In the world of global commerce, businesses often engage in imports and exports, dealing with goods, services, and investments across borders. For businesses in India, one of the most important tools to ensure smooth international transactions is the IEC code, or Import Export Code. In this blog, we will delve into what an IEC code
Revised List of HSN Codes -22-01-2025
HSN_CD HSN_Description 01 LIVE ANIMALS 0101 LIVE HORSES, ASSES, MULES AND HINNIES. 01011010 LIVE HORSES, ASSES, MULES AND HINNIES PURE-BRED BREEDING ANIMALS HORSES 01011020 LIVE HORSES, ASSES, MULESANDHINNIES PURE-BRED BREEDING ANIMALS ASSES 01011090 LIVE HORSES, ASSES, MULES AND HINNIES PURE-BRED BREEDING ANIMAL S OTHER 010121 PURE-BRED BREEDING ANIMALS 01012100 PURE-BRED BREEDING ANIMALS 010129 other 01012910
Understanding GAAP: The Foundation of Financial Reporting
In the world of finance and accounting, consistency and clarity are key. For businesses, investors, and stakeholders to make informed decisions, the financial information presented must be accurate, transparent, and comparable across different organizations and time periods. This is where Generally Accepted Accounting Principles (GAAP) come in. What is GAAP? GAAP refers to a set
The Importance of Financial Statement Audits for Businesses
In today’s rapidly evolving business world, maintaining transparency, accountability, and accuracy in financial reporting is crucial. One of the most effective ways to ensure this is through financial statement audits. For businesses of all sizes, whether it’s a small start-up or a large corporation, audits offer numerous benefits that go beyond regulatory compliance. Here’s why
Understanding Digital Signature Certificate (DSC) and its Importance in India
In today’s digital age, securing and authenticating online transactions has become crucial. Whether it’s for filing taxes, registering a company, or signing important documents online, the Digital Signature Certificate (DSC) plays a vital role in ensuring security and legal validity in electronic transactions. In this blog, we’ll explore what a DSC is, its types, benefits,
INCOME TAX UPDATES
1. Income Tax Slabs for FY 2024-25 The new tax regime continues to be an option, with no income tax up to ₹3 lakh. From ₹3 lakh to ₹6 lakh, the tax is 5%, ₹6 lakh to ₹9 lakh at 10%, ₹9 lakh to ₹12 lakh at 15%, ₹12 lakh to ₹15 lakh at 20%,
Advisory on Updates to E-Way Bill and E-Invoice Systems
GSTN is pleased to announce that NIC will be rolling out updated versions of the E-Way Bill and E-Invoice Systems effective from 1st January 2025. These updates are aimed at enhancing the security of the portals, in line with best practices and government guidelines. 2. Multi-Factor Authentication (MFA): One of the key changes involves the implementation
Advisory on mandatory Sequential Filing of GSTR-7 Returns as per Notification No. 17/2024
Multiple tickets have been received regarding sequential filing of return in Form GSTR-7. Taxpayers are referencing FAQs for the same, wherein “it is not mandatory” is mentioned. To clarify, It is to inform that following changes have been introduced in the return filing process for GSTR-7 with effect from 01.11.2024 onwards. Sequential Filing of GSTR-7:
Accounting for Partnership Firms
Accounting for a partnership firm is a crucial aspect of business operations. It ensures that financial transactions are accurately recorded, monitored, and reported. A partnership firm, being an association of two or more individuals who agree to share profits and losses, has its own set of accounting principles and practices. These accounting methods differ slightly
Everything You Need to Know About E-Way Bill: Latest Updates and Information
In the ever-evolving world of taxation and logistics, the E-Way Bill stands as an essential tool for facilitating smooth transportation and preventing tax evasion. Introduced under the Goods and Services Tax (GST) framework in India, the E-Way Bill system helps track the movement of goods across state and national borders. In this blog, we’ll