If data is the new oil, then definitely the engine it fuels is business intelligence. And every engine requires high-quality fuel to perform at its best. This article explains ETL as a critical process in the growing fields of data mining, data warehousing and business analytics. Stay with us to learn everything about what, when and how of ETL. What is ETL?The ETL full form is Extract, Transform and Load. It’s a process followed in data mining, extraction and warehousing, especially when data is being collected from multiple sources of varying data structures. The rules and principles followed in designing an ETL process depend on business use cases.

The Central Goods and Services Tax (CGST) is an important part of India’s GST system, introduced on July 1, 2017. The GST law replaced several old indirect taxes from the central and state governments with one unified system. Let’s take a closer look at CGST, its key features, benefits, and calculation. What is CGST?Beginning with the full form, CGST refers to Central Goods and Services Tax and is a type of indirect tax under Goods and Services Tax (GST) in India. CGST ApplicabilityCGST applies on intrastate transactions, i.e. on goods and services that are traded within the same state. On such transactions, the government collects both CGST and SGST (State Goods and Services Tax).

The manufacture and sale of fans in India attract Goods and Services Tax (GST). In this article, we decode GST on fans, including ceiling fans, wall fans, and more. Keep reading to find out the HSN code and GST rate on fans.GST Rate on Fans and HSN CodeYou can refer to this table for the HSN code and GST rate on fans:DescriptionHSN CodeGST%Air pumps, vacuum pumps, compressors, fans, hoods with fans for ventilation841418%Other hand pumps841420205%^Table, floor, window, wall, roof or ceiling fans with a self-contained electric motor of an output not exceeding 125 W8414515018%Table fans8414511018%Ceiling fans8414512018%Pedestal fans8414513018%Railway carriage fans8414514018%Wall fans8414515018%Other fans8414519018%Air circulators8414591018%Portable blowers8414592018%Industrial blowers and fans8414593018%Hoods with a maximum horizontal side not exceeding 120 cm8414600018%^Rate change is with effective from 22nd September 2025.Use our ready reckoner to find the HSN code and GST rate on various other goods and services.Advance Rulings An advance ruling allows taxpayers to obtain clarity on the interpretation and application of GST laws concerning their specific transactions or activities.Here is an advanced ruling related to the rate of GST applicable to fans.Case:M/s. Star Enterprise, the applicant, asked for clarification regarding the GST rate applicable to air circulation fans that are principally distributed to poultry houses and businesses for livestock ventilation. The applicant also included the product’s technical specifications, a sales invoice, and a brochure.

Today, organisations are increasingly relying on third-party vendors to improve their operations and increase growth. These partnerships bring multiple benefits but also several serious risks. It may cause disruption to business continuity and damage to the company’s reputation. Therefore, every large enterprise must have a strong vendor risk management programme in place to detect, measure and overcome vendor-related risks. In this article, we cover the key aspects of vendor risk management, such as audit checklists, workflows, reporting mechanisms, advantages and best practices.What is Vendor Risk Management?Vendor risk management (VRM) is a continuous due diligence process to identify, evaluate, manage and mitigate the risks resulting from third-party vendors and business partners for the duration of a business contract. The process helps an enterprise acknowledge red flags related to poor data security controls, cyber security failures, regulatory violations and supply chain disruptions that can be avoided with timely intervention. A properly structured VRM programme will make sure that the vendors are working in compliance with the company’s security policy and regulatory standards to protect sensitive business information while the business contract is active.Types of Vendor RisksVendors hold the potential to destabilise business operations with various types of risks, such as:Operational Risks: This risk stems from internal or external events with the potential to disrupt services provided by a vendor.

Shipping goods comes with freight charges, but how does GST affect them? This article explains how GST applies to freight, whether you can claim ITC, the HSN and SAC codes for freight, and what to expect with the Reverse Charge Mechanism (RCM) on freight charges, etc.What are Freight Charges?Freight charges refer to the expenses businesses incur to transport goods from one place to another. These charges vary based on several factors. The following is a breakdown of the common components of freight charges:ComponentDescriptionMode of TransportThe means used to move goods—road, rail, air, or sea. Each mode has distinct costs.Loading and UnloadingFees for handling the goods at both the origin and destination points.Forwarding CostsCovers safe delivery, packaging, and necessary documentation.How GST Applies to Freight ChargesScenarioGST ApplicabilityExplanationFreight charges included in the sale invoiceGST applies at the rate applicable to the goods soldIf freight is part of the total value of goods, it gets taxed at the same rate as the goods.Freight charges are billed separatelyGST applies as per the freight service rate.When billed separately, the applicable rate depends on the type of transport used.Freight charges paid to Goods Transport Agencies (GTA)GST applicable at 5% (without ITC) or 12% (with ITC) if the GTA opts to pay under forward charge, or 5% (without ITC) under the reverse charge mechanismIn most cases, the recipient (buyer) pays GST under RCM for GTA services. Check the list of  recipients covered under the Reverse Charge Mechanism.Freight charges for the export of goodsExempt from GSTFreight services for exports are generally GST-exempt.Reverse Charge Mechanism (RCM) on Freight ChargesThe Reverse Charge Mechanism (RCM) under GST shifts the tax liability from the supplier to the recipient, ensuring streamlined tax compliance for specific services in the transport and logistics sector. The CBIC notification no. 03/2022-Central Tax (Rate) dated 13th July 2022 clarified the GST rates applicable to Goods Transport Agencies (GTAs) on both a forward and reverse charge basis as follows:Service CategoryGST Rate (%)Special Conditions/NotesGoods Transport Agency (GTA) services - when the GTA does not opt to pay GST on a forward charge basis5%Input tax credit is not allowed on goods and services used in supplying the serviceGoods Transport Agency (GTA) services - when the GTA opts to pay GST on a forward charge basis5% or 12%If the 5% rate is selected, input tax credit is not allowed on goods and services used in supplying the service.(Note that the option to pay GST on a forward charge basis must be exercised by the GTA by filing a declaration.)One must note the following: Other than GTAs or courier agencies, road transportation is exempt from GST. GTAs exclusively providing RCM-liable services are not required to obtain GST registration.Ancillary services (e.g., loading, unloading, warehousing) are part of the composite GTA service if billed together and taxed under RCM.

Despite its price point, the iPhone has grown to be a very popular phone brand in India. However, iPhone buyers are always apprehensive about GST on iPhones as it forms a substantial part of the cost. In this article, we decode the GST rate on iPhone mobiles, the type of GST on iPhones, the input tax credit available, import duties on iPhones, and more.For more information on GST on mobile phones, you can refer to our article here.GST on iPhonesBefore the implementation of GST, there were various taxes levied by the Central and state governments, such as Customs duty, Central Excise, and VAT, at various stages of value addition. Now, post the implementation of GST, there is still Customs Duty levied on iPhones as they are imported into India from countries like China.In fact, the reason why iPhones are as expensive as they are is because of the amount of indirect taxes forming a part of the value, which at present, includes Customs duty and GST.GST Rate on iPhones in IndiaUnder the GST law, the rate applicable on mobile phones is 18%. Hence, the GST rate on iPhones is 18%.

Since GST came into effect, there have been several disputes regarding its implementation, rates, refunds, etc. Also, due to the lack of specialised branches, all the GST-related matters were being referred to High Courts, for which the taxpayers faced many challenges. To address these issues, the GST Council approved the formation of the GST Appellate Tribunals or GSTATs. In this article, we discuss what the GST Appellate Tribunal is, understand the GST Appellate Tribunal members' eligibility and age requirements, look at the procedure for application to the Appellate Tribunal under GST, and cover other important details.Latest Updates The 56th GST Council meeting 2025 should clarify whether to revive the National Anti-Profiteering Authority (NAA) or empower the GST Appellate Tribunal to accept new anti-profiteering complaints, especially amid expectations of GST rate and slab reductions. 22nd June 2024 In the 53rd GST Council meeting held on 22nd June 2024 in New Delhi, the Council recommended the fixing of monetary limits for filing of appeals under GST as follows:     GSTATs: Rs. 20 lakhs     High Courts: Rs. 1 crore     Supreme Courts: Rs.

The financial year 2024-25 is coming to an end. A business owner must ensure to close the GST books with utmost precision and accuracy, because failing to do so can adversely impact the audit report. Also, it’s not just about avoiding the negative repercussions an organisation can face, it's about paving the way for a smooth transition into the next year.For this, you need to have the compliance and filing guide that will ensure you tick all the GST compliance checkboxes for FY 2024-25. Read and find out a comprehensive 43-pointers GST checklist to avoid the last-minute hassles.GST Checklist for a Seamless 2024-25 FY end ComplianceTurnover and tax liabilityReconcile the turnover (including credit notes/debit notes) reported in books vis à vis GSTR-1 vs GSTR-3BAmend and rectify any mistakes or omissions made in GSTR-1 or GSTR-3B returns for the previous financial year by March 2025 returnse-Way bill and e-invoices data to be reconciled with the Sales Register (SR)Check and report other incomes, such as fixed asset sales and miscellaneous incomeTax paid on advances received against servicesRealisation of export proceeds within one yearCompliance of supply to merchant exporters (0.1%)Input Tax Credit (ITC) availed and utilisedReconciliation of ITC General Ledgers (GLs) vis-à-vis balance appearing in the electronic credit ledger on the GST portal.Review the expense ledgers for any expenses on which ITC is eligible but was missed claiming.For example: GST on bank charges.Reconciliation of ITC register vis à vis GSTR-2B:ITC availed during the FY 2024-25 should match GSTR-2BReverse the ITC not appearing in GSTR-2BFollow up with vendors regarding any missing invoices and adopt the Invoice Management System (IMS) available on the GST portal to streamline the communication of incorrect purchase invoices/ITC for the financial year. Additionally, ensure timely resolution of invoices marked as 'Pending' in the IMS.Review of ITC utilisation entries passed in the books of accounts vis à vis the electronic liability ledger as per the GST portal. Ensure that the blocked ITC under Section 17(5) has not been claimed.

The COVID-19 pandemic has changed the way the world does business. While almost every business function was impacted, the effects of which might last forever, the finance function has probably seen the most resounding changes. Even those businesses that ran completely offline today either have their accounting or tax compliance digitised or have begun to accept digital payments. But this was just the beginning.So, here are seven trends to watch out for in 2022 that will shape the future of finance.RegtechA term that has become popular in recent years, regtech, is technology to manage regulatory processes better. The main processes include regulatory monitoring, compliance, and reporting.

In July 2022, the government made certain changes to the format of the GSTR-3B return, notably changing the procedure for reporting data in Table 3 and Table 4 of the form. The changes were first announced in July via Notification No. 14/2022 – Central Tax, and thereafter, in September, the GSTN released the format for reporting data in Table 4 of the GSTR-3B. The new format of Table 4 of the GSTR-3B has now been updated to include a more detailed split of input tax credit (ITC) that is eligible and ineligible, restricted, reversed and reclaimed, along with other similar ITC information. In this article, we discuss the new changes to the Table 4 format and how taxpayers need to report their ITC in the GSTR-3B going forward.Contents of Table 4 of GSTR-3B and Applicability Table 4 of the GSTR-3B return contains the break-up of all ITC-related information for a particular return period. This includes ITC available on the import of goods and services, capital goods, inward supplies liable to reverse charge, ITC distributed by an Input Service Distributor (ISD), etc.