Any person making the taxable intra-state supply of goods/services with an annual aggregate turnover of more than Rs 20 lakh (Rs 40 or Rs 10 lakh, as may vary depending upon the supply and state/UT) or undertaking inter-state supply (without any threshold limited) are mandatorily required to obtain GST registration.GST registration number or GST identification Number (GSTIN) is a unique 15-digit number provided by the tax authorities to monitor tax payments and compliances of the registered person. Business needs different sets of documents depending upon the constitution of the business or the type of GST registration that they wish to obtain.Latest Update17th April 2025The CBIC issued instructions to its GST officers in Central Tax Instruction No. 03/2025-GST. It outlines instructions for processing the GST registration applications, emphasising compliance with the document lists, avoiding unwarranted queries and ensuring timely approvals. It also includes guidelines to verify place of business, and physical verification process.12th February 2025The GSTN has released an advisory regarding new Aadhaar and biometric authentication requirements for GST Registration.

The taxpayer has to take sufficient care to enter details at the time of GST registration since it will form a part of his permanent record. There is, however, always a possibility of human error leading to mistakes in entering data. The taxpayer might also receive a notice as a result of such mistakes. However, this should not be a cause for worry. There is an option to clarify registration details as a response to such a notice.Latest Updates17th April, 2025The CBIC has issued new instructions regarding the processing of GST registration applications.

The Aadhaar card is an essential document one must have in recent times. It is a proof of identity and proof of address; mostly, it is a source to identify you as an Indian citizen. If you still don’t have an Aadhaar card, it is high time for you to enrol for one. Procedure to Fill Aadhaar card enrolment formStep 1: Download the Aadhaar enrolment form from the UIDAI website. You can also visit the nearest Aadhaar center to get the form.

Profits as per your financial statements rarely match with your taxable profits. And it would be incorrect to ignore to account for the difference between these two profits. To govern the accounting for such differences, we cover the following topics  in this article w.r.t. AS 22 Accounting for Taxes on Income:Introduction – Accounting StandardAccounting Standard 22 has been prescribed by ICAI to be applied in accounting for taxes on income. This AS is applied to match the differences between accounting income and taxable income.

Latest UpdatesThe Ministry of Corporate Affairs (MCA) issued the Companies (Auditor’s Report) Order, 2020 on 25 February 2020, applicable from 1 April 2021, corresponding to the financial year 2020-21. Thus, the CARO 2016 is now replaced by CARO 2020, and companies must prepare report as per CARO 2020.The Ministry of Corporate Affairs (MCA) issued Company Auditor’s Report Order (CARO), 2016 on 29th March 2016. This order superseded the earlier order (CARO 2015).The Existence of CARO, 2016MCA was of the objective that there are certain particular issues that are important to be reported with the financial statements for certain entities as a part of their audit reports. The auditor of such prescribed entities is required to report on the points mentioned under this order after performing procedures for verification of the same.Applicability of CARO 2016CARO 2016 is applicable to all the companies except the following (which) are specifically excluded from its purview:A. Banking CompaniesB.

Employee’s Provident Fund (EPF) is a government-backed investment cum retirement planning scheme. The employees working in eligible organisations should compulsorily contribute a minimum of 12% of their basic salary on a month-on-month basis. The employer as well contributes with a matching amount. We have covered the following in this article:PF UpdatesThe EPFO gives an interest rate of 8.25%p.a. for FY 2024-25 and FY 2023-24 to subscribers of the Employee Provident Fund (EPF). What is VPF?Voluntary Provident Fund (VPF) is the contributions made by the employees that are over and above the minimum contribution set by the Employees’ Provident Fund Organisation (EPFO).

What is Depreciation?Depreciation is a measure of loss of value of a depreciable asset arising from use, the passage of time or obsolescence either through technological or market changes. Depreciation is charged in a fair proportion of the depreciable amount in every accounting period during the expected useful life of the asset. As everything loses value over time, we are able to treat depreciation as an expense because it is beneficial to the company, which owns the depreciable assets. Depreciation charged on the depreciable assets can be recorded as an expense in the Profit & Loss A/c.The depreciation charged as an expense in the Profit & Loss A/c helps compensate the company for the value lost on the depreciable assets. Depreciable assets are those assets that are used for the purpose of business which can be depreciated.

‘Customs Duty’ refers to the tax imposed on the goods when they are transported across the international borders. The objective behind levying customs duty is to safeguard each nation’s economy, jobs, environment, residents, etc., by regulating the movement of goods, especially prohibited and restrictive goods, in and out of any country.Every good has a predefined rate of duty that is determined based on various factors, including where such good was acquired, where such goods were made, and what these goods is made of. Also, anything that you bring into India for the first time should be declared as per the customs rules. For instance, you need to declare the items purchased in a foreign country and any gifts which you acquire outside India.Latest UpdatesUnion Budget 2025: 1st February 20251. Rationalisation of Customs Tariff and Duty Inversion: Budget 2025 proposed the further reduction of 7 tariff rates, leaving only 8 (including ‘zero’), along with a single cess/surcharge per item.

Accountability of the company to the stakeholders is mandatory and is done via Financial Statements, disclosures, Board’s report and the Auditor’s report. The main means of communication between the Board of Directors and the shareholders is through the financial statements. Form AOC 4 is used to file the financial statements for each financial year with the Registrar of Companies (ROC). In the case of consolidated financial statements, the company shall file the AOC 4 CFS.Who has to file AOC 4?Every company should file financial statements along with Form AOC 4.Every Non-Banking Financial Company (NBFC) required to comply with the Indian Accounting Standards (Ind AS) should file the financial statements with Form AOC 4 NBFC (Ind AS) and the consolidated financial statement, if any, with Form AOC 4 CFS NBFC (Ind AS).Every company covered under the Section 135(1) of the Companies Act, 2013 should furnish a report on Corporate Social Responsibility in Form CSR-2 for the preceding financial year (2020-2021) and onwards as an addendum to Form AOC 4 or AOC 4 XBRL or AOC 4 NBFC (Ind AS), as the case may be. However, for the financial year 2021-2022, Form CSR-2 can be filed separately on or before 31st March, 2023 after filing Form AOC 4 or AOC 4 XBRL or AOC 4 NBFC (Ind AS), as the case may be.Where the companies are covered under the XBRL requirement under the Companies (Filing of documents & Forms in Extensible Business Reporting Language) Rules, 2015, the financial statements should be uploaded in the XBRL format.

Profitability ratio is used to evaluate the company’s ability to generate income as compared to its expenses and other cost associated with the generation of income during a particular period. This ratio represents the final result of the company.ImportanceProfitability represents final performance of company i.e. how profitable company. It also represents how profitable owner’s funds have been utilized in the company.Types of Profitability RatioReturn on EquityEarnings Per ShareDividend Per SharePrice Earnings RatioReturn on Capital EmployedReturn on AssetsGross ProfitNet ProfitReturn on EquityThis ratio measures Profitability of equity fund invested the company.  It also measures how profitably owner’s funds have been utilized to generate company’s revenues.