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...