TDS Section 194Q vs TCS. For SAP Users.

In Tax Collected at Source (TCS) by Rajesh Thampy

The Finance Bill, 2021 has proposed to introduce a new section 194Q to the Income-tax Act, 1961 which requires a buyer to deduct tax at source in case of purchase of goods, the value or aggregate value of which, exceeds INR 50 Lakh in a financial year. The provisions of this section would come into effect from 01-Jul-2021 and would ...
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What is Digital Transformation?, "Rise with SAP"​?, S/4HANA cloud? and IVL Cloud Apps?

In SAP Innovation by Sunil Gupta

What is digital transformation in the context of companies?The whole purpose of the business is to serve customer happily and profitably, delivering value for their investment. The customer is at the center of any need for transformation. I have heard many experts speaking on this subject and they talk of implementing the digital tools and technology as the purpose of ...
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Summary of GST Notifications issued on 01-06-2021 by CBIC

In GST Council updates by Keval Sheth

Notification No. 16/2021 of Central Tax Dated: 01/06/2021 Appointed Effective date for provisions of section 112 of Finance Act, 2021 as 1st June 2021, which amended Sub section (1) Section 50 of Central Goods and Services Act retrospectively. i.e., Interest shall be levied only on the portion of the tax which is paid by debiting the electronic cash ledger. Notification No. 17/2021 of ...
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Enabling Customers to Operate Profitably, Adapt Continuously and Grow Sustainably with Localized SAP Solutions

In Blog by admin

Many leading enterprises in India use SAP ERP solutions that are not completely localized, especially in terms of statutory compliances, taxation, and end-to-end integration for country-specific processes. Innoval Digital Solutions (IVL) combats this challenge and supports organizations from the compliance intricacies through its localized add-ons products for SAP. Innoval enhances organizations and their people to collaborate more effectively and to ...
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Updates on Budget 2021 related to GST

In GST Council updates by Keval Sheth

Budget 2021: Updates as on 1st February 2021 GST audit requirement by specific professionals such as CAs and CMAs has been removed from the GST law. Sections 35 and 44 have been amended in this regard. As per the amendment, only GSTR-9 annual returns on a self-certification basis need to be filed on the GST portal by taxpayers, completely removing ...
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Summary of CGST (Fourth Amendment) Rules, 2021 vide Notification No. 15/2021 – Central Tax dated 18th May,2021

In GST Council updates by Keval Sheth

A brief summary is as under: Rule 23(1)is amended to allow the filing of an application for revocation of cancellation of registration within a period of 30 days from date of service of the order of cancellation or within such time period as extended by the Additional Commissioner or the Joint Commissioner or the Commissioner, as the case may be. ...
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IGCR – Amendment Rules 2021- A Boost to Trade facilitation for MSME’s without having manufacturing facility

In Export and Import by Vivek C V

Outline: MSME Importers who do not have any manufacturing facility can now avail IGCR2017 to Import goods at a concessional customs duty and get the final goods manufactured entirely on Job work basis. (Gold/ Jewellery / Precious metals have been excluded ) In view of demands from trade and Industry and having regard to their changing needs as per prevalent ...
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MOOWR 2019 – Manufacture and other Operations in warehouse : A Constructive Upkeep for Indian Manufacturers

In Export and Import by Vivek C V

Prelude:As the current Exports Incentive schemes Published in India’s Foreign Trade policy are being challenged in WTO by various countries for providing Exports Incentives which is against the Article 3.1of the WTO subsidies and countervailing agreement and moreover, the Incentive rates are getting reduced every year and procedure complexities are more in claiming the same at the right time which ...
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GST Notifications by CBIC as on 01st May,2021.

In GST Council updates by Keval Sheth

Extension in dates of various GST Compliances for GST Taxpayers vide Central Tax Notification Nos. 10/2021, 11/2021, 12/20211, 13/2021, 14/2021, all dated 1st May, 2021.The details are summarized below: Filing of Form GSTR-1/IFF by Normal Taxpayers: Sl. No. Return Type(Form) To be filed by Tax period Due Date Due Date Extended till  Notification No. 1 Form GSTR-1 (Monthly) Normal Taxpayer ...
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