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Archive: January, 2023

Posts in January, 2023

Sample illustrative SOP for Major Accounting Areas

January 23, 2023 23943 Views 0 comment Print

Explore a comprehensive Sample SOP for Major Accounting Areas covering finance and accounting activities at . Learn about the organization’s background, scope, purpose, and detailed procedures for areas like General Ledger accounting, Accounts Payable, Accounts Receivable, Cash and Bank Balances, and more. Understand the roles and responsibilities of key positions, IT systems used, and the structure of the Finance & Accounts Department.

India-China Border Conflict and its Economic Impact

January 23, 2023 2529 Views 0 comment Print

Explore the economic impact of the India-China border conflict and escalating geopolitical tensions in the Indo-Pacific region. Understand the implications on Indias economy, defense sector, and global trade dynamics. Discover the need for collaborative solutions to foster stability, economic growth, and positive international relations in the Indo-Pacific. Stay informed on the evolving situation and its potential global consequences.

Analysis of SEBI (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2023

January 23, 2023 5289 Views 0 comment Print

Stay informed about SEBIs recent amendments to the Listing Obligations and Disclosure Requirements Regulations, 2015. The changes include exemptions for High-Value Debt Entities (INVIT and REIT), a revised definition of ‘Senior Management,’ and enhanced disclosure requirements for material subsidiaries in the Corporate Governance Report. Understand the implications and compliance deadlines.

Recent Clarification on GST till 22nd January 2023

January 23, 2023 14607 Views 0 comment Print

Stay updated with recent GST clarifications till January 22, 2023. CBIC empowers GST Intelligence or Audit Additional Assistant Directors, approves setting up digital forensic labs, and issues circulars on various taxability issues. Clarifications on Rab classification, GST on Dal milling by-products, carbonated beverages, snack pellets, SUVs, IGST rates, accommodation services by Air Force Mess, and incentives by MeitY to banks.

No section 271B penalty for Non fling of tax audit report due to Reasonable cause

January 23, 2023 3387 Views 0 comment Print

When assessee entertained bona-fide belief that its account were not subject to audit u/s 44AB, it would certainly constitute reasonable cause for not obtaining the audit report and, therefore, question of imposing of penalty u/s 271B does not arise.

Madras HC quashes Charge Memo against VAT Officer

January 23, 2023 831 Views 0 comment Print

M. Baskar Vs Commissioner of Commercial Taxes (Madras High Court) Petitioner cannot be held guilty for the alleged charge, in view of the fact that his assessment order passed earlier in his official capacity has once again been re-affirmed in the subsequent assessment order passed pursuant to the directions given by this Court in W.P.Nos. […]

HC directs processing of GST refund withheld for wrong reflection of GST registration status

January 23, 2023 504 Views 0 comment Print

Delhi High Court case: Anuj Gupta seeks GST refund. Issue with GSTN registration. Court directs examination of GSTR 2A format. Refund processing timeline set.

Reversal of ITC in case of non-payment of tax by supplier & reavailment

January 23, 2023 10647 Views 0 comment Print

Understand the implications of non-payment of tax by suppliers and the new Rule 37A introduced by CBIC. This rule, effective from December 26, 2022, mandates the reversal of input tax credit (ITC) by a registered person if the supplier fails to file the GSTR-3B for the corresponding tax period.

Consequences of not Taking FSSAI Registration/License

January 23, 2023 4197 Views 0 comment Print

Discover the vital importance of FSSAI Registration/License for food businesses in India. The Food Safety and Standards Authority of India (FSSAI) mandates this 14-digit license, a legal requirement ensuring food safety and quality. Operating without it can lead to severe consequences, including legal action, business closure, reputation damage, inability to sell products, lack of credibility, limited market access, difficulty in obtaining financing, exclusion from government schemes and tenders, insurance challenges, and restricted export opportunities.

From Branding to Trademarking: The Path to a Profitable Business

January 23, 2023 1095 Views 1 comment Print

Unlock the path to a profitable business journey – from branding to trademarking. A registered trademark can be a valuable asset, fostering a positive reputation and setting your business apart. Discover strategies beyond trademarking, encompassing marketing, product quality, business strategy, innovation, analytics, networking, employee development, cost management, customer service, diversification, automation, and branding/reputation management.

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