The Goods and Service Tax (GST), introduced in India, on July 1 2017, supplanted a number of indirect tax laws required under central and state governments. The fundamental subject was to have a 'one country, one tax' which would improve the simplicity of doing business for taxpayers and align the Indian Indirect tax laws with International Standards, timely compliance and transparency, guarantee convenient and at last lessen the taxation rate for the taxpayer. The journey since its implementation has been nothing short of a roller coaster ride not only for taxpayers but even the government. As GST completes 30 months in India, it is time to ascertain the key milestones which are expected to be achieved in 2020. … [Read more...] about 2020 promises key GST milestones
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The new UPI facility is available on both Android and iOS versions of Google Pay. To recharge FASTag accounts via Google Pay, users will have to open the ‘FASTag’ category under ‘Bill Payments’ section and choose the bank that has issued their FASTag. … [Read more...] about You can now recharge your FASTag accounts using Google Pay
Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app. … [Read more...] about Insurance discounts may soon be thing of the past: Here’s why
Q: Any other best practices to follow?A: A practice which a lot of people follow is making notes because you will not remember every point that was discussed in the following quarter. That is a good way to follow up with people in the subsequent quarter.When people know that you will flip back three quarters, then what gets measured gets done. So then the CFO, the company secretary and the controller know that I might pull up a matter from four quarters ago and ask if they have closed the issue. It helps them also to stay on their toes. … [Read more...] about What is a good way to run an Audit Committee?
The Insurance Regulatory and Development Authority (IRDAI) has offered another reprieve to the insurers from the transition of the new accounting standards (Ind AS) from the coming financial year, 2020-21. The implementation of these standards which are comparable to the globally accepted International Financial Reporting Standards (IFRS) is now indefinitely postponed. … [Read more...] about IRDAI defers new accounting norms for insurers