Internal Audit is a phenomenon for when an organisation or department is tasked with providing their independent reviews of the system in an unbiased way along with the processes. Internal Audit is performed within a company in a direct manner while keeping the company standards in mind. Some people confuse it with statutory audits, from which Internal Audits are quite different.

India's rapid growth relies heavily on exporting goods and services, vital for balancing payments, job creation, and global competitiveness. The Letter of Undertaking (LUT) in GST allows tax exemption for exporters, streamlining the process with a 12-month validity, simplified application steps, and compliance conditions for eligibility.

The logistic industry is a major support to the Indian economy contributing 4.7% to the GDP. The value of this industry is $130 billion and sadly one of the most unorganised sectors in the country. It comprises commercialised movement of goods from one state to another or within one state to fulfil the needs of the people. Every nook and corner of India depends on this industry for all needs right from basic food supply to big manufacturing machinery. This article will discuss how GST is changing this big unorganised sector in India.

The GST Composition Scheme simplifies taxes for small Indian businesses by charging a fixed GST rate based on turnover, reducing paperwork. But it doesn't cover sales between states or allow claiming input tax credit. Businesses must decide carefully if it suits their turnover and type before choosing it.

The CBDT, or Central Board of Direct Taxes, is an important authority in India that manages and enforces laws about direct taxes. It was created by the Central Board of Revenue Act in 1963 and is part of the Income Tax Department under the Ministry of Finance. This article explains how the CBDT is structured, what it does, and recent changes related to it.

Export Processing Zones (EPZs) are important for India's economy. They help industries that export goods by offering tax breaks and simpler rules. EPZs attract foreign investment, create jobs, transfer technology, and help develop regions. Despite challenges like acquiring land and global competition, EPZs are crucial for India's economy. They increase industrial production and make it easier for businesses to sell their products worldwide, making India stronger economically and more competitive globally.

Explore how GST impacts on Clothes the textile industry, affecting pricing, compliance, and profitability.

Goods and Services Tax (GST) is a system where one person determines the tax and pays the tax by self-assessment. When the tax is paid by doing self-assessment, there is likely to be a chance that the tax may be short-paid without any malicious intention or there may be also a chance that the assessees may pay the tax short intentionally or knowingly. Under such circumstances, there are some provisions which are followed by the authority to recover those taxes that are short-paid by assessees intentionally or without intention.

The petitioner approached the High Court with a writ petition under Article 226 of the Indian Constitution, seeking a refund of Input Tax Credit (ITC) totalling ₹40,10,932 for the fiscal year April 2018 to March 2019. Deficiency memo dated 31.12.2019 was issued citing the absence of supporting documents and was advised to reapply with the necessary corrections.

A blockchain is a digital ledger of transactions maintained by a network of computers in a way that makes it difficult to hack or alter. The technology offers a secure way for individuals to deal directly with each other, without an intermediary like a government, bank, or other third party. A list of records, called blocks, is linked together using cryptography. Each transaction is independently verified by peer-to-peer computer networks, time-stamped, and added to the ledger. Once recorded, the data cannot easily be altered.

Recently, the Reserve Bank of India (RBI) has undertaken a significant strategic move by bringing back over 100 tonnes of gold from the UK to its domestic vaults. This has marked the largest such repatriation since the early 1990s and signifies the RBI's evolving approach to managing its gold reserves.

The implementation of GST in India's real estate sector aimed to simplify taxes and boost transparency. However, challenges like high tax rates, compliance burdens, and confusion in rules persist. Government initiatives, including lower GST rates and discussions among stakeholders, seek to address these issues and growth in the real estate market for a stronger economy.