Power Of Factorial Business Solutions - Top Auditors & Tax Consultants.

  Introduction In today’s regulatory landscape, maintaining compliance with the Ministry of Corporate Affairs (MCA) is crucial for companies in India. Ensuring timely filing of financial statements and Annual General Meeting (AGM) reports is not only a legal requirement but also a cornerstone of corporate governance. Through various MCA forms, such as AOC-4, AOC-4 XBRL, and MGT-15 , companies report their financial standing, operational results, and compliance status to stakeholders and regulators. Power of Factorial Business Solutions specializes in providing expert assistance for these MCA filings, ensuring that businesses remain compliant with ease and efficiency. What is MCA Filing, and Why is It Important? The Ministry of Corporate Affairs mandates that companies in India submit their financial statements, including profit and loss, balance sheets, and other financial documents, as part of a yearly compliance exercise. Each financial year, companies must file these statements,...

  Summary of Goods Sent to / Received from Job Worker: Filing Requirements for Businesses with AATO Over Rs.5 Crore Businesses that engage in sending or receiving goods from job workers must follow specific compliance requirements under the GST regulations. One such critical compliance pertains to half-yearly filings for entities with an Aggregate Annual Turnover (AATO) exceeding Rs.5 crore. What Is Job Work? Job work refers to the processing or treatment of goods by a third party, also known as a job worker. The principal manufacturer sends goods to the job worker, who completes the required tasks and sends them back. This process is essential in sectors like textiles, automotive, electronics, and many others, where certain stages of production or manufacturing are outsourced. Under the GST framework, tracking goods sent to or received from a job worker is crucial, and the government has mandated filing returns related to these transactions. Filing Requirement for Goods Sent/Recei...

  Why Your Food Business Needs FSSAI Registration: Top Benefits Explained! Running a food business in India? Whether you're a street food vendor, a large-scale manufacturer, or an online food delivery service, getting an FSSAI Registration is a critical step that you can't afford to overlook. Many entrepreneurs and food operators fail to understand its significance until it's too late, leading to unnecessary hassles and fines. But beyond the legal mandate, an FSSAI Registration brings numerous benefits to your business that are worth the effort. What is FSSAI Registration and Why Does It Matter? The Food Safety and Standards Authority of India (FSSAI) is the top regulatory body responsible for ensuring the safety and quality of food in India. FSSAI Registration is mandatory for anyone involved in the food business, from manufacturing and storage to distribution, sales, and imports. But why does this matter for your business? Let’s break it down into tangible benefits: Top B...

  Key Updates to CGST Rules in 2024: What You Need to Know The Central Goods and Services Tax (CGST) rules have undergone important revisions in 2024, introducing a series of changes aimed at enhancing taxpayer compliance and streamlining the GST process. These amendments are crucial for businesses to stay compliant and avoid penalties. Below are some of the major updates that taxpayers should be aware of. 1. Mandatory Linking of Bank Account with GSTIN From 2024, it has become mandatory for businesses to link their bank account to their GST Identification Number (GSTIN) in order to file GSTR-1. This measure aims to increase transparency and ensure that businesses have a verifiable financial trail. Any failure to comply with this requirement may result in restrictions on filing returns or delays in processing refunds. 2. Changes in GSTR-1 Filing In addition to the new bank account linkage rule, there have been changes in the format and submission deadlines for GSTR-1. The updated r...

  Mastering GST Compliance: How GSTR-1A and IMS Simplify GSTR-3B Filing Navigating GST compliance can be a challenging task for businesses of all sizes. With frequent updates and evolving regulations, it’s important to streamline the process to avoid errors and penalties. The introduction of GSTR-1A and the Integrated Management System (IMS) is designed to help businesses manage their GST filings more efficiently, particularly when it comes to filing GSTR-3B . What is GSTR-1A? GSTR-1A is a crucial document that enables taxpayers to correct mismatches in their GSTR-1 returns, which list all outward supplies made during a specific period. When your customer reports a different transaction amount, GSTR-1A lets you review and accept or reject those modifications before filing GSTR-3B. This ensures that your outward supply details match the records of your recipients, thus avoiding discrepancies that could result in fines or audits. The Role of IMS in Streamlining GST Filing The Int...

 The long-awaited Invoice Management System (IMS) is now live on the GST portal, offering taxpayers a more streamlined way to handle invoices and manage their Input Tax Credit (ITC) effectively. Launched on 14th October 2024 , IMS is designed to help taxpayers align their invoices with those issued by suppliers, ensuring they claim the correct ITC. Key Highlights of the New IMS With the new IMS in place, taxpayers can now take action on the invoices reflecting on the portal from 14th October 2024 onwards. The system gives recipients the ability to accept , reject , or keep invoices pending , with any action or inaction influencing their GSTR-2B report. The first GSTR-2B report reflecting these changes will be generated for October 2024 and made available on 14th November 2024 . It’s important to note that while the system facilitates better invoice management , it is not mandatory for taxpayers to take immediate action for GSTR-2B generation. However, any accepted invoices ...

  Important Tax and Compliance Deadlines for 15th October 2024 As the 15th of October 2024 approaches, several critical tax and compliance deadlines need to be addressed to avoid penalties. Here’s a breakdown of the key tasks and forms due for submission: 1. Issuance of TDS Certificates (Section 194-IA, 194-IB, 194M, 194S) All individuals responsible for deducting tax under sections 194-IA, 194-IB, 194M, and 194S during August 2024 must issue the relevant TDS certificates to the payees by 15th October 2024 . This includes transactions related to the purchase of immovable property, rent payments, payments to contractors, professionals, and transfer of virtual digital assets. 2. Furnishing of Form 24G (September 2024) Government offices responsible for tax deductions or collections (TDS/TCS) in September 2024, where the payments have been made without the production of a challan, must submit Form 24G by 15th October 2024 . This form enables the government to link the TDS/TCS with t...

  Understanding GST: A Simple Guide for Businesses Goods and Services Tax (GST) is one of the most important aspects of running a business in India today. It is a single tax that replaced multiple indirect taxes, making it easier for businesses to comply with regulations. But for many, GST still feels like a complex maze. This blog aims to simplify GST for you, whether you're just starting out or looking to ensure your business remains GST-compliant. What Is GST? GST stands for Goods and Services Tax, a comprehensive indirect tax levied on the manufacture, sale, and consumption of goods and services. It is designed to streamline the taxation system by consolidating various state and central taxes into one unified tax. GST is divided into three categories: CGST (Central Goods and Services Tax) : Collected by the central government on intra-state sales. SGST (State Goods and Services Tax) : Collected by state governments on intra-state sales. IGST (Integrated Goods and Services Tax) ...

  BBMP Trade License: What It Is and Why Your Business Needs It If you’re running a business in Bengaluru, one of the most important things you’ll need is a BBMP Trade License . But what exactly is it, and why should it matter to you? Let’s break it down in simple terms. What is a BBMP Trade License? A BBMP Trade License is a legal document issued by the Bruhat Bengaluru Mahanagara Palike (BBMP) that gives you the green light to run your business within Bengaluru’s city limits. It’s like getting an official stamp of approval that says your business is safe, compliant with regulations, and legal to operate. Why is a BBMP Trade License Important? You might be wondering why you even need this license. Here are a few key reasons: Stay on the Right Side of the Law : Without a trade license, running a business is technically illegal in Bengaluru. This could lead to penalties, fines, or even having your business shut down. Customer Trust : A trade license isn’t just about legalities; it...

How Auditors Keep Your Business Financially Stable (and Why You Really Need One) Running a business is tough, right? Between juggling sales, customer relations, and keeping the wheels turning, it's easy to overlook something critical—your finances. But here’s the truth: financial stability is the backbone of any business. Without it, everything falls apart. That’s where auditors step in. They aren’t just here to check your books—they’re here to protect your business from financial mishaps, big or small, that could send everything spiraling out of control. So, what exactly do auditors do? And why should you care? Let’s break it down. Auditors: More Than Just Number Crunchers When you hear the word auditor , you probably picture someone with a calculator and a giant stack of paperwork, right? While that’s part of the job, an auditor is so much more than that. Think of them as your financial safety net. Their job is to dive into your finances with a microscope—checking every line, eve...

  Why You Should Consider GST Registration: A Simple Guide for Your Business If you’re a business owner in India, you’ve probably heard of GST (Goods and Services Tax). But what exactly does it mean for your business? And more importantly, why should you consider registering for GST, even if it’s not mandatory for you yet? Let’s break it down in a way that’s easy to understand, so you can make an informed decision. What is GST, Anyway? GST is a comprehensive indirect tax on the manufacture, sale, and consumption of goods and services across India. It replaced a bunch of complicated taxes like VAT, service tax, and excise duty. Now, instead of dealing with different taxes at different stages, you just have one tax—GST. But how does this affect you as a business owner? The Benefits of GST Registration Legal Recognition & Credibility Registering for GST adds a layer of professionalism and trust to your business. It shows that you’re compliant with tax laws, which can help you bui...

  A Complete Guide to Import & Export Licensing: Everything You Need to Know In today's interconnected global economy, businesses of all sizes are exploring new markets across borders. Whether you're a small startup or an established company, entering international trade can significantly expand your growth opportunities. However, before you can begin importing or exporting products, there’s one crucial element you need: Import & Export Licensing . This comprehensive guide breaks down the essentials of obtaining the right licenses to engage in international trade, helping you navigate the complexities and ensuring compliance with regulations. What is Import & Export Licensing? Import and export licensing are official permits issued by the government to allow businesses to import goods into a country or export products out of it. These licenses ensure that your business adheres to national and international trade laws, reducing risks like illegal trade, smuggling, or...