-time manner. Features of
DIFFERENCE BETWEEN IND AS 116 AND AS 19
Brief about Indas 116: Ind AS 116 sets out the principles for the recognition, measurement, presentation and disclosure of leases and faithful representation of the transactions by lessees and lessors. This information gives a basis for users of financial statements to assess the effect that leases have on the financial position, financial performance and cash flows of an entity. The standard applies to all leases, including leases of right-of-use assets in a sublease, except for: (a) Leases to explore for
Corporate Finance Alert October 2023
Blackstone Buys Care Hospitals, KIMS Health for $1Bn Blackstone Group Inc. has acquired controlling interests in Care Hospitals and Kims Health in a multi-layered deal valued at $1 billion, marking the private equity giant’s maiden foray into India’s healthcare sector. The New York-based firm secured roughly a 75% stake in Care Hospitals from Evercare Health Fund, an arm of TPG, for $700 million. Care Hospitals, in turn, has entered an agreement to invest $400 million to acquire 80% stake in