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ICAI has issued an exposure draft of the revised accounting standard

12. July 2021By amitmundra

The Institute of Chartered Accountants of India (ICAI) has recently displayed an exposed draft on income taxes. This draft is for a revised accounting standard.  The exposure draft is indeed the newest among other few standards of accounting that have been proposed for revision.  This draft is supposedly applicable to all entities that are not … Read More

HSN Code Made Mandatory On GST Invoices From 1st April 2021

22. June 2021By amitmundra

As per the notification issued by the GST authorities in October 2020, the HSN codes are now mandatory on all invoices. According to this new regulation, GST authorities mandated the HSN code on all tax invoices from 1st April 2021. The official statement made by the Ministry of Finance clearly states that “With effect from … Read More

43rd GST Council Meeting: Relief for Taxpayers and More

9. June 2021By amitmundra

The GST council met after six months for the 43rd council meeting on 28th May 2021. Finance Minister Smt Nirmala Sitharaman chaired it. The Union Minister of State for Finance and Corporate Affairs – Shri Anurag Thakur, the Finance Ministers of the states and UTs and other senior officers of the Ministry of Finance and … Read More

GST shortfall may force government to borrow $22 billion

2. June 2021By amitmundra

Due to the Goods and Service Tax (GST) shortfall, the government of India may need to borrow more for the second year straight. This government will use this amount in compensating the states for their revenue loss during the shortfall.  The requirement in the amount to be borrowed is estimated to be Rs. 1.58 lakh … Read More

‘Accounting for E-Commerce entities’: ICAI issues guidance note

27. May 2021By amitmundra

Clearing the air, the Institute of Chartered Accountants of India (ICAI) has issued a guidance note for e-commerce businesses named ‘Accounting for E-Commerce entities’ over recognising the expenses and revenues in the financial statements.  E-commerce is simply buying and selling goods and services over the internet. The industry is taking over; stats suggest that in … Read More

E-invoice mandatory for businesses with turnover over 50 Cr

20. May 2021By amitmundra

  The central board of Indirect taxes and custom (CBIC) issued a notification and made it mandatory for businesses with turnover over 50 Cr in any fiscal year from FY 2017-18 onwards to issue e-invoice for all B2B transactions from April 1, 2021. It came in as the third level of implementation. Earlier, the GST … Read More