The Future of Finance: Emerging Trends and Opportunities
The financing industry is dynamic and frequently unpredictable but can also be profitable. To effectively navigate the many career opportunities in finance, you must strengthen your mathematical skills and understand the new trends in this field. The banking sector is developing quickly. Due to rapid technological improvements, the future of this field holds a wealth of professional opportunities. Here are the emerging trends and opportunities in the financing industry: Private companies will look into novel investment opportunities: The financial sector has faced significant difficulties recently. In light of the extraordinary changes occurring in this sector, private companies are searching for novel avenues for investment. Nonetheless, it is critical to recognize how crucial it is to make creative and well-informed investing selections. Creative approaches to investing in private markets can help businesses connect with different sources of capital and attract a wide range of investors. Because of blockchain technology, venture capital and private equity firms can now access new investment opportunities. They can build decentralized investment platforms, giving private businesses additional avenues for capital raising. Their investors can also access a variety of assets. Cryptocurrencies and blockchain: Blockchain technology and cryptocurrencies in finance are major significant technological trends. Blockchain technology provides a secure transaction ledger, eliminating the need for intermediaries like banks. As an alternative to fiat money, cryptocurrencies like Bitcoin have grown in popularity and seen a sharp increase in value in recent years. Artificial intelligence and machine learning: The financial sector is often changing due to advances in AI and machine intelligence. With the use of AI-powered solutions, financial institutions can detect fraud, automate repetitive processes, and give clients individualized financial advice. Machine learning algorithms can analyze large-scale data to find patterns and trends that can guide investment choices and assist organizations in better risk management. Cybersecurity in integrated ecosystems: Although modern technology offers opportunities, a certain amount of danger is involved. As banks continue to migrate services to the cloud, outsource internal processes, and engage with clients through various digital channels, the variety and number of vulnerabilities are also increasing. Concern should also be expressed about internal fraud, particularly given the lengthy discovery timeframes. Simultaneously, more advanced criminal groups with enhanced cyber skills target financial institutions. So cybersecurity plays a major role. The finance industry will move towards open banking: Through open banking, users can safely disclose their financial information to permitted and verified third parties. Open banking gives users access to various financial services and products, and it can alter the financial landscape significantly in the future. These services include budgeting tools, money management software, and individualized financial guidance. Furthermore, open banking can facilitate real-time account aggregation, resulting in cheaper costs and more comfortable conditions for clients. Open banking is undoubtedly one of the most significant trends in the financial services industry. It has the potential to create even safer future financial systems. Environmental, social, and governance investing: As more investors look to fund businesses that have a beneficial influence on the environment, society, and governance, ESG investing is becoming increasingly popular in the finance sector. Growing awareness of how businesses affect the world and a desire to invest in companies that share one’s values and views are the main motivators of this trend. Bottom line: The financial sector has a bright future but is also evolving quickly. Financial institutions will need to adopt new technologies, adhere to changing regulations, and adjust to shifting customer demands to stay ahead of the curve. The emergence of fintech startups and other new competitors is disrupting the sector but also opening up new avenues for innovation and expansion.
Unlocking Your Business Potential: The Role of Financial Planning and Analysis
In the fast-paced commercial world, data-driven judgments are more important than ever. Financial planning and analysis, which assists firms in forecasting, evaluating, and creating value, is critical to strategic decision-making. This is essential for helping companies manage expansion challenges, guaranteeing long-term viability, and optimizing earnings. Here cited are the role of financial planning and analysis: What is FP&A? Financial planning and analysis are crucial steps in any organization’s decision-making process since they help them effectively monitor and regulate their money to accomplish their goals. The primary goal of this function is to make well-informed decisions based on precise data analysis rather than depending only on gut feeling or conjecture. FP&A’s contribution to financial performance: Giving insights into the company’s past, present, and future financial state is the main aspect that finance planning and analysis drive financial performance. Analyzing past data to find trends and patterns that might guide decision-making is one way to do this. Moreover, financial planning and analysis teams employ sophisticated forecasting methods to anticipate prospective hazards or openings that can present themselves later. Budget and Forecasting: Financial planning and analysis’s main duties include planning and forecasting. This entails developing comprehensive budgets for various departments or functions using past financial information and anticipated future trends. To produce a realistic budget that aligns with the company’s objectives, financial planning and analysis specialists can identify potential risks, opportunities, and trade-offs by employing sophisticated approaches such as trend analysis, regression analysis, or scenario planning. Variance analysis: Organizations can discover areas of underperformance or overperformance and make necessary modifications by comparing actual outcomes to budgets and forecasts. This ongoing assessment process can help businesses stay on course and make necessary course changes to meet their financial objectives. Key performance indicators: By monitoring particular measures, organizations can assess their progress toward strategic goals and pinpoint areas for development. Key performance indicators must align with corporate objectives and be evaluated frequently to ensure they are still applicable and useful. Cash flow management: The organization’s capacity to maintain stability and sound finances depends on its ability to manage cash flow effectively. To ensure that the company is solvent and can take advantage of new possibilities, financial planning and analysis teams can examine cash inflows and outflows, spot possible gaps, and implement measures to optimize cash flow. Evaluation of potential investments and growth opportunities: Financial planning and analysis are essential in assessing possible investments and opportunities, weighing the financial risks and benefits, and offering suggestions to direct strategic decision-making. Financial planning and analysis significance in business strategy Financial planning and analysis provide several advantages and is essential to developing and implementing corporate strategy. Accurate financial data and insights can help organizations drive growth and profitability by making well-informed decisions that align with their strategic goals. Financial planning and analysis assist organizations in creating backup plans to prepare for unforeseen obstacles by recognizing potential risks and weaknesses. By closely monitoring key performance indicators, organizations may assess their progress and make the required corrections to stay on course to meet their goals. To maximize returns on investment, financial planning and analysis assist companies in making the best use of their resources, including money, labor, and technology. By sharing financial insights and performance measures with stakeholders, financial planning and analysis promote a transparent culture that helps them comprehend the organization’s progress and make wise decisions. Wrapping it up: To maximize your company’s potential, you must take a thorough approach to financial planning and analysis. It is critical to promoting growth and profitability because it offers precise financial insights, directs strategic choices, and guarantees effective resource allocation. To fully utilize the power of financial planning and analysis, invest in strong financial planning and analysis procedures and technology, assemble a knowledgeable workforce, and promote cooperation.
Streamlining Your Financial Operations: Tips for Efficiency and Growth
Every organization’s ability to effectively handle financial tasks determines its level of success. Your financial operations will go more smoothly if your process is more efficient, saving time and lowering the possibility of mistakes. Businesses can save time, cut expenses, and enhance their decision-making ability when financial procedures are optimized. There are a few tactics to help you optimize your financial processes to be effective and promote expansion. Let’s focus on those tips: Implement automation: Automation has been revolutionizing the financial operations industry in recent times. By automating repetitive and time-consuming operations like payroll, invoice processing, and data entry, businesses can lower human error and allow workers to concentrate on more important responsibilities. Using tools like accounting software, payroll management systems, and cost monitoring applications can drastically reduce the time spent on financial administration. Automation guarantees real-time data updates, resulting in timely and accurate financial information. Streamline procedures: An organization’s many moving components easily confuse established procedures. This raises the possibility of inaccuracy and misunderstanding, resulting in a lack of compliance. The best defense against this is to standardize financial procedures. Policies that have been decided upon and developed must be followed to optimize accuracy and efficiency. By doing this, guidelines are established for how partners and employees should conduct workflows and communication. VPs of Finance can greatly benefit from financial procurement technology when standardizing important procedures across all departments. Determine the requirements for purchases. Determining departmental requirements informs stakeholders of the requirements they need to fulfill to make capital expenditures. For instance, your finance department can have specific contract guidelines, including not accepting bundled services or single-year discounts. Define your requirements to minimize conflict and time wastage throughout the approval process. This is particularly true when contract negotiations occur with a new or non-preferred supplier. Anticipating what you want from a negotiation will prevent you from starting over in the middle, which might save you, your sales representative, and your approvals team work hours. Make use of cloud-based technologies: Cloud-based financial management solutions offer some benefits compared to conventional systems. Firms with various sites or remote staff can access economic data in real-time from any location. Scalability is another feature of cloud solutions that makes it simple for companies to expand and update their systems. Furthermore, these platforms frequently have improved security features that lower the possibility of data breaches and guarantee adherence to legal requirements. Provide a variety of payment options: Restrictions on the number of approved payment methods might hinder financial efficiency and profitability. Providing a variety of payment options can increase the likelihood of successful sales. Financial technology systems can optimize a business’s acceptance of payment methods, leading to higher earnings and improved customer satisfaction. Customers would appreciate multiple payment options. Consequently, substantially quicker payment times result from this convenience. Strengthen financial management Establish a system of checks and balances, such as regular internal audits and the need for two approvals for large transactions. Boost your cybersecurity defenses against breaches and unwanted access to critical financial data. Strong financial controls protect the integrity of your financial operations and foster stakeholders’ trust. To make well-informed decisions, financial reporting must be accurate and timely. To get thorough insights into your financial performance, spend money on reliable financial reporting tools that work with the systems you already have in place. Final thoughts: The above-mentioned tips can help your businesses lower expenses, increase productivity, and foster long-term growth. In recent times, the world is evolving faster than ever. Ensuring the smooth functioning of your financial processes implies that your company is ready to face global competition.
IMPORTANT DUE DATES IN July 2024
Particulars Due Date Payment of TCS/TDS for the month of June-24 7th July TCS Return for the month of April to June-24 15th July Form 15G/15H (for Apr-June 24) 15th July TDS Return for period April to June 24 31st July Income Tax Return for FY 2023-24 (AY 24-25) non-audit cases 31st July Form 10BBB (Intimation in Form 10BBB by a pension fund in respect of each investment made) 31st July GST Particulars Due Date GSTR 7 – TDS Return and Payment under GST for June-24 10th July GSTR 1 – Outward Supply under GST (Sales) for June-24 (Turnover is more than 5 Cr.) 11th July IFF – QRMP – Outward Supply under GST (Sales) for Quarter 1 (Turnover is less than 5 Cr.) 13th July GSTR-6 for INPUT SERVICE DISTRIBUTORS (ISD) 13th July CMP-08 (For Composition Dealer) 18th July GSTR 3B – Summary Return for month of June-24 (Monthly filling) T/o 5Cr and above 20th July GSTR 3B – Summary Return for month of June-24 (Monthly filling) up to 5Cr 22nd July and 24th July PMT 06 – Deposit of GST of June 2024 under QRMP scheme 25th July OTHER DUE DATES (LABOUR LAW, COMPANY LAW ETC) Particulars Due Date Payment of Provident Fund for month of June-24 15th July Payment of ESIC for month of June-24 15th July Annual Return of Foreign Assets and Liabilities for FY 23-24 15th July Note:Above mentioned due dates are only important due dates and not all due dates. Please comply or provide data to consultant well in advance for timely completion of filling. Thanking YouTeam ANG
Tax Implications of ESOPs for Startup Companies in India
Employee stock option plans, or ESOPs, were created with the idea of distributing ownership duties among staff members and keeping talent on board, which is critical for startups. To minimize cash outflow and attract and retain people, startups are increasingly creating an ESOP pool prior to funding as it is a tax-efficient strategy. Do you wish to offer Employee Stock Ownership Plans (ESOPs) to your staff members but are unsure of the tax implications for your startups? Don’t worry. Here’s an explanation of the tax implications of ESOP: Overview of Employee Stock Option Plan An Employee Stock Option Plan (ESOP) is an employee benefit plan that allows startups to give staff members ownership stakes in the company. Employee stock ownership plans (ESOPs) provide eligible employees the option to purchase the company’s stock after a vesting period, provided they meet the requirements specified in the company’s ESOP scheme. Employees can purchase company shares at a predetermined price after fulfilling any vesting requirements. The employees are essentially offered three different types of ESOPs. These are issued as common stock, stock appreciation rights, and stock options. ESOP Taxation Taxation of ESOPs is dependent on a number of circumstances, and it can be either exercised or sold. Here are the factors that form the basis of the ESOP’s tax treatment: These components make up the cost of taxes put on ESOPs and play a part in deciding it. ESOPs are subjected to two different tax treatment. Now, let’s be more specific about the tax implications. Taxation of ESOP at the time of Exercise: In this case, the shares are assigned to the employee after the end of the vesting term. The difference between the share’s fair market value on the exercise date and the exercise price is taken into account when the employee exercises this option. Section 17 of the Income Tax Act of 1961 will apply to this. The employer company should deduct the TDS on this employee’s exercise. The employer is also under an obligation to file on or before the 7th day of the next month. This part of the ESOP will be included in the employee’s total income on FORM 16. ESOP Taxation Paid by the Employee at the Time of Sale: The profits from the sale of the ESOPs are subject to capital gains taxes for the employee. Capital gains tax is the difference between the ESOP’s Sale Price and its Fair Market Value on the exercise date. There are two different kinds of capital gains: long-term and short-term. Selling an ESOP within 24 months of exercising any of the abovementioned choices results in a short-term capital gain. Selling an ESOP after 24 months of exercising any of the aforementioned options results in a long-term capital gain. Factors to Consider for ESOP Taxation Here are some of the factors to consider for ESOP taxation: Gains of more than INR 1,000,000 attained in a single year are considered long-term capital gains. In addition to any applicable surcharge and cess, they are liable to 10% tax. There is no indexation applied to them. Short-term capital gains are subject to a 15% tax rate (plus any applicable cess and surcharge). Several additional disclosures are now included on income tax return forms for assets owned overseas. Your income tax return’s schedule FA might ask you to disclose your foreign holdings. This holds true if you own RSUs or ESOPs from an international company. There are disclosure obligations for residents. Resident taxpayers are subject to a 20% tax rate (plus surcharge and cess) by the tax authorities. 10% (plus surcharge and cess) of non-residents’ income is taxed by the government. In short-term capital gains the total income is included. Final thoughts ESOPs are expected to grow more prominently as an important component of Indian startups as long as the rules are supportive. The ESOPs are taxed in a few different ways. The ESOP should be issued in conjunction with those for best results.
Common Tax Deductions Every Business Owner Should Know About in India
Business owners must report their business income on the ITR-3 form and pay taxes on it. They usually look for deductions and exemptions to reduce their tax liability because the tax amount might be a sizable amount. So, knowing the amount of the tax deduction and using it correctly will save a lot of money. Read below to learn about the important tax deductions that can greatly help business owners: Business Expenses Expenses that are directly associated with running a business are called business expenses. Section 37 of the Income Tax Act allows for the deduction of business expenses as long as they are used solely and exclusively for business purposes. Depreciation Depreciation is the gradual decrease in an asset’s value caused by use, wear and tear, and obsolescence. Depreciation is an allowable expense for businesses on assets, including computers, machinery, buildings, equipment, and cars used for company travel. Depending on the asset and the method selected, the depreciation amount and calculation technique change. Costs Associated with Employees Payroll costs include salaries, wages, commissions, bonuses, and other benefits that are given to staff members. It is also deductible to contribute to the Employee Provident Fund (EPF), Employee State Insurance (ESI), and other legal employee welfare programs. It’s important to make sure that the guidelines and restrictions outlined in the Income Tax Act are followed. Interest on Business Loans The interest paid on loans used for company might be deductible as a legitimate business expense. Interest on business loans, overdrafts, and other credit used for operating a firm are included in this. On the other hand, interest paid on personal loans or loans used for non-business purposes cannot be deductible. Insurance Premiums The premiums paid for business insurance policies that cover things like employee health insurance, professional indemnity insurance, and fire insurance are deductible. These premiums provide protection against various risks and liabilities associated with business operations. Charitable Contributions Under Section 80G of the Income Tax Act, donations made to recognized charity organizations are deductible. Subject to specified restrictions and criteria, businesses are permitted to deduct gifts made to qualified charitable organizations. Presumptive Taxation (Section 44AE) Section 44AE is applicable to taxpayers who own no more than ten goods carriages at any point in the year before and are engaged in the operating, hiring, or leasing of goods carriages. The projected rates shown below are used to determine income. All additional deductions are prohibited, with the exception of compensation and interest paid to partners. Development and Research Costs Businesses can deduct expenses for research and development (R&D) projects that are directly related to company operations. These costs are vital for increasing the competitiveness of the company and encouraging innovation and technical improvement in the sector. Bad Debts Section 36(1)(vii) of the Income Tax Act allows businesses to deduct bad debts. Bad debts arise when a company makes a good-faith effort but is unable to collect unpaid invoices from clients. The bad debt must be written down in the books of accounts as irrecoverable to be eligible for this deduction. Startup Expenses Section 35D of the Income Tax Act provides a specific period of time during which costs incurred prior to the start of business activities, including market research, feasibility studies, incorporation fees, and pre-operative expenses, are deducted. These costs form the groundwork for the company and are necessary for its founding and first phases of operation. These costs form the groundwork for the company and are necessary for its founding and first phases of operation. Amortization of Initial Costs A few preparatory costs are deductible under section 35D. Both resident non-corporate assessors and Indian firms are eligible for this deduction. Over the course of five consecutive years, starting in the year the business is established, the year the undertaking’s extension is finished, or the year the new unit starts producing or operating one-fifth of the qualifying cost is permitted as a deduction. Final thoughts Businesses can take advantage of the various tax advantages available to them and can significantly reduce their tax burden while increasing their profitability. Company owners must be updated with the most recent tax laws and regulations to benefit from these deductions. They should also get professional advice when necessary.
What are the major differences between in-house audits and external audits?
Audits will be routine within corporate governance and compliance. Though there are many forms of audits, the terms internal (in-house) and external audits is used more frequently. It is important for stakeholders to understand the differences between internal and external audits as they each have a unique but related function in guaranteeing operational efficacy and financial transparency. Most of the time, internal audits concentrate on a business’s internal operations and procedures, whereas external audits are independent reviews of the external records, usually financial data, kept by the business. Let’s learn about this in detail here: What is an Internal Audit? The internal evaluation of a business’s operations and procedures is known as an internal audit. Assessing the efficacy of internal controls and confirming that business activities comply with internal policies and procedures are the two main goals of internal audit. Internal auditing is another useful tool for identifying possible hazards and areas where the business’s processes could be improved. Internal audits are not mandatory, but many businesses still view them as best practices. What is an External Audit? External audit is a un unbiased evaluation of the financial data and documentation of a business. Usually, a company that specializes in external audits or a Certified Public Accountant (CPA) does external auditing. The goal of the external audit is to ensure stakeholders, including creditors and shareholders, that the company’s financial statements are accurate and compliant with applicable laws. Apart from being often used by private businesses to enhance their financial reporting and draw in investors, external audits are usually mandated by law for publicly traded corporations. Comparing Internal and External Audit The following are some of the numerous distinctions between the functions of internal and external audits: Final thoughts External and internal auditing are not opposed to each other, in fact they complement each other. If the external auditor sees fit, he/she may use the internal auditor’s work; however, this does not reduce the responsibility of the external auditor. Apart from providing guidance on a wide range of topics to improve operational efficiency, internal audits serve to check on the company’s operations. However, an external audit is conducted by a third party that is brought to the company and is completely independent. It verifies the organization’s annual accounts for accuracy and validity.
Common Tax Deductions Every Business Owner Should Know About in India
Business owners must report their business income on the ITR-3 form and pay taxes on it. They usually look for deductions and exemptions to reduce their tax liability because the tax amount might be a sizable amount. So, knowing the amount of the tax deduction and using it correctly will save a lot of money. Read below to learn about the important tax deductions that can greatly help business owners: Business Expenses Expenses that are directly associated with running a business are called business expenses. Section 37 of the Income Tax Act allows for the deduction of business expenses as long as they are used solely and exclusively for business purposes. Depreciation Depreciation is the gradual decrease in an asset’s value caused by use, wear and tear, and obsolescence. Depreciation is an allowable expense for businesses on assets, including computers, machinery, buildings, equipment, and cars used for company travel. Depending on the asset and the method selected, the depreciation amount and calculation technique change. Costs Associated with Employees Payroll costs include salaries, wages, commissions, bonuses, and other benefits that are given to staff members. It is also deductible to contribute to the Employee Provident Fund (EPF), Employee State Insurance (ESI), and other legal employee welfare programs. It’s important to make sure that the guidelines and restrictions outlined in the Income Tax Act are followed. Interest on Business Loans The interest paid on loans used for company might be deductible as a legitimate business expense. Interest on business loans, overdrafts, and other credit used for operating a firm are included in this. On the other hand, interest paid on personal loans or loans used for non-business purposes cannot be deductible. Insurance Premiums The premiums paid for business insurance policies that cover things like employee health insurance, professional indemnity insurance, and fire insurance are deductible. These premiums provide protection against various risks and liabilities associated with business operations. Charitable Contributions Under Section 80G of the Income Tax Act, donations made to recognized charity organizations are deductible. Subject to specified restrictions and criteria, businesses are permitted to deduct gifts made to qualified charitable organizations. Presumptive Taxation (Section 44AE) Section 44AE is applicable to taxpayers who own no more than ten goods carriages at any point in the year before and are engaged in the operating, hiring, or leasing of goods carriages. The projected rates shown below are used to determine income. All additional deductions are prohibited, with the exception of compensation and interest paid to partners. Development and Research Costs Businesses can deduct expenses for research and development (R&D) projects that are directly related to company operations. These costs are vital for increasing the competitiveness of the company and encouraging innovation and technical improvement in the sector. Bad Debts Section 36(1)(vii) of the Income Tax Act allows businesses to deduct bad debts. Bad debts arise when a company makes a good-faith effort but is unable to collect unpaid invoices from clients. The bad debt must be written down in the books of accounts as irrecoverable to be eligible for this deduction. Startup Expenses Section 35D of the Income Tax Act provides a specific period of time during which costs incurred prior to the start of business activities, including market research, feasibility studies, incorporation fees, and pre-operative expenses, are deducted. These costs form the groundwork for the company and are necessary for its founding and first phases of operation. These costs form the groundwork for the company and are necessary for its founding and first phases of operation. Amortization of Initial Costs A few preparatory costs are deductible under section 35D. Both resident non-corporate assessors and Indian firms are eligible for this deduction. Over the course of five consecutive years, starting in the year the business is established, the year the undertaking’s extension is finished, or the year the new unit starts producing or operating one-fifth of the qualifying cost is permitted as a deduction. Final thoughts Businesses can take advantage of the various tax advantages available to them and can significantly reduce their tax burden while increasing their profitability. Company owners must be updated with the most recent tax laws and regulations to benefit from these deductions. They should also get professional advice when necessary.
What are the major differences between in-house audits and external audits?
Audits will be routine within corporate governance and compliance. Though there are many forms of audits, the terms internal (in-house) and external audits is used more frequently. It is important for stakeholders to understand the differences between internal and external audits as they each have a unique but related function in guaranteeing operational efficacy and financial transparency. Most of the time, internal audits concentrate on a business’s internal operations and procedures, whereas external audits are independent reviews of the external records, usually financial data, kept by the business. Let’s learn about this in detail here: What is an Internal Audit? The internal evaluation of a business’s operations and procedures is known as an internal audit. Assessing the efficacy of internal controls and confirming that business activities comply with internal policies and procedures are the two main goals of internal audit. Internal auditing is another useful tool for identifying possible hazards and areas where the business’s processes could be improved. Internal audits are not mandatory, but many businesses still view them as best practices. What is an External Audit? External audit is a un unbiased evaluation of the financial data and documentation of a business. Usually, a company that specializes in external audits or a Certified Public Accountant (CPA) does external auditing. The goal of the external audit is to ensure stakeholders, including creditors and shareholders, that the company’s financial statements are accurate and compliant with applicable laws. Apart from being often used by private businesses to enhance their financial reporting and draw in investors, external audits are usually mandated by law for publicly traded corporations. Comparing Internal and External Audit The following are some of the numerous distinctions between the functions of internal and external audits: Final thoughts External and internal auditing are not opposed to each other, in fact they complement each other. If the external auditor sees fit, he/she may use the internal auditor’s work; however, this does not reduce the responsibility of the external auditor. Apart from providing guidance on a wide range of topics to improve operational efficiency, internal audits serve to check on the company’s operations. However, an external audit is conducted by a third party that is brought to the company and is completely independent. It verifies the organization’s annual accounts for accuracy and validity.
Recommendations of 53rd GST Council Meeting
GST Council recommends waiving interest and penalties for demand notices issued under Section 73 of the CGST Act (i.e., cases not involving fraud, suppression, or willful misstatement, etc.) for the fiscal years 2017-18, 2018-19, and 2019-20, if the full tax demanded is paid up to 31.03.2025. GST Council recommends the time limit to avail input tax credit with respect to any invoice or debit note under Section 16(4) of the CGST Act, through any GSTR 3B return filed up to 30.11.2021 for FY 2017-18, 2018-19, 2019-20, and 2020-21, may be deemed to be 30.11.2021. GST Council recommends a reduction of the quantum of pre-deposit required to be paid for filing appeals under GST. GST Council recommends amending provisions of the CGST Act to provide that the three-month period for filing appeals in the GST Appellate Tribunal will start from a date to be notified by the Government. To ease the interest burden of the taxpayers, GST Council recommends not to levy interest under Section 50 of the CGST Act in case of delayed filing of returns, on the amount which is available in the Electronic Cash Ledger (ECL) on the due date of filing of the said return. GST Council recommends a sunset clause from April 1st, 2025, for the receipt of any new application for Anti-profiteering. GST Council recommends exemption from Compensation Cess leviable on the imports in SEZ by SEZ Unit/developer for authorized operations from 1st July 2017. GST Council recommends 12% GST on milk cans (steel, iron, aluminum) irrespective of use; Carton, Boxes and Cases of both corrugated and non-corrugated paper or paper-board; Solar cookers whether single or dual energy source; and sprinklers including fire water sprinklers. GST Council recommends exemption of certain services provided by Indian Railways to the common man and also intra railway supplies. GST Council recommends certain exemptions related to accommodation services, providing relief to students and working professionals. GST Council recommends rolling out the biometric-based Aadhaar authentication of registration applicants on a pan-India basis in a phased manner. Posted On: 22 JUN 2024 7:43PM by PIB Delhi The 53rd GST Council met under the Chairpersonship of Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman in New Delhi today. The meeting was also attended by Union Minister of State for Finance Shri Pankaj Chaudhary, Chief Ministers of Goa and Meghalaya, Deputy Chief Ministers of Bihar, Haryana, Madhya Pradesh, and Odisha, besides Finance Ministers of States & UTs (with legislature) and senior officers of the Ministry of Finance & States/UTs. The GST Council, inter alia, made the following recommendations relating to changes in GST tax rates, measures for facilitation of trade, and measures for streamlining compliances in GST. Read More