Advanced Analytics in Indirect Taxation (ADVAIT) data has revealed that 24 large importers have evaded ₹11,000 crore in Integrated Goods and Services Tax (IGST). ADVAIT is a data analytics tool that is used by the Indian government to track and monitor indirect taxes. The tool uses artificial intelligence and machine learning to identify patterns and … Read more
The Reserve Bank of India (RBI) made an important announcement on Friday. They have decided to remove the Rs 2000 currency note from circulation. However, it’s important to note that these notes will still be considered legal and valid. If you have any existing Rs 2000 notes, you can deposit or exchange them at banks … Read more
Have you ever had an issue with your bank that left you feeling unsatisfied with their response? It’s frustrating, to say the least. But don’t worry, you’re not powerless in this situation. Did you know that you can take your complaint to the Reserve Bank of India banking ombudsman? That’s right, the RBI has the … Read more
FSSAI registration is mandatory for food businesses, including retailers, in India. FSSAI ensures food safety and hygiene standards are met, and retailers must obtain registration to build consumer trust and comply with rules and regulations. Let’s learn the most important information regarding FSSAI for Food Retail businesses. What is FSSAI and FSSAI Registration? The Food … Read more
The world of GST Annual Return Filing is complex for many people. As a business, Having GST Registration, it is mandatory for you to file your annual return. However, if you are lost and don’t know about it, do not worry. In this blog, we will guide you through the basics of Annual GST Return … Read more
Money makes the world go round, and in today’s globalised economy, it’s not uncommon for individuals and businesses to send and receive funds across international borders. However, with the increasing prevalence of cross-border transactions comes the need for greater transparency and regulation. This is where the Foreign Remittance Declaration Form A2 comes in. Whether you’re … Read more
The Indian government is set to undertake a two-month crackdown on fraudulent practices related to the Goods and Services Tax (GST) starting May 16. The special drive aims to combat unscrupulous elements, including individuals, professionals, and firms who engage in the misuse of input tax credit by using fake identities and forged documents, all without … Read more
India’s Reserve Bank (RBI) has reported that the country’s service exports have experienced an unprecedented surge of 26.6% in 2022-23, reaching US$ 322 billion. This has brought India’s services exports almost on par with merchandise exports. Let’s read this interesting milestone achieved by businesses in India.. India’s Diverse Services Exports Experience Strong Growth India’s services … Read more
The President of the Indian Association of Tour Operators (IATO), Mr. Rajiv Mehra, has written a letter to the Prime Minister requesting for incentives to revive the tourism industry, which has been severely impacted by the pandemic. IATO Proposes Measures to Support Struggling Inbound Tourism Sector The IATO has proposed two solutions. These include: The … Read more
An Employer Identification Number (EIN) is a unique nine-digit number assigned by the Internal Revenue Service (IRS) to businesses operating in the United States. It is used to identify the business for tax purposes, similar to how a Social Security Number (SSN) is used to identify an individual. Let’s learn all the important information about … Read more