The GSTN has rolled out crucial Phase-III changes to GSTR-1/1A Table 12, effective from April/May 2025. Key updates include the bifurcation of Table 12 into separate B2B and B2C sections, mandatory HSN/SAC code selection via dropdowns, and the introduction of value validations (initially in warning mode). This summary details these modifications, their impact on taxpayers based on AATO, and essential preparation steps to ensure smooth compliance.

The recent Infosys GSTN update has made it mandatory to include a consolidated HSN (Harmonized System of Nomenclature) summary for all B2C (Business-to-Consumer) transactions in GSTR-1 filing. Earlier applicable mainly to B2B and high-value B2CS invoices, this significant change now requires businesses to classify and report even small B2C sales by HSN code. The update aims to improve transparency, data accuracy, and tax compliance. This blog details the key implications for businesses, steps for reporting the B2C HSN summary in Table 12 of GSTR-1, HSN digit requirements, and best practices to ensure seamless compliance under the new GST regime.

This post details India's new 1% Tax Collected at Source (TCS) regulation, effective April 22, 2025, under Section 206C(1F). It applies to specific luxury goods (watches, art, yachts, etc.) when the sale value exceeds ₹10 lakh. The article explains the TCS mechanism, lists affected items, clarifies calculation, outlines buyer and seller responsibilities, differentiates it from Section 206C(1H), and highlights that the TCS paid is adjustable against the buyer's income tax liability.

This detailed guide covers the reporting obligations for GSTR-1 and IFF regarding B2C interstate transactions that surpass 1,00,000. Discover the essentials of compliance, necessary documentation, and optimal practices for precise GST filing.

Businesses must appropriately file GST returns in order to avoid fines and compliance problems. The top ten typical errors committed while completing a GST return are highlighted in this blog, including late filings, mismatched ITC claims, and inaccurate invoice data. Find out how to avoid these mistakes and guarantee smooth GST compliance.

This blog gives a full summary of the most recent amendments to Income Tax Form No. 49C, including who must file it, the changes made, and how taxpayers may assure compliance with the new requirements.

With effect from February 15, 2025, NPCI has implemented new UPI transaction regulations that prioritize automated chargeback processing, fraud avoidance, and expedited settlements. Businesses and consumers would gain from these changes as they increase the efficiency and security of digital transactions.

The FORM CSR-2 filing date has been extended by the Ministry of Corporate Affairs (MCA) to March 31, 2025. This extension ensures openness and adherence to the Companies Act of 2013 by giving businesses more time to meet CSR reporting requirements. Read our in-depth blog to find out more about FORM CSR-2, its significance, and the effects of this expansion.

The Income Tax Department of India has imposed severe cash transaction limitations for 2025 in order to combat black money, promote digital payments, and increase financial transparency. The Section 269ST limits cash revenues to ₹2 lakh, business costs to ₹10,000, and restricts contributions, real estate transactions, and loan repayments. Violations result in severe fines. Learn how to maintain compliance, avoid penalties, and contribute to a transparent financial system.

By simplifying the penalty procedure for non-compliance, the Central Government's New Penalty Adjudication Rules 2024, released in accordance with the Companies Act of 2013, seek to improve corporate governance. To guarantee prompt and transparent corporate responsibility, these regulations provide adjudicating authorities greater authority, establish time-bound processes, and encourage digital recording. This article examines the main points of the new legislation, their implications, and how they enhance investor confidence, mitigate litigation, and enhance corporate governance.

This blog article gives a full summary of the Annual Information Statement (AIS) and Tax Information Summary (TIS) for Assessment Year 2024-25. It describes the important improvements and modifications implemented by the Income Tax Department, such as additional information fields and enhanced accuracy. The site also teaches readers how to obtain AIS/TIS, comprehend its importance, and use it efficiently for proper income tax reporting.

The blog explores the recent proposal put up by the GST Council to charge payment aggregators 18% GST for enabling small-value digital transactions up to ₹2,000 that are done using credit and debit cards. It investigates how this action can affect different parties, such as customers, merchants, and payment aggregators. The article also addresses the possibility of a shift in payment preferences in favor of options like UPI, which is not currently subject to these tax ramifications. It also emphasizes the background of the 2016 service tax exemption on small-value digital transactions, which was implemented to encourage the use of digital payments in India.