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5 Interesting Digital Trends to Adapt Now: A Quick Walkthrough

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By Mr. Vikram Kumar, Co-Founder and Managing Director, SRV Media Pvt. Ltd. The COVID situation has brought a new wave of digitisation. With people stuck at homes, the only source of entertainment are digital platforms; social media to connect with others and OTT platforms for entertainment. According to Ormax Media’s Research, it is expected that the OTT platforms will grow at 22% every year in the following four years. In the month of March 2020 alone, OTT Platforms witnessed a 34% increase in average time spent. Even social media usage has gone up by 87% in the current covid times. What does this mean for brands? How will it impact their digital marketing strategies in the post COVID era? What new trends have emerged in these unprecedented times? Let’s take a look… If you care, you...

Paratha is not roti – AAR ruling sparks debates across the country

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The Authority of Advance Ruling in Karnataka has ruled that ready-to-eat paratha needs to be heated or further processed for human consumption and hence is liable for 18% GST sparking quite the debate on social media last week. Bengaluru based ID Fresh Foods had sought an advance ruling to understand whether the supply of whole wheat parathas and Malabar parathas would be classified under Chapter 1905 and attract a GST rate of 5%. ID foods are in the business of manufacturing and supplying ready to cook products like idli and dosa batter and heat and eat products like parathas and chapatis. The Authority for Advance Ruling in Karnataka held that ‘heat and eat’ parathas were not covered by any other heading under the HSN code system. Additionally, since the parathas needed to be...

GST 2.0 – Introduction to New GST Returns

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India’s most significant indirect tax reform, the Goods and Services Tax is on the path to a total revamp with the New GST Returns System. For those who aren’t familiar with the New Returns, these 101 series will help you understand everything you need to know about this new phase of the GST revamp that is scheduled for October 2020. Let us start at the beginning. The Goods and Services Tax was implemented in India in 2017, and it did not really have the smooth sailing reception that most people hoped it would. Other countries who have levied GST as a tax reform seemed to have faced issues of inflation, initial confusion over tax slabs, etc. and the situation was no different for India. But two years into the introduction of GST and the uncertainty around forms and filing of re...

Why are GST taxation reforms critical this year?

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Experts believe that the economy tends to take a back seat when political and religious issues take precedence over everything else. Amidst all the protests and rallies around the CAA bill, India seems to be forgetting that the new financial year is just around the corner and we, as an economy, can’t afford to continue with our rather slow and painful pace of growth. India seems to be struggling to meet its Goods and Services Tax Revenue Targets, and with collections wilting every month, it is important to focus on improving the GST system starting FY 2020-21. This article outlines some of the measures that will be undertaken by the Government explicitly around the Goods and Services Tax. Electronic invoicing rolled out Electronic invoice (e-Invoice) is a system under which Business ...

Provisions of Insolvency and Bankruptcy Code override GST provisions

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The Insolvency and Bankruptcy Code 2016 (IBC) was introduced to promote the ease of doing business in India, to address the issue of liquidity in cases relating to insolvency/bankruptcy in India. It consolidates all existing insolvency-related laws like the Sick Industrial Companies, Special Provisions Act 1985, and many more. The IBC also specifies that it will override any other legislation in cases of conflict. The companies going through a resolution mechanism under the IBC, the revenue authorities are insisting on having a priority in the collection of past tax dues. In December 2019, the National Company Law Tribunal (NCLT), Chennai, in the case of T. R. Ravichandran – Resolution Professional (RP) for Kiran Global Chem Limited1. (Corporate Debtor), has directed the revenue auth...

GST authorities to accept GSTR-9 and 9C returns without late fees

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The Tax Bar Association approached the Rajasthan High Court [D.B. Civil Writ Petition No. 1805/2020] contending that the Forms GSTR-9 and 9C of various taxpayers, for Financial Year 2017-2018, could not be uploaded by the due date because of technical glitches on the Goods and Services Tax (GST) portal. The Tax Bar Association appraised the High Court regarding technical glitches in filing of Forms GSTR-9 and 9C with various data/screenshots and also the arbitrary fixation of last dates, through ‘tweet’ on Twitter, by the Central Board of Indirect Taxes and Customs (CBIC). The High Court after taking into consideration screenshots submitted by the Tax Bar Association regarding the unsuccessful attempts of the tax professionals, held as under: GST portal appears to be having technical bottl...

Healthcare Analytics

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Many of the systems nowadays are trying to attempt and implement data in hazardous ways which could lead to loss of data integrity. To fight these issues We have the Healthcare IT Analytics model which improvises the framework to evaluate the industry adoption towards analytics. It creates a roadmap for the organization to make its own quality progress. This can also help us with the evaluation of vendor products. If used properly Healthcare Analytics Solutions help with the patient’s health care. We refer to data analytics which directs us to practice taking masses of aggregated data to draw the important insights of the information. Since it is data reliant. It can help derive insights on systemic wastes of resources and can track out individual performance.   Healthcare Analytics h...

Why streamlined workflow and tax automation are critical in GST and E-way bill era

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Supply chains cannot be swift if there are disruptions caused by manual GST compliance. The introduction of the Goods and Services Tax (GST) has been an important step in the field of indirect tax reforms in India — and one that has affected all sectors of the Indian economy. For companies dealing in goods, the stakes are high when it comes to managing the GST compliance process. Supply chains, warehouses, logistics, retail, even transportation companies and distributors can have a considerable impact on whether GST returns are filed accurately and in a timely manner. A disruption in one link can potentially buckle the entire value chain of supply. Pre-GST, supply chains, coupled with the warehousing and logistics industries, were often highly unorganized and fragmented, primarily due to i...

NASSCOM Fintech Policy Roundtable on MDR and Digital Payment Adoption | 17th January in Mumbai

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Dear Members, Over the last few days, major developments have taken place pertaining to the zero MDR announcement, such as: Businesses with turnover of more than ₹ 50 crore have to mandatorily provide facilities for accepting payments through electronic modes, such as, RuPay debit cards, UPI and UPI QR codes. Section 10A of the Payment, and Settlement Systems Act 2007 when read in conjunction with Section 269SU of the Income-tax Act, 1961, alludes that no bank or system provider shall impose any charge on a payer making payment, or a beneficiary receiving payment, through RuPay debit cards, UPI and UPI QR codes. The MDR reimbursement schemes by MeitY stands closed. We are organizing a roundtable to understand the impact of these policy changes on different stakeholders. Based on the discus...

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