The government made Input Service Distributor (ISD) registration mandatory from 1st April, 2025 for businesses using common services . This mandate will standardise Input Tax Credit (ITC) distribution by Head Offices (H.O’s) to branches, making it easier to comply with Goods and Services Tax (GST) regulations and reducing the chances of errors. This article lists down FAQs on ISD to answer all the queries and help you transition from cross charge to ISD mechanism.QuestionAnswerWhat is an Input Service Distributor (ISD)?An Input Service Distributor (ISD) is a mechanism under GST for distributing the input tax credit (ITC) on common input services. It is a way for a centralised office, such as a Head Office (HO), to distribute the ITC related to common services received from external vendors to its various branches or units that benefit from these services. ISD is specifically for services, not for goods or capital goods.How does ISD differ from Cross Charge?Cross charge pertains to the supply of goods or services between distinct persons (entities with the same PAN but different GSTINs) within the same legal entities.These are internal transactions, like a HO providing centralised accounting or IT support to its branches, and are treated as a supply even without consideration.ISD, on the other hand, is a mechanism for distributing ITC on input services received from external vendors by a centralised office that are attributable to multiple distinct persons such as branches. Essentially, cross charge deals with the value of internally provided services, while ISD deals with the distribution of tax credit on externally sourced services.When will ISD become mandatory?Before the notification no. 16/2024-Central Tax dated 6th August 2024, the ISD mechanism was not mandatory.

Today, investors and shareholders no longer see value in companies focusing solely on profitability.  It has become crucial for businesses to integrate sustainable development into their business practices so that the requirements of the present can be met without affecting the ability of future generations to meet their own basic needs. This shift calls for committed leadership, and the role of the CFO is evolving to meet this demand.Who is a Sustainability CFO?In contrast to traditional chief financial officers, a sustainability CFO is a leader responsible for reporting and monitoring an organisation's non-financial or sustainability performance.The role of a sustainability-focused CFO is to ensure that the company's vision, mission, policies, and other decisions consider its impact on the environment and society. While a traditional CFO is generally mainly responsible for an organisation's financial performance, a sustainability CFO is responsible for the company's impact on the planet, people, and society at large and sustainable financial planning.Today, businesses face scrutiny from multiple stakeholders. Governments, investors, and customers want businesses to act responsibly. A sustainability CFO's role is to balance all expectations.

GL Code - does it sound like a complex term to you? But know that it is easing the lives of Accountants, Finance Professionals, Business Owners, and Auditors.Nowadays, even accounting has moved beyond the pen-and-paper approach. And GL codes are making the accounting process more innovative and faster. This article will set the base for your understanding of GL codes. So, let's begin with its basic definition. What is a GL Code?The full form of the GL code is the 'General Ledger' Code. It is the new 'digital' system for recording, managing, and organising all financial transactions.

The Invoice Management System (IMS) under GST is a functionality launched on the GST portal by the Goods and Services Tax Network (GSTN), effective 1 October 2024. The IMS aims to create a communication channel between the recipients and suppliers by implementing an additional layer of document reconciliation and verification. Another objective of the IMS is to simplify the process of amending invoices, reduce errors in claiming input tax credits, and streamline the input tax reconciliation process.Timeline of IMS ImplementationThe IMS was launched on the GST portal as of 1 October 2024. Taxpayers can review the received invoices and other records starting 14 October 2024.Key Dates for IMS under GSTThe key dates relating to the IMS functionality including the communications issued by the GSTN are summarised below:DateTopicPurpose1st February 2025 Govt via Union Budget recommended to change section 38(1) to omit the expression "autogenerated for GSTR-2B16th November 2024Important advisory on GSTR 2B and IMSIssued to help taxpayers navigate when GSTR-2B for October-2024 was not generated on 14th November, 202413th November 2024Advisory on IMS on Supplier ViewSupplier View functionality was made available on the GST portal12th November 2024Advisory regarding IMS during the initial phase of its implementationProvided clarity on certain issues encountered by taxpayers while using the IMS17th October 2024Additional FAQs on IMSGave taxpayers a better understanding of the IMS14th October 2024Attention - Advisory on IMSProvided taxpayers with a better understanding of the IMS1st October 2024NALaunch of IMS22nd September 2024Frequently Asked Questions on IMS 17th September 2024Draft Manual on Invoice Management SystemA step-by-step procedure guiding taxpayers on the usage of the IMS3rd September 2024Introduction of IMS Introduced IMS as a new communication processHow IMS Affects GST FilingA draft Form GSTR-2B becomes available to the recipient on the 14th day of every month. The draft GSTR-2B is populated based on transactions reported by the supplier in Form GSTR-1, Form GSTR-1A, or the IFF.

An appeal can be filed against the order of the Adjudicating Authority, First Appellate Authority, Appellate Tribunal and the High Court. A person aggrieved by an order will have to appeal to the appellate authority within three months of the passing of such an order.Let us look at the procedure involved in filing an appeal against the registration order passed by the Appellate Authority. Such an order could be of the following types:Order of rejection of application for registration, amendment of registration or cancellation of registration (GST REG-05)Order for cancellation of registration (GST REG-19)Order of grant of temporary registration/suo-moto registration (GST REG-12)Order for cancellation of provisional registration (GST REG-28)Order of rejection of enrolment as GST practitioner (GST PCT-04)Order of cancellation of registration as Tax Deductor at source or Tax Collector at source (GST REG-08)Order for acceptance/rejection of reply to show cause notice (GST CMP-07) issued in case of opting for/out of composition schemeSteps to file an appeal against Registration OrderStep 1: Log in to the GST portal. Navigate to Services > My Applications.Step 2: Select ‘Appeal to Appellate Authority’ as the application type from the drop-down list.Click on the ‘NEW APPLICATION’ button.Step 3: On the ‘GST APL-01: Appeal to Appellate Authority’ page, select the order type as ‘Registration Order’ from the drop-down list. Type in order no.

RFD-01 is the application to be filed for the online processing of refunds under GST. Once the application has been filed, it takes 60 days for the GST officer to process the refund application. It is crucial for taxpayers to track the status because if any notices are issued by the department against your application, they are displayed in a separate section of the GST portal, requiring your tax teams to manually check multiple sections across the portal. This article explains how you can track the status of the refund, so you can take any action, if required, beforehand.Track Refund Application Post-Login to the GST Account1. Visit the GST Portal and login to your account with valid credentials.2.

A CFO leads financial strategy and secures long-term growth, while a controller oversees daily accounting and maintains compliance. Businesses that grasp this distinction empower leaders to delegate tasks effectively and align financial roles with their goals. This article explains their roles, key differences, and the right time to hire each. Who is a controller?A Controller (or Comptroller) is a senior finance officer who manages the daily accounting tasks. This role requires someone who is meticulous and detail-oriented, ensuring every figure is correct and every report is reliable. The Controller helps maintain clean financial records, which support clear and confident decision-making at every level.Who is a CFO?A CFO (Chief Financial Officer) is a high-level, innovative executive responsible for steering the company’s financial strategy.

Any organisation requires the CEO and CFO as essential leadership positions because these professionals drive essential operations toward organisational development. People commonly make mistakes regarding their duties because these two positions directly support the company's expansion. The following article demonstrates how a CEO and CFO fulfil their roles and particular functions while explaining why clear definitions of these positions remain vital to business operations.Who is a CEO (Chief Executive Officer)?Business organisations select their most senior executive to handle executive leadership through the CEO role. The CEO supervises operations while making pivotal business decisions. As the primary public representative of the organisation, the CEO oversees company direction through vision development while guiding all strategic operations.As the highest position in a company, the CEO takes primary responsibility for leading organisational growth while maintaining profitability objectives.

The Sustainable Development Goals (SDGs) were adopted by the United Nations in 2015. But what is the SDGs' purpose exactly? The SDGs can be considered a universal call to action to eradicate poverty on the planet and ensure peace and prosperity for people by 2030. There are 17 goals in total, each addressing different areas of global development.In this regard, let's look at the 17 SDGs and understand what they aim to achieve.What are the 17 Sustainable Development Goals?Understanding the 17 Sustainable Development Goals explains how they interconnect and drive global progress.  Goal 1: No Poverty The first goal is to “End poverty in all its forms everywhere” by 2030. It aims to eliminate extreme poverty and  reduce at least by half the proportion of men, women and children of all ages living in poverty. All nations would develop a social protection system so that the poor and vulnerable have equal rights to economic resources.

Did you know that over 70% of CFOs are ready to invest in AI by 2025, but only a fraction feel confident to embrace it fully? As the competition grows more complex, CFOs are under immense pressure to deliver results to beat competitors. However, manual processes and outdated tools are no longer helping them to match the desired speed. This is where AI can empower CFOs to redefine their roles like never before. Let’s dive in to learn more. The Current Role of the CFOCFOs wear many hats in an organization, but their primary role is wisely managing resources to keep their company’s financial health in check. Let’s break it down. 1.