Year: 2025

Introduction Input Tax Credit (ITC) plays a crucial role in the GST regime by reducing the tax burden on businesses. However, not all ITC is eligible for claim. Certain ITC amounts are either blocked under Section 17(5) of the CGST Act or considered ineligible due to non-compliance with GST provisions. Proper treatment of Blocked and […]

Mandatory ISD Registration under GST from April 1, 2025 Understanding Input Service Distributor (ISD) An Input Service Distributor (ISD) is an office within a business that receives invoices for input services used across multiple branches and distributes the corresponding Input Tax Credit (ITC) under the same Permanent Account Number (PAN). This mechanism ensures proper allocation […]

Input Tax Credit (ITC) is a pivotal component of India’s Goods and Services Tax (GST) framework, designed to mitigate the cascading effect of taxes by allowing businesses to offset the tax they pay on inputs against the tax they collect on outputs. Detailed Analysis of Blocked ITC Categories Section 17(5) of the CGST Act specifies […]

What is Director KYC? Director KYC involves verifying the identities of a company’s directors. This process helps ensure that the individuals responsible for running the company are who they claim to be. Key components include submitting personal information, identification documents, and proof of address. Why is Director KYC Important? Ensuring Transparency Transparency is vital for […]

Introduction The Indian government has announced significant changes to the classification of Micro, Small, and Medium Enterprises (MSMEs) effective from April 1, 2025. These updates aim to foster growth and innovation within the MSME sector, which is a vital component of the Indian economy. Revised MSME Classification Criteria In the Union Budget 2025, Finance Minister […]

Introduction In the realm of Goods and Services Tax (GST), Input Tax Credit (ITC) serves as a pivotal mechanism enabling businesses to offset the tax they’ve paid on inputs against their output tax liabilities. However, to maintain the integrity of this system, specific conditions govern the availing and retention of ITC. One such critical condition […]

Internal Audit Definition: Internal Audit is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. It helps an organization accomplish its objectives by systematically evaluating and improving the effectiveness of risk management, control, and governance processes. Aspect Description Definition Independent, objective assurance and consulting activity aimed at improving […]

TReDS Registration: A Complete Guide The Trade Receivables Discounting System (TReDS) is an innovative online platform designed to facilitate Micro, Small, and Medium Enterprises (MSMEs) in converting their trade receivables into cash. This system is crucial for improving liquidity and financial stability for small businesses in India. Below is a comprehensive guide on the registration […]

Internal financial controls (IFCs) are systematic measures implemented by organizations to ensure the integrity of financial reporting, safeguard assets, prevent fraud, and promote operational efficiency. They form the backbone of a company’s financial health, ensuring compliance with laws and regulations while fostering investor confidence Aspect Description Definition Measures to ensure integrity of financial reporting, safeguard […]

NOMINATION AND REMUNERATION COMMITTEE AND STAKEHOLDERS RELATIONSHIP COMMITTEE The applicability of the Nomination And Remuneration Committee And Stakeholders Relationship Committee is governed by Section 178 of the Companies Act, 2013. According to Section 178, the following companies are required to constitute an Nomination And Remuneration Committee And Stakeholders Relationship Committee: Every listed Public company Public companies with […]