Future trends of Internal audit

By
Team Bilimoria
July 2, 2024

This article includes the following key pointers:

  1. About
  2. Future trends of Internal Audit
  3. Conclusion

Read more at: https://taxguru.in/income-tax/future-trends-internal-audit.html

This article includes the following key pointers:

  1. About
  2. Future trends of Internal Audit
  3. Conclusion

Read more at: https://taxguru.in/income-tax/future-trends-internal-audit.html

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March 5, 2025

Dhwanil

Summary of Major Decisions from the 53rd GST Council Meeting

Date: 22nd June 2024 Chairperson: Union Minister for Finance & Corporate Affairs, Smt. Nirmala Sitharaman The 53rd GST Council meeting, chaired by the Union Minister for Finance, resulted in several important recommendations aimed at facilitating trade, streamlining compliance, and adjusting GST rates. Here are the key highlights: Tax Compliance and Filing Introduction of FORM GSTR-1A: A new optional facility, FORM GSTR-1A, will allow taxpayers to amend or add details in FORM GSTR-1 before filing returns in FORM GSTR-3B, ensuring accurate liability auto-population. Threshold for B2C Inter-State Supplies: The threshold for reporting B2C inter-State supplies invoice-wise in Table 5 of FORM GSTR-1 has been reduced from Rs 2.5 lakh to Rs 1 lakh. FORM GSTR-7 Filing Requirements: Taxpayers required to deduct tax at source must file FORM GSTR-7 monthly, regardless of tax deductions, and no late fees will be charged for delayed Nil returns. Invoice-wise details are now mandatory in FORM GSTR-7. Annual Return Exemption: Taxpayers with an annual turnover of up to Rs 2 crore are exempt from filing annual returns in FORM GSTR-9/9A for FY 2023-24. Procedural Adjustments Sunset Clause for Anti-Profiteering Applications: New applications for anti-profiteering will not be accepted after April 1, 2025. Changes in Export Duty Refund: Refunds for goods subjected to export duty are restricted, affecting exports both with and without tax payments, and supplies to SEZ units or developers. Section 122(1B) of CGST Act: The amendment clarifies that the penal provision applies only to e-commerce operators required to collect tax under section 52 of the CGST Act. Bio-Metric Aadhaar Authentication: A phased roll-out of biometric-based Aadhaar authentication for registration applicants will help combat fraudulent input tax credit claims. Common Time Limit for Demand Notices: A common time limit for issuing demand notices and orders under Sections 73 and 74 of the CGST Act, irrespective of fraud, suppression, wilful misstatement etc, involvement. The time limit for availing reduced penalty benefits is extended to 60 days. Anti-Profiteering Provisions: Amendments to section 171 and section 109 of the CGST Act introduce a sunset clause for anti-profiteering and transfer cases to the GST Appellate Tribunal. New applications for anti-profiteering will not be accepted after April 1, 2025. Changes in GST Tax Rates Goods: Aircraft Parts: Uniform 5% IGST on imports of parts, components, and tools for aircraft MRO activities. Milk Cans: 12% GST on all milk cans (steel, iron, aluminum). Paper Products: GST reduced from 18% to 12% on cartons, boxes, and cases of both corrugated and non-corrugated paper. Solar Cookers: 12% GST on all solar cookers. Sprinklers: Clarification that all types of sprinklers, including fire water sprinklers, attract 12% GST. Defence Imports: IGST exemption extended for specified defence imports till June 2029. SEZ Imports: Compensation Cess exemption on imports by SEZ units/developers effective from 1st July 2017. Services: Indian Railways: Exemption for services such as platform tickets, retiring rooms, and intra-railway transactions including services provided by special purpose vehicles (SPV) to Indian railway. Accommodation Services: Exemption for accommodation services valued up to Rs. 20,000 per month per person for a minimum continuous period of 90 days. Insurance Services: Co-insurance, ceding/re-insurance commission and reinsurance transactions, including retrocession, declared as no supply under Schedule III of CGST Act.

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March 4, 2025

Dhwanil

India Budget 2025

The Union Budget 2025 marks a significant step forward in the Government’s steadfast journey to accelerate India’s growth, secure inclusive development, and invigorate the private sector. Under the visionary leadership of Hon’ble Prime Minister Shri Narendra Modi, the Budget for Fiscal Year 2025-26, continues the mission to uplift household sentiments, enhance the spending power of India’s rising middle class, and unlock the vast potential that lies within our nation. With agriculture as the first engine of growth, MSMEs as the second, Investment as third and Exports as fourth engine, the Budget sets the stage for a brighter, more self-reliant future for India, ensuring that every citizen can participate in the nation’s economic progress. Here is our summary from the Budget Speech present on 1st Feb 2025 by the Finance minister Shrimati Nirmala Sitharaman. Click the link below to read the PDF. Whilst every care has been taken in the preparation of this document it may contain inadvertent errors for which we shall not be held responsible. It must be stressed that the Finance Bill may contain proposals which have not been referred to in the budget speech and additionally, the detailed proposals are liable to amendment during the passage of the Finance Bill through Parliament. The information given in this document provides a bird’s-eye view on the changes proposed and should not be relied for the purpose of economic or financial decision

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