Businesses may eventually have to file returns largely based on invoices uploaded by suppliers, with limited scope for manual changes.
A doctor in Anantnag, Jammu and Kashmir, has been suspended following an inquiry into alleged large-scale procedural irregularities, including a pacemaker implantation scam where nearly 50 per cent of evaluated patients underwent unnecessary advanced cardiac surgical procedures. The inquiry revealed fraudulent insurance claims, patient exploitation, and manipulation of medical records.
The Confederation of Indian Industry (CII) has proposed a 20-point policy agenda to the finance ministry, including a conflict-linked emergency credit line guarantee scheme and tax rationalisation on energy inputs, to support MSMEs, exporters, and energy-intensive industries affected by the ongoing West Asia war.
The average Indian fraudster isn't an outsider exploiting security loopholes. He's usually a man between 26 and 45 years of age, working in operations or procurement, with more than six years at the organisation.
The government has notified mandatory requirement of e-invoicing for B2B transactions for businesses with a turnover over Rs 100 crore with effect from January 1, 2021. Under Goods and Services Tax (GST) law, e-invoicing for business-to-business (B2B) transactions is mandatory for companies with turnover of over Rs 500 crore from October 1. In a notification, the Central Board of Indirect Taxes and Customs (CBIC) said e-invoicing will be extended to businesses with a turnover over Rs 100 crore from January 1.
Call centres, once the engine room of India's BPO exports, are evolving too. Depending on the complexity, 30 to 50 per cent of voice and chat volumes are now handled by conversational AI.
'We have been following the micro-change philosophy, where every six weeks we implement these AI features into our internal systems, products, platforms and then release it to our employees.'
India SME Forum, an organisation for small and medium businesses, has called for creating a dedicated fund of Rs 5000 crore for the export capacity development, promotion, and marketing of Micro, Small & Medium Enterprises (MSMEs) in its Budget recommendation. The forum for MSMEs with over 98,000 members said that to enhance India's global competitiveness and increase its market share in global exports, it was "crucial to increase the number of active exporters and enable at least 3-4 lakh first-time micro, small, and medium exporters while supporting them in promoting Indian products globally."
Those who consider the rupee as a proxy for virility have started thumping their chests and dreaming of dethroning the dollar from its coveted position, observes Tamal Bandyopadhyay.
'From data on enquiries, we can build what we call a data lake or a data warehouse where data is classified into various cohorts and then we use AI and ML tools to predict demand down the line.'
'We revolutionised the system in a manner so that the chances of leakage will be much lower than it was in the beginning.'
This case revolves around the establishment of clusters of Centers of Excellence (CoEs) in the state of Andhra Pradesh, with a total estimated project value of Rs 3,300 crores.
After agonizing over this for weeks, he made a decision. When they met after work one evening, he startled her by blurting out, 'I think we should break up.' A moving excerpt from Chitra Banerjee Divakaruni's An Uncommon Love: The Early Life of Sudha and Narayana Murthy.
Businesses that have not filed GSTR-3B returns in the preceding two months will not be able to file details of outward supplies in GSTR-1 from September 1, GSTN has said. While businesses file GSTR-1 of a particular month by the 11th day of the subsequent month, GSTR-3B, through which businesses pay taxes, is filed in a staggered manner between 20th-24th day of the succeeding month. In an advisory to taxpayers, GSTN, which manages the technology backbone for Goods and Services Tax, said that Rule-59(6) of Central GST Rules which provides for restriction in filing of GSTR-1, will come into effect from September 1, 2021.
'Don't wait until the last minute. Instead, cultivate the habit of monitoring your Form 26AS throughout the year.'
Companies that do not know why they are doing good also do not know why they are failing when they are on a downward slide, notes Baqar Iftikhar Naqvi, founder and CEO, Upriver, a sales accelerator firm.
GSTN said those who do not want to give their Aadhaar numbers would have to undergo physical verification.
India saw growth of around 213 per cent in the number of real-time payments processed over the past year.
R Vignesh is a member of the Institute of Cost and Management Accountants of India in Chennai, appeared on Rediff Chat to answer readers' queries on GST.
With the implementation of the goods and services tax less than 75 days away -- assuming July 1 as the roll-out date -- Sudipto Dey provides a guide to how businesses can navigate the transition.
The system has gone through three rounds of testing for its load-bearing capacity.
'It is entering growth territory on a month-on-month basis.'
Barely 10% of small businesses are in a GST-ready position, say experts
As freebies/gift vouchers attract GST, retailers are opting for straight discounts this festive season.
Appearing on Rediff Chat, G Srikanth, partner in GSV Associates, Chartered Accountants, Chennai, and member of the Institute of Cost and Management Accountants, answered readers' queries on the Goods and Services Act.
While the government's demonetisation move is aimed at curbing under-invoicing, the worry was that retailers would de-stock in the short term, impacting sales.
Though the intent has been hailed as good for the economy, teething problems remain with a five-rate structure for various goods and services
The GST rate on mobile phones will be hiked to 18 per cent while that on maintenance repair overhaul (MRO) services for aircraft will be lowered to 5 per cent with effect from April 1, Finance Minister Nirmala Sitharaman said on Saturday. The GST rate on handmade and machine-made matchsticks has been rationalised to 12 per cent from 5 per cent and 18 per cent respectively.
'Tax dodging through tax havens is one of the ways multinational corporations and the super-rich in India are using to evade taxes.'
In a short span of time, with the help of Amazon, Cloudtail was able to devise a model that could protect it from the vagaries of online retail business.
Mired in corruption, politics and with a history of suicides by its hapless depositors, PMC Bank's revival is a challenge very different from Yes Bank and LVB, both for the regulator and the rescuer, observes Tamal Bandyopadhyay.
'I expect a demand stimulus in the Budget. 'There has been such a shock to the economy that such a stimulus would be needed.'
Compliance requirements, valuation, input tax credit transfers are likely to lead to tax litigation, says Sayan Ghosal.
A New Jersey-based construction management firm has been charged with bribing Indian officials several crores of rupees to win two major water developmental projects in Goa and in Guwahati.
Experts share their views on the steps that will help businesses become GST-ready.
Brokers also want tax rebates, removal of additional tax on dividends, streamlining of GST...
While players in the financial ecosystem are opening up to the idea of receivables funding for the sector, this market needs a regulator, which a Parliament panel feels only RBI can provide.
'The manufacturing sector and the capital goods industry need all the support that the government can provide, because they are working in a global market where trade restrictions are coming down every day,' says Amar Kaul.
Bribe for Goa project estimated at $976,630
One always ponders over why the witnesses should not have poor memory when answering cross examination questions or recounting events that occurred six years ago. Too many witnesses seemed to have drunk some Harry Potter-esque Philosopher's Stone magic elixir that has Botoxed their fading memory to make it as good as new again.
