#GST Book For CA Final

[edugyanorg]

Get CA Inter GST, CA Final and CMA Final IDT regular and fastrack courses by CA Riddhi Bagmar on Edugyan

[jjtax]

Tax Guide for Freelancers & Self-Employed Pros in India

Confused about taxes as a freelancer? Here’s everything you need to know about ITR, GST, deductions & more — simplified just for you!

💸 How Is Freelance Income Taxed?

Freelance income — whether from project fees, hourly gigs, or contracts — falls under “Profits and Gains from Business or Profession” as per Indian tax laws.

Your tax liability depends on your total annual income, and here’s what you need to look out for:

🔹 GST (Goods & Services Tax)

Mandatory if income exceeds ₹20 lakhs (₹10 lakhs for special category states).

Standard GST rate for most services: 18%.

🔹 Presumptive Taxation – Section 44ADA

If your income is under ₹50 lakhs, you can declare 50% of your gross receipts as taxable income.

Saves time and effort!

🔹 Tax Audit

Required if income exceeds ₹50 lakhs (or ₹75 lakhs if less than 5% of income is in cash).

🔹 TDS (Tax Deducted at Source)

If clients pay you over ₹30,000 in a financial year, they deduct 10% TDS.

💡 Deductions & Expenses Freelancers Can Claim

Here are common expenses you can deduct to save tax:

Office Rent & Maintenance

Office Supplies & Equipment (with depreciation)

Internet & Phone (work-related portion)

Travel for business

Professional fees (CA, lawyer, etc.)

Tax-Saving Investment Options

Use these sections to reduce your taxable income:

Section 80C: Life insurance, ELSS, PPF – up to ₹1.5L

Section 80D: Health insurance premiums

Section 80E: Interest on education loans

Section 80G: Charitable donations

Section 80GG: Rent paid (no HRA)

Section 80TTA: Savings account interest (₹10,000 max)

Section 80U: For individuals with disabilities

Section 80CCD: NPS contributions

Section 44ADA: Flat 50% income declaration for freelancers (if income < ₹50L)

Filing ITR as a Freelancer – Made Simple

Which ITR Form to Use?

ITR-3: If not opting for presumptive scheme\

ITR-4: If using Section 44ADA

Step-by-Step ITR Filing:

Calculate your gross income

Note your deductible business expenses

Choose the correct ITR form

Log in to the e-Filing Portal

Fill details, upload docs, calculate tax

E-verify using Aadhaar OTP or EVC

Save your data as you go

✅ Final Thoughts

Being a successful freelancer in India means more than doing great work — it’s also about knowing your taxes. From income classification to deductions, staying compliant is key.

Want expert help? 👉 Book your FREE 15-min consultation with Uniqey by JJ Tax. 📧 Write to us at legal@jjfintax.com to make the most of your freelance income

Visit https://uniqey.in/

Download the Uniqey by JJ TAX

[gvtacademy]

Want to Become a GST Expert in 2025?

GST isn’t just a tax update—it’s a powerful boost for your career path! If you're dreaming of becoming a certified GST practitioner, tax consultant, or accounts executive, then this is your moment. Step into the world of taxation with GVT Academy’s Best GST Course in Noida — expertly crafted to make you industry-ready from day one.

🔥 What Makes Our GST Course the Best in Noida?

✅ Includes every essential concept and detail related to GST From GST basics, registration, returns, ITC, e-way bill, to refunds—our course covers ALL 174 GST sections with 100% practical implementation.

✅ Income Tax + TDS Training Included Learn to file ITRs under all heads—Salary, Business, Capital Gains & more using real offline utilities.

✅ Tally + BUSY Mastery Become a pro in GST-enabled accounting software. Gain hands-on skills in GSTR filing, reconciliation, and ledger auditing using Tally and BUSY software.

✅ Live Client Data Practice No boring theory. We train you on real data with actual return filings, so you learn exactly what the job demands.

✅ Finalization of Balance Sheet & Tax Planning Learn how to finalize books like a CA, avoid tax scrutiny, and prepare CMA/project reports to impress your future employers.

🎓 Who Should Join? Students, working accountants, tax consultants, freelancers, or anyone who wants a high-paying, future-proof career in finance.

🎯 If you're looking for the Best GST Course in Noida with a real chance at career growth, practical skills, and job opportunities, GVT Academy is where your future begins.

1. Google My Business: http://g.co/kgs/v3LrzxE

2. Website: https://gvtacademy.com

3. LinkedIn: www.linkedin.com/in/gvt-academy-48b916164

4. Facebook: https://www.facebook.com/gvtacademy

5. Instagram: https://www.instagram.com/gvtacademy/

6. X: https://x.com/GVTAcademy

7. Pinterest: https://in.pinterest.com/gvtacademy

8. Medium: https://medium.com/@gvtacademy

[pkchopraco-blog]

Income Tax Audit in Delhi: Why It’s Crucial for Your Business Growth

In the heart of India’s commercial landscape, many businesses and professionals are subject to Income Tax Audit in Delhi. Whether you run a large enterprise, a startup, or are a self-employed consultant, it’s vital to understand the audit process mandated by Indian tax laws. Income tax audits help verify the accuracy of your financial reporting and ensure that your taxes are calculated and paid as per the law.

Let’s break down who needs it, what the process involves, and why it’s important to approach it the right way.

What is an Income Tax Audit?

An income tax audit is a financial check performed under Section 44AB of the Income Tax Act, 1961. The purpose is to ensure that your income and deductions are properly recorded and tax returns are filed truthfully. If you’re operating in Delhi and exceed certain financial thresholds, a tax audit becomes mandatory.

This isn’t just a legal formality—it’s a system designed to keep financial records transparent and reliable.

Who Should Get an Income Tax Audit in Delhi?

The need for a tax audit depends on how much revenue your business generates and whether you opt for presumptive taxation.

Mandatory Audit Criteria:

For Businesses:

Annual turnover exceeds ₹1 crore and you're not under presumptive taxation.

If turnover exceeds ₹10 crore and more than 95% transactions are digital.

For Professionals:

Annual gross receipts exceed ₹50 lakh.

For Presumptive Taxpayers:

If income declared is less than the estimated rate prescribed under Sections 44AD, 44ADA, or 44AE.

Failing to comply with audit rules can lead to penalties up to ₹1.5 lakh under Section 271B.

What Documents Are Needed?

If you’re gearing up for an Income Tax Audit in Delhi, keep the following documents ready:

PAN and Aadhaar card

Business or professional registration

Profit & loss statement and balance sheet

GST returns and invoice copies

Ledger, journal, and other account books

Bank account statements

TDS certificates (if applicable)

Previous audit report, if any

How Does the Audit Work?

Here’s what typically happens in the income tax audit process:

Hire a Chartered Accountant (CA): The audit must be done by a certified CA.

Review of Records: Your financial records, invoices, and statements are examined for accuracy and tax compliance.

Prepare Audit Reports: The CA fills out Form 3CA or 3CB and detailed Form 3CD.

E-Filing: The completed audit report is submitted electronically through the Income Tax e-filing portal.

The deadline for filing tax audit reports usually falls on 30th September following the end of the financial year.

Why You Shouldn’t Avoid It

An income tax audit is more than a legal requirement. Here are a few reasons to embrace it:

Prevents legal penalties or scrutiny

Ensures financial records are accurate

Helps with loan approvals or attracting investors

Identifies any errors or financial leaks

Gives clarity for future budgeting and taxation

How to Choose the Right CA in Delhi?

Delhi is filled with qualified accounting professionals, but finding the right one is crucial. Look for:

CA firms with strong industry-specific experience

Good client reviews and recommendations

Digital accounting tools for seamless tracking

Transparent pricing and timelines

Final Words

Getting through an Income Tax Audit in Delhi can be stress-free if you prepare well and work with a competent auditor. It’s a key part of business responsibility and offers real insights into how your business is functioning financially. Don’t wait until the deadline approaches—speak with a tax consultant or chartered accountant today and take charge of your compliance journey.

[apjadvisor]

7 Key Reasons Why Your Business Needs Professional Accounting & Taxation Services in 2025

Introduction

Running a business in India is no small feat, especially with the ever-evolving tax laws and financial regulations. Whether you are a startup, freelancer, or an established company, accounting and taxation services play a crucial role in keeping your finances clean and compliant. In 2025, it's no longer optional — it's essential.

In this blog, we’ll explore why professional tax consultants in Delhi like APJ Advisors can save your time, money, and legal trouble — while helping your business grow sustainably.

✅ 1. Accurate Financial Records for Better Decision Making

Maintaining accurate books is the foundation of financial health. A professional accounting service in Delhi ensures that your income, expenses, assets, and liabilities are recorded correctly.

🔗 Related: Explore our Accounting Services in Delhi

This helps you make data-driven decisions for investments, hiring, and expansion.

✅ 2. GST & ITR Filing Made Simple and Error-Free

With complex GST structures and frequent changes, even a small mistake in your GST filing or Income Tax Return (ITR) can lead to penalties or notices.

Hiring experts for ITR filing services in Delhi ensures:

Timely and accurate submissions

Maximum eligible deductions

Peace of mind during audits

🔗 Related: Get ITR Filing Help Now

✅ 3. Ensures 100% Legal Compliance

A non-compliant business can attract legal penalties, cancellation of licenses, or even criminal charges. Professional tax consultants in Delhi help you stay updated with:

Income tax laws

GST rules

MCA and ROC compliance

TDS/TCS obligations

🔗 Related: Tax & Regulatory Services

✅ 4. Saves You Time and Effort

As a business owner, your time is valuable. When you outsource your accounting, you free up time to focus on operations, marketing, and client growth. The cost you pay for an expert often returns tenfold in efficiency.

✅ 5. Strategic Tax Planning = More Profits

Tax planning isn’t just about saving tax — it’s about optimizing your business structure. APJ Advisors provides tax-saving strategies tailored to your income model, industry, and scale.

Example: Proper classification of income & expenses can reduce tax liability by up to 30%.

🔗 Related: Custom Tax Planning for Startups

✅ 6. Support with Company Registration and Compliance

Thinking of starting a new business? The first step is company registration in Delhi. Our CA firm helps you choose the right structure (Private Ltd., LLP, OPC) and handles:

MCA Filings

PAN/TAN registration

GST registration

Startup India benefits

🔗 Related: Company Registration Services in Delhi

✅ 7. Avoid Costly Mistakes & Penalties

One missed return, one wrong entry, or one missed deadline can lead to:

Heavy penalties

Legal notices

Blacklisting from tenders or funding

A professional accountant ensures everything is done on time and correctly.

🔗 Related: Know Common Tax Mistakes to Avoid

📈 Why Choose APJ Advisors?

At APJ Advisors, we specialize in:

Accounting and Taxation Services

Startup & Company Registrations

GST, TDS, and ITR Filings

Business Compliance Advisory

With years of experience and hundreds of satisfied clients, we’re proud to be among the top tax consultants in Delhi for businesses, professionals, and freelancers.

📝 Final Words

The complexities of business finance in 2025 require professional handling. Don’t risk it with outdated practices or DIY solutions. Let experienced professionals at APJ Advisors guide you with smart, compliant, and growth-oriented accounting services in Delhi.

💬 Have a question or need a free consultation? Contact us at www.apjadvisors.com or email us at info@apjadvisors.com

[slacourses]

AI vs. Accountants: Why Human Expertise Will Still Be in Demand in 2025, 100% Job, Accounting Course in Delhi, 110090 - Free SAP FICO Certification by SLA Consultants India, GST Certification, ITR & DTC Classes with 2025 Update, Tally Prime Certification,

As artificial intelligence (AI) and automation continue to reshape industries in 2025, many traditional roles are being transformed or phased out. Accounting, being heavily data-driven, might seem at first glance like a profession vulnerable to automation. However, the reality is more nuanced. While AI can handle repetitive tasks like data entry, invoice processing, and report generation, it lacks the human judgment, ethical reasoning, and strategic thinking needed to make complex financial decisions. As such, rather than replacing accountants, AI is enhancing their roles—making human expertise even more valuable in the modern financial landscape.

This shift means accountants must now possess more than just book-keeping skills. Employers seek professionals who can interpret AI-generated reports, apply tax laws accurately, advise on compliance, and contribute to financial planning. Human oversight is critical when making informed decisions based on AI outputs, ensuring accuracy, legality, and strategic relevance. The best job oriented short term Accounting Course in Delhi, by SLA Consultants India is designed to meet these modern demands. It combines traditional accounting principles with up-to-date digital tools and practices, offering 100% job assistance and a career-ready curriculum aligned with 2025 market needs.

One of the key advantages of Accounting Training Course in Delhi is its inclusion of Free SAP FICO Certification. SAP FICO is a leading financial management software used by global enterprises. While AI can manage certain SAP tasks, it still requires human professionals to configure the system, interpret data, and ensure regulatory compliance. This certification empowers learners with skills that are in high demand across industries. In addition, modules on Tally Prime, GST, ITR, and Direct Tax Compliance (DTC)—updated for 2025—further enhance employability. These tools and certifications prepare learners for roles such as Financial Analyst, Tax Consultant, Audit Executive, and Accounts Manager.

E-Accounting, E-Taxation and E-GST Course Modules Module 1 – Advanced Goods & Services Tax Practitioner Course – By CA– (Indirect Tax) Module 2 – Part A – Advanced Income Tax Practitioner Certification Module 2 – Part B – Advanced TDS Practical Course Module 3 – Part A – Finalization of Balance sheet/Preparation of Financial Statement & Banking-by CA Module 3 – Part B – Banking & Finance Module 4 – Customs / Import & Export Procedures – By Chartered Accountant Module 5 – Part A – Advanced Tally Prime & ERP 9 Module 5 – Part B – Tally Prime & ERP 9 With GST Compliance Module 6 – Financial Reporting – Advanced Excel & MIS For Accounts & Finance – By Data Analyst Trainer Module 7 – Advanced SAP FICO Certification

The course also provides practical training, live projects, mock interviews, and soft skills development, ensuring that learners are not just theoretically proficient but job-ready. In a world where AI tools are becoming more common, the real competitive advantage lies in combining human financial acumen with digital proficiency. SLA Consultants India understands this need and tailors its training accordingly. As companies continue to integrate AI into their operations, the demand for accounting professionals who can work alongside intelligent systems will only grow. By enrolling in the Accounting Certification Course in Delhi, 110090, learners can future-proof their careers and confidently step into a workforce where human judgment and AI complement each other for smarter, faster, and more reliable financial management. For more details Call: +91-8700575874 or Email: hr@slaconsultantsindia.com

[caintermediatescanner]

How to Choose the Right CA Firm for Articleship

Choosing the right Chartered Accountant (CA) firm for your articleship is a pivotal step in your CA journey. The experience you gain during this period will shape your skills, knowledge, and career trajectory. With numerous options available, making the best choice can be daunting. Here's a comprehensive guide to help you select the right CA firm for your articleship, tailored to your goals and aspirations.

1. Understand Your Career Goals

Before diving into options, clarify your career objectives. Are you inclined toward auditing, taxation, finance, or consultancy? Your interests and long-term goals should guide your decision, as the type of work exposure you receive during articleship plays a crucial role in your career development.

2. Types of CA Firms

CA firms vary significantly in size, scope, and specialization. Understanding the differences will help you decide which type suits you best:

Big 4 Firms: Deloitte, PwC, EY, and KPMG offer exposure to large-scale audits, multinational clients, and specialized fields. These firms are ideal if you aim for a corporate career.

Mid-Sized Firms: These firms often provide a balance between work exposure and learning. They handle diverse clients and allow you to work in multiple domains.

Small Firms: These are perfect for students who prefer hands-on experience and close mentorship. You’ll likely handle end-to-end processes, gaining in-depth knowledge of various aspects of accounting and taxation.

3. Research Firm Profiles

Once you shortlist firms, research their profiles in detail. Look into:

Their client base and industry sectors.

The type of work they handle (audits, taxation, advisory, etc.).

Opportunities for international assignments.

Reviews from previous articleship trainees.

4. Location Matters

The firm’s location is another critical factor. If you’re preparing for exams using resources like CA Entrance Exam Books, Scanner CA Foundation Books, and Scanner CA Intermediate Books, being close to your classes or library can save time and energy. Additionally, consider living expenses and commuting time when evaluating a firm's location.

5. Work-Life Balance

Some firms demand long working hours, which can affect your exam preparation. Balance is key, especially if you’re using tools like CA Foundation Scanner, CA Intermediate Scanner, or CA Final Scanner to study. Ensure the firm’s workload allows you sufficient time for self-study and exam preparation.

6. Interview the Firm

During your interview, ask relevant questions to gauge whether the firm aligns with your expectations. Here are a few to consider:

What kind of work will I be exposed to?

Are there opportunities for rotation across departments?

How many other articles are currently employed?

What is the firm’s policy on exam leaves?

7. Focus on Learning Opportunities

The primary purpose of articleship is to gain practical knowledge. A firm that provides exposure to diverse domains like auditing, taxation, GST compliance, and financial reporting will prepare you for real-world challenges.

8. Evaluate the Mentorship

Working under a skilled and supportive mentor is invaluable. A good mentor will not only guide you through technical challenges but also provide career advice and motivation. Choose a firm where you’ll have access to experienced professionals who are willing to invest in your growth.

9. Consider Stipend and Perks

While the stipend shouldn’t be your primary criterion, it’s worth considering. Some firms also offer perks like reimbursements for study materials, including Scanner CA Final Books, or access to learning platforms.

10. Peer Environment

The work culture and peer environment can significantly impact your experience. A firm with a supportive and collaborative atmosphere will make your articleship more enjoyable and productive.

11. Align with Your Exam Preparation

Your articleship should complement your exam preparation. If you’re preparing with resources like Scanner CA Foundation Books, Scanner CA Intermediate Books, or CA Final Scanner, choose a firm that provides sufficient exam leaves and supports your academic commitments.

12. Networking Opportunities

Articleship is an excellent time to build your professional network. Working in a firm with diverse clients and connections can open doors to future opportunities.

13. Feedback from Seniors

Speak to seniors who have completed their articleship in the firms you’re considering. They can provide insights into the firm’s work culture, learning opportunities, and challenges.

14. Long-Term Benefits

Think about how the firm will benefit you in the long run. A well-known firm with a strong reputation can enhance your resume and provide better career opportunities post-qualification.

Conclusion

Choosing the right CA firm for your articleship is a critical decision that can shape your career. Consider factors like your career goals, the type of work exposure, location, mentorship, and exam preparation support. Balance your articleship with the help of resources like CA Foundation Scanner, CA Intermediate Scanner, and Scanner CA Final Books to ensure a smooth journey.

By selecting a firm that aligns with your aspirations, you can gain valuable experience, enhance your skills, and set the foundation for a successful CA career.

[economics-around-you]

CA Final 2025: Key Changes, Exam Pattern, and Syllabus Updates

The CA Final is a crucial stage for aspiring Chartered Accountants, and the upcoming CA Final 2025 will present its own set of challenges and opportunities. Whether you're a first-time test taker or retaking the exams, staying up-to-date on the latest exam pattern, key changes, and syllabus updates is crucial for success. In this blog, we’ll break down everything you need to know for the CA Final 2025 exams, ensuring you have the insights to excel. 

Introduction to CA Final 2025 

The CA Final 2025 is the final step in the Chartered Accountancy course offered by ICAI. After clearing the CA Intermediate and completing the mandatory articleship, candidates move forward to this stage. The exam demands a thorough understanding of accounting principles, corporate laws, and taxation among other subjects. What makes CA Final different from other levels is not only the vast syllabus but also the level of conceptual clarity and practical application it requires. 

Key Changes for CA Final 2025 

Before diving into the syllabus and exam pattern, let’s explore the key updates and changes introduced by ICAI for the CA Final 2025: 

New Paper Format: ICAI has revised the pattern to emphasize both objective and subjective components. Expect a higher weightage of MCQs in subjects like Financial Reporting and Strategic Financial Management. 

Updated Syllabus: Some important updates include the introduction of new accounting standards (Ind AS), amendments in corporate laws, and the inclusion of international taxation. This necessitates an adjustment in your study materials and methods. 

Case Study-based Approach: More emphasis on case studies for subjects like Strategic Cost Management and Direct Tax Laws. These case studies will require you to apply conceptual knowledge to real-world scenarios. 

Open Book Exam in Electives: For those opting for elective papers like Global Financial Reporting Standards, the exam will follow an open-book format, providing opportunities to refer to study materials during the exam. 

Exam Pattern for CA Final 2025 

Understanding the exam pattern is critical for structuring your preparation. The exam consists of two groups, each divided into four papers. 

Group 1: 

Paper 1: Financial Reporting 

Paper 2: Strategic Financial Management 

Paper 3: Advanced Auditing and Professional Ethics 

Paper 4: Corporate and Economic Laws 

Group 2: 

Paper 5: Strategic Cost Management and Performance Evaluation 

Paper 6: Elective Paper (Choose from subjects like International Taxation, Risk Management, etc.) 

Paper 7: Direct Tax Laws and International Taxation 

Paper 8: Indirect Tax Laws 

Each paper carries 100 marks, with a mix of objective and descriptive questions. The passing criteria are 40% per paper and 50% aggregate in each group. 

Syllabus Updates for CA Final 2025 

The updated syllabus for CA Final 2025 reflects recent changes in accounting, taxation laws, and financial management principles. Here are a few notable updates: 

Ind AS and IFRS: The Financial Reporting paper will have more focus on Indian Accounting Standards (Ind AS) in alignment with International Financial Reporting Standards (IFRS). 

Corporate Laws: New amendments in the Companies Act 2013, including sections related to corporate governance and mergers & acquisitions, have been incorporated into Corporate and Economic Laws. 

GST and Taxation: The latest amendments in Goods and Services Tax (GST) laws, customs duty changes, and international taxation updates will be reflected in the Indirect Tax Laws paper. 

Strategic Cost Management: Expect updates in Performance Evaluation methods, with a focus on advanced costing techniques and real-world corporate decision-making scenarios. 

Preparation Strategy for CA Final 2025 

With the CA Final 2025 just around the corner, it's essential to prepare a strategic study plan that ensures you cover the syllabus efficiently while leaving ample time for revision. Here’s how you can get started: 

1. Know the Weightage 

Focus more on high-weightage topics like Financial Reporting and Direct Tax Laws. These subjects carry the bulk of the marks and mastering them gives you a better chance of clearing the exam. 

2. Stick to ICAI Materials 

Always prioritize ICAI's official study materials and revision test papers (RTPs). These resources are updated as per the latest syllabus and provide a clear understanding of the expected exam pattern. 

3. Practice Mock Tests 

Take mock tests for each subject, especially for the case study-based questions in Strategic Cost Management and Direct Tax Laws. The more you practice, the better you’ll be at managing time during the actual exam. 

4. Focus on Electives 

Your elective paper can be a game-changer. Papers like Global Financial Reporting Standards and Risk Management can be prepared more easily with proper reference material due to the open-book format. 

Know more: CA Final May 2025: Month-by-Month Guide 

Why Choose Success Edge Academy? 

At Success Edge Academy, we offer the most up-to-date and comprehensive courses for CA Final preparation. Our experienced faculty focus on conceptual clarity, application-based learning, and mock tests that simulate real exam scenarios. We also provide personalized mentorship to help students navigate through the case study-based approach of ICAI's new exam pattern. 

If you're preparing for CA Final 2025, our study materials are aligned with the latest syllabus updates, ensuring you are always one step ahead. 

Enroll in CA Final May 2025 batch at Success Edge Academy to get access to exclusive study plans and expert mentorship. 

Conclusion 

The CA Final 2025 is a challenging yet rewarding step in your career journey. With the right preparation strategy, staying updated on key changes, and leveraging the support of expert coaching, you can excel in the exam and secure your spot as a Chartered Accountant. If you're looking for a coaching institute that helps you prepare comprehensively, Success Edge Academy is here to guide you through every step. 

[scannercaintermediate01]

How to Tackle the Most Challenging CA Final Subjects

The CA Final exams are the last hurdle in the journey to becoming a Chartered Accountant. These exams test a candidate's knowledge, analytical skills, and practical application of various accounting principles. However, some subjects pose more challenges than others. This blog will guide you on how to tackle the most challenging CA Final subjects effectively.

1. Financial Reporting (FR)

Financial Reporting is often considered one of the most challenging subjects due to its vast syllabus and the complexity of accounting standards. Here's how to tackle it:

Conceptual Clarity: Ensure that you have a strong grasp of accounting standards and concepts. Refer to Scanner CA Final Books for a comprehensive understanding.

Practice Problems: Regular practice is crucial. Solve questions from past exam papers and CA Final Scanner to familiarize yourself with the types of questions asked.

Revision Notes: Create concise notes for each standard. These notes will be handy during the revision period.

2. Strategic Financial Management (SFM)

Strategic Financial Management involves complex calculations and strategic decision-making. To master this subject:

Understand Concepts: Before jumping into problem-solving, ensure you understand the underlying financial concepts.

Formula Memorization: Create a formula sheet and revise it regularly.

Use Scanners: Utilize CA Final Books to practice a variety of problems. This will help you identify patterns and frequently asked questions.

3. Advanced Auditing and Professional Ethics (Auditing)

Auditing is another tough subject due to its theoretical nature and the need for critical thinking. To excel in Auditing:

Reading and Writing: Regularly read the study material and practice writing answers to improve retention.

Case Studies: Focus on case studies and practical questions. The CA Intermediate Scanner can be particularly helpful for this.

Ethics and Standards: Pay special attention to professional ethics and auditing standards, as these are crucial for scoring well.

4. Corporate and Economic Laws

Corporate and Economic Laws is a subject that requires detailed reading and understanding of various laws and regulations. Here’s how to handle it:

Regular Reading: Make it a habit to read the law regularly. Summarize key points in your own words.

Refer to Scanners: Use CA Entrance Exam Books to practice questions and understand the pattern of questions asked in exams.

Flowcharts and Diagrams: Create flowcharts and diagrams to remember complex legal provisions and their applications.

5. Direct Tax Laws and International Taxation

Direct Tax Laws is a vast and dynamic subject with frequent updates. To manage this subject:

Stay Updated: Regularly update yourself with the latest amendments and notifications.

Conceptual Understanding: Focus on understanding the concepts rather than rote learning.

Practice with Scanners: Use books for CA Exam to practice a wide range of questions and enhance your problem-solving skills.

6. Indirect Tax Laws

Indirect Tax Laws, including GST, can be quite challenging due to its practical application and frequent changes. To tackle this subject:

Detailed Study: Study each section of GST in detail to cover the foundational aspects.

Practical Problems: Solve practical problems from CA Foundation Scanner to build a strong base.

Regular Revision: Regularly revise the key provisions and practice writing answers to practical questions.

Conclusion

Tackling the most challenging CA Final subjects requires a strategic approach combining thorough understanding, effective time management, and consistent practice. Focus on conceptual clarity and utilize a mix of study materials, including ICAI modules, reference books, and practice manuals. Regularly solve past exam papers and take mock tests to gauge your preparation. Seek guidance from mentors and join study groups for collaborative learning. Stay organized with a well-structured study plan, prioritize difficult topics, and allocate sufficient time for revision. Maintaining a balanced routine with breaks and stress management techniques is crucial for optimal performance.

[caintermediatebook2]

Navigating the New Scheme for Education and Training in CA Final Course

It's important to stay updated with resources and educational programs in the continuously changing rule of chartered accountancy (CA). The updated syllabus brought forth by the New Scheme for Education and Training aims to equip aspiring chartered accountants for the evolving demands of the business. In this blog post, we'll go over the key components of the new strategy, discuss recommended reading lists, and provide tips on how to perform well on the CA Entrance Exam.

Understanding the New Scheme for Education and Training

The New Scheme for Education and Training in CA represents a strategic shift towards a more practical and application-oriented approach. It emphasizes real-world scenarios, case studies, and hands-on learning to prepare candidates for the complexities of modern accounting and finance practices. The scheme comprises three levels: Foundation, Intermediate, and Final.

Navigating the CA Entrance Exam Successfully

The CA Entrance Exam serves as the gateway to the profession, assessing candidates' aptitude and readiness to pursue the CA course. Here are some tips for navigating the entrance exam successfully:

Understand the Exam Pattern: Familiarize yourself with the format and structure of the entrance exam, including the number of questions, duration, and marking scheme.

Create a Study Plan: Develop a structured study plan that allocates sufficient time for each subject. Prioritize areas of weakness while ensuring comprehensive coverage of all topics.

Practice Regularly: Regular practice is key to mastering the concepts tested in the entrance exam. Solve sample papers, attempt mock tests, and utilize CA Entrance Exam books to enhance your preparation.

Seek Guidance: Don't hesitate to seek guidance from experienced mentors, tutors, or fellow aspirants. Joining a coaching institute or online study group can provide valuable insights and support.

Stay Updated: Stay informed about any modifications or revisions to the ICAI's syllabus or test design. For the most recent information, subscribe to relevant publications or internet forums for discussion.

Latest Updates on ICAI New Scheme

The Institute of Chartered Accountants of India (ICAI) has released the updated syllabus for the CA Final course, applicable from May 2024. This new syllabus, under the new scheme of education and training, aims to better equip aspiring Chartered Accountants with the skills and knowledge needed in the dynamic field of accounting and finance.

Overview of the New CA Final Syllabus

The updated syllabus for the CA Final course consists of six papers, streamlined from the previous eight. This change aims to focus on core areas and eliminate redundancy. Each paper is designed to cover a comprehensive range of topics essential for the professional competence of future CAs.

Group I

Paper1:FinancialReporting

Focuses on Indian Accounting Standards (Ind AS), group financial statements, and financial instruments.

Key topics include Business Combinations, Consolidation, and Ind AS specific requirements.

Paper2:Advanced Financial Management

Covers strategic financial management, risk management, security valuation, and portfolio management.

Includes topics like derivatives, foreign exchange exposure, and mergers and acquisitions.

Paper3:Advanced Auditing and Professional Ethics

Deals with comprehensive direct tax laws including recent amendments and international taxation principles.

Topics include transfer pricing, BEPS, tax treaties, and taxation of digital transactions.

Group II

Paper4:Direct Tax Laws & International Taxation

Deals with comprehensive direct tax laws including recent amendments and international taxation principles.

Topics include transfer pricing, BEPS, tax treaties, and taxation of digital transactions.

Paper5:Indirect Tax Laws

Focuses on GST and Customs Law.

Key areas include supply, charge of GST, input tax credit, and procedures for import and export under GST.

Paper6:Integrated Business Solutions

A multi-disciplinary case study paper that includes strategic management and business solutions.

This paper requires the application of knowledge from all other subjects in practical scenarios.

Recommended Study Materials for CA Final Exam 

Preparing for the CA Final examination requires access to high-quality study materials that cover the entire syllabus comprehensively. Here are some recommended resources

CA Final Books: A curated selection of textbooks authored by renowned experts in the field. These books provide in-depth coverage of each subject and serve as essential reference materials for exam preparation.

Scanner CA Final Books: Scanners are invaluable tools for CA aspirants, offering a collection of past exam questions categorized topic-wise. Practicing with scanners helps candidates familiarize themselves with the exam pattern and refine their problem-solving skills.

Study Material for CA Final Books: The Institute of Chartered Accountants of India (ICAI) provides official study materials for CA Final aspirants. These materials are meticulously crafted to align with the exam syllabus and often include case studies, illustrations, and practice questions to aid comprehension.

CA Entrance Exam Books: For candidates preparing for the CA entrance exam, a comprehensive guidebook covering mathematics, logical reasoning, and General Awareness is essential. These books help build a strong foundation in the subjects tested, ensuring thorough preparation and enhancing the chances of success in the exam.

Conclusion

The New Scheme for Education and Training in CA provides a modern way to prepare future Chartered Accountants for their professional challenges. By using the recommended study materials and effective study strategies, students can confidently and ability to navigate their CA journey. With hard work and dedication to success in the CA Entrance Exam and beyond is achievable.

[kannan7rad]

Best CA Coaching Centres in Coimbatore — KS Academy

Introduction

About KS Academy

History and Founding

KS Academy was established with the vision of providing quality education and comprehensive training to aspiring Chartered Accountants. Founded by experienced professionals, the academy has grown to become a premier institution in Coimbatore, known for its commitment to excellence.

Vision and Mission

KS Academy aims to nurture competent and confident CAs who can contribute significantly to the financial and business sectors. Their mission is to provide an education that combines theoretical knowledge with practical application, fostering holistic development in students.

Core Values

The core values of KS Academy include integrity, dedication, and innovation. These principles guide their teaching methodologies and interactions with students, ensuring a supportive and effective learning environment.

Courses Offered at KS Academy

Foundation Course

The CA Foundation course is the entry-level examination for the CA program. KS Academy offers a well-structured curriculum covering all essential subjects, including Accounting, Business Laws, and Mathematics. The course is designed to build a strong foundation for further studies.

Intermediate Course

The Intermediate course at KS Academy focuses on subjects such as Corporate Laws, Taxation, and Cost Accounting. With comprehensive study materials and experienced faculty, students are well-prepared to tackle the intermediate exams confidently.

Final Course

The CA Final course is the last stage of the CA journey. KS Academy provides in-depth coaching on advanced topics like Financial Reporting, Strategic Financial Management, and Direct Tax Laws. Their focus on practical application and case studies equips students with the skills needed for professional practice.

Special Modules and Workshops

KS Academy also offers special modules and workshops on critical areas like GST, International Taxation, and Financial Analysis. These additional sessions help students stay updated with the latest developments in the field and enhance their professional competence.

Faculty and Teaching Methods

Experienced Faculty Members

KS Academy boasts a team of highly qualified and experienced faculty members. Many of them are practicing CAs and industry experts who bring real-world insights into the classroom, enriching the learning experience.

Teaching Methodologies

The teaching methodologies at KS Academy are student-centric, focusing on interactive and participatory learning. They employ a mix of lectures, case studies, group discussions, and practical assignments to ensure a well-rounded education.

Student-Teacher Ratio

Maintaining an optimal student-teacher ratio is a priority at KS Academy. This ensures personalized attention for each student, allowing for better understanding and academic support.

Infrastructure and Facilities

Campus Location

KS Academy is strategically located in Coimbatore, providing easy access for students from different parts of the city. The campus is well-connected by public transport, making commuting convenient.

Classroom Environment

The classrooms at KS Academy are designed to provide a conducive learning environment. Equipped with modern amenities and comfortable seating, they facilitate an engaging and focused study atmosphere.

Library and Study Resources

A well-stocked library is one of the highlights of KS Academy. It offers a vast collection of books, journals, and digital resources that support the academic and research needs of students.

Technological Integration

KS Academy leverages technology to enhance the learning experience. They provide online resources, video lectures, and digital practice tests, allowing students to study at their own pace and convenience.

Success Stories and Testimonials

Alumni Achievements

Many alumni of KS Academy have gone on to achieve significant milestones in their careers. From securing top ranks in CA exams to holding prestigious positions in renowned firms, their success stories are a testament to the quality of education provided by the academy.

Student Testimonials

Positive feedback from current and former students highlights the supportive environment and effective teaching methods at KS Academy. Testimonials often mention the helpfulness of the faculty and the comprehensive study materials as key factors in their success.

Success Rates

Admission Process

Eligibility Criteria

Admission to KS Academy requires meeting specific eligibility criteria, primarily based on academic performance and readiness for the CA course level being applied for.

Application Procedure

The application process is straightforward. Prospective students can apply online through the academy’s website or visit the campus for direct admission. Detailed instructions and required documents are listed on the website.

Important Dates and Deadlines

KS Academy provides a clear timeline of important dates and deadlines for admissions, ensuring that prospective students are well-informed and can plan accordingly.

Fee Structure and Scholarships

Detailed Fee Breakdown

KS Academy offers a transparent fee structure, with detailed breakdowns available for each course. This includes tuition fees, examination fees, and any additional charges for study materials and resources.

Available Scholarships

To support meritorious and financially disadvantaged students, KS Academy offers various scholarships. These are awarded based on academic performance, financial need, and other criteria outlined by the academy.

Financial Aid Options

In addition to scholarships, KS Academy provides financial aid options, including installment plans and educational loans, to help students manage their expenses and focus on their studies.

Student Life at KS Academy

Extracurricular Activities

KS Academy encourages a balanced approach to education, offering a range of extracurricular activities. These include sports, cultural events, and hobby clubs that promote overall development and stress relief.

Student Clubs and Societies

Various student-run clubs and societies at KS Academy provide platforms for students to explore their interests, develop leadership skills, and network with peers.

Events and Competitions

The academy regularly organizes events and competitions, such as quiz contests, debates, and talent shows. These activities foster a sense of community and provide opportunities for students to showcase their talents.

Study Materials and Resources

Comprehensive Study Material

KS Academy provides comprehensive study materials tailored to the CA curriculum. These materials are regularly updated to reflect changes in the syllabus and exam patterns.

Online Resources

Students have access to a wealth of online resources, including e-books, video lectures, and interactive modules. This flexibility allows for efficient and effective self-study.

Practice Tests and Mock Exams

Regular practice tests and mock exams are integral to KS Academy’s preparation strategy. These assessments help students gauge their understanding, identify areas for improvement, and build exam confidence.

Industry Connections and Placement Support

Industry Tie-ups

KS Academy has strong ties with various industries, facilitating guest lectures, workshops, and networking opportunities. These connections enhance the practical knowledge and employability of students.

Internship Opportunities

The academy assists students in securing internships with reputable firms, providing hands-on experience and exposure to the professional world.

Placement Assistance

KS Academy offers robust placement support, including resume-building workshops, interview preparation, and job placement services. This ensures that students are well-prepared to embark on their professional careers.

Comparison with Other Coaching Centres

Unique Selling Points of KS Academy

KS Academy stands out due to its experienced faculty, comprehensive study materials, and high success rates. Their student-centric approach and focus on practical application further enhance their reputation.

Comparison with Competitors

When compared with other coaching centres, KS Academy’s strengths include personalized attention, advanced infrastructure, and strong industry connections. These factors make it a preferred choice for many aspiring CAs.

Student Preferences

Surveys and feedback indicate that students prefer KS Academy for its supportive environment, effective teaching methods, and holistic approach to CA education.

FAQs about KS Academy

Common Questions

What courses are offered at KS Academy?

KS Academy offers CA Foundation, Intermediate, and Final courses, along with special modules and workshops.

What is the fee structure?

The fee structure varies by course and includes tuition, examination fees, and additional charges for study materials.

Does KS Academy offer scholarships?

Yes, KS Academy offers scholarships based on academic performance and financial need.

What is the student-teacher ratio?

KS Academy maintains an optimal student-teacher ratio to ensure personalized attention.

Detailed Answers

Courses Offered:

Comprehensive details about each course are provided on the academy’s website and through counseling sessions.

Fee Structure:

A detailed fee breakdown is available on request and during the admission process.

Scholarships:

Information on scholarships, including eligibility and application procedures, is accessible online and at the campus.

Student-Teacher Ratio:

The academy strives to keep the classes small to enhance interaction and support.

Contact Information for Further Queries

For more information or specific queries, prospective students can contact KS Academy through their official website, email, or visit the campus directly.

Conclusion

KS Academy in Coimbatore is a leading institution for CA coaching, offering comprehensive courses, experienced faculty, and excellent infrastructure. Their student-centric approach, high success rates, and robust placement support make them a preferred choice for aspiring Chartered Accountants. For anyone looking to pursue a career in CA, KS Academy provides the perfect blend of academic rigor and practical training.

[blogs0]

Get Ahead on the CA Final IDT Exam with These Insider Tips and Strategies!

Introduction to CA Final IDT

The Chartered Accountancy (CA) journey in India reaches its pinnacle with the CA Final, the last and most challenging phase. The CA Final Indirect Tax (IDT) exam stands out as a significant hurdle in this prestigious qualification process. Taking place twice a year in May and November, this examination demands meticulous preparation and strategic planning for success.

Syllabus Overview

The CA Final IDT paper, classified into three key sections, plays a pivotal role in shaping a candidate’s success:

Central Excise

Rules, Circulars, and Notifications related to the Central Excise Act of 1944 and the Central Excise Tariff Act of 1985.

Service Tax

In-depth exploration of the Service Tax framework.

GST (Goods and Services Tax)

Detailed coverage of GST, encompassing the levy and collection of CGST and IGST, concept of supply, place of supply, time and value of supply, input tax credit, and more.

Study Material for CA Final IDT

Effective preparation for the CA Final IDT exam begins with the right study material. The Institute of Chartered Accountants of India (ICAI) provides comprehensive study material, covering all essential chapters and units. This official material can be complemented with additional course books and online resources for a holistic understanding.

CA Final IDT Study Material:

Module-wise breakdown including chapters like Supply Under GST, Charge Of GST, Place of Supply, Exemptions from GST, Time of Supply, and more.

Vsmart Academy offers valuable notes and techniques for effective preparation.

Previous Year Exam Papers

Practicing with previous year exam papers is a strategic approach to excel in the CA Final IDT exam. This practice provides insights into the exam pattern, question formats, and the level of difficulty. Here are essential resources for candidates:

CA Final IDT Question Papers with Suggested Answers 2024:

Access to previous year’s question papers for May 2022, December 2021, July 2021, and January 2021.

CA Final IDT Paper Mock Test Papers 2024:

Utilize revised mock test papers for Series I and Series II to gauge your preparation level and enhance performance.

CA Final IDT Paper 2024 Weightage - Chapter Wise for New Course

Sections

Part I – GST (75 Marks)

Weightage

Section IChapter 1: Levy and collection of CGST and IGST – Application of CGST/IGST law; Concept of supply including composite and mixed supplies, inter-state supply, intra-state supply, supplies in territorial waters; Charge of tax (including reverse charge); Exemption from tax; Composition levy45%-65%Section IIChapter 1(vii): Procedures under GST including registration, tax invoice, credit and debit notes, electronic waybill, accounts and records, returns, payment of tax including tax deduction at source and tax collection at source, refund, job work Chapter 1(viii): Liability to pay in certain cases<10%-30%Section IIIChapter 1(xi): Demand and Recovery Chapter 1(xii): Offences and Penalties Chapter 1(xiii): Advance Ruling Chapter 1(xiv): Appeals and Revision10%-25%Section IVChapter 1: Introduction to GST in India including Constitutional Aspects Chapter 1(ix): Administration of GST; Assessment and Audit Chapter 1(x): Inspection, Search, Seizure, and Arrest Chapter 1(xv): Other Provisions5% -10%

Sections

Part II – Customs and FTP (25 Marks)

Weightage

Section IChapter 1(ii): Levy of and exemptions from customs duties – All provisions including the application of customs law, taxable the event, a charge of customs duty, exceptions to levy of customs duty, exemption from customs duty Chapter 1(iii): Types of customs duties Chapter 1(iv): Classification of imported and export goods Chapter 1(iv): Valuation of imported and export goods40% -65%Section IIChapter 1(vi): Import and Export Procedures including special procedures relating to baggage, goods imported or exported by post, stores Chapter 1(ix): Drawback Chapter 1(x): Refund Foreign Trade Policy Chapter 2(ii): Basic concepts relating to export promotion schemes provided under FTP20% – 45%Section IIIChapter 1(1): Introduction to customs law including Constitutional aspects Foreign Trade Policy Chapter 2(1): Introduction to FTP – legislation governing FTP, salient features of an FTP, administration of FTP, contents of FTP and other related provisions Chapter 2(i): Basic concepts relating to import and export10% – 20%

Preparation Tips for CA Final IDT

Paper Pattern:

Understand the subjective nature of the paper.

Total questions: 100

Exam duration: 3 hours

Maximum marks: 100

Answering 5 out of 6 questions. 

Must Read – https://www.vsmartacademy.com/blog/preparation-strategy-to-score-good-marks-in-ca-final-idt/

Assessment Pattern Ratio:

30:70 ratio for analytical skills, comprehensive knowledge, and reporting efficiency.

Verb Usage:

Follow ICAI’s list of verbs with illustrations, such as recommend, evaluate, advice, produce, prioritize, interpret, discuss, and more.

Weightage Allocation:

Chapter-wise weightage for GST, Customs, and FTP to prioritize preparation effectively.

Revision Techniques:

Regular revisions of important chapters.

Utilize ICAI’s recommended reference for quick revision.

Sample questions for the 30:70 assessment to enhance learning.

Conclusion

In conclusion, success in the CA Final IDT exam requires a strategic and comprehensive approach. By understanding the syllabus, utilizing study materials effectively, practicing with previous year’s papers, and following the recommended preparation tips, candidates can position themselves for success in this challenging examination.

[caintermediatebooks]

What is the role of Taxation in CA Intermediate?

In the Chartered Accountancy (CA) Intermediate course, taxation is an important subject that plays a crucial role in preparing students for a career in finance and accounting. The role of taxation in CA Intermediate can be summarized as follows:

Foundation for Advanced Taxation: CA Intermediate acts as a crucial stepping stone, bridging the knowledge gap between the fundamental taxation concepts introduced in the CA Foundation course and the advanced, intricate tax principles covered in the CA Final course. It provides students with a solid groundwork, enabling them to grasp and effectively apply the more complex and comprehensive tax laws and principles they'll encounter in their future studies and professional practice, thereby ensuring a smooth transition to higher-level taxation studies. Scanner CA Intermedaite Books are the best to understand the Tax laws subject of CA Intermediate. 

Understanding Tax Laws: In CA Intermediate, the taxation paper places a central emphasis on equipping students with a comprehensive understanding of both direct and indirect tax laws pertinent to India. This entails a thorough grasp of the Income Tax Act, which governs income taxation, and the Goods and Services Tax (GST) Act, regulating indirect taxation. Students are expected to delve into the intricacies of these statutes, including associated rules and provisions, enabling them to navigate the complexities of tax compliance and advisory services effectively.

Application of Taxation Concepts: In CA Intermediate, students develop practical expertise by applying tax laws and principles to real-life situations. They engage in solving tangible problems such as calculating income tax liabilities, devising tax-efficient strategies, preparing and filing tax returns, and ensuring compliance with the intricate regulations governing Goods and Services Tax (GST). To understand this topic well students can go through some of the best CA Intermedaite Books.This hands-on approach equips them with the skills needed to offer actionable advice, handle actual tax challenges, and deliver valuable services to clients in the dynamic realm of taxation.

Compliance and Reporting: CA Intermediate instills in students the essential ability to ensure strict adherence to tax laws and regulations. They receive comprehensive training on a spectrum of aspects, encompassing familiarity with diverse tax forms, meticulous documentation prerequisites, and the meticulous reporting obligations that both individuals and businesses are obligated to meet. This training equips them with the knowledge and skills required to navigate the intricate landscape of taxation compliance, safeguarding clients from potential legal and financial repercussions.

Tax Planning: CA Intermediate encompasses the study of tax planning strategies crucial for professionals to offer sound financial and tax advice. This entails the ethical reduction of tax burdens within the framework of the law, capitalizing on available provisions and deductions. By equipping students with these skills, the course ensures that future Chartered Accountants can assist clients in optimizing their financial positions while staying compliant, thus safeguarding their interests and contributing to their financial well-being.

Accounting for Taxes: CA Intermediate teaches students the critical skill of incorporating income tax and GST considerations into financial statements. This encompasses recognizing and quantifying deferred tax assets and liabilities, a fundamental aspect of financial reporting. Proficiency in these accounting aspects is essential as it ensures the accurate representation of a company's financial position and performance in conformity with accounting standards. This knowledge is pivotal for Chartered Accountants in their role of providing trustworthy financial information to stakeholders.

Legal and Ethical Aspects: The taxation paper in CA Intermediate underscores not just the technical aspects but also the ethical and legal dimensions of taxation. Students are required to cultivate a robust comprehension of tax ethics, distinguishing between legitimate tax avoidance and unlawful tax evasion. They must also grasp the severe repercussions that non-compliance with tax laws can entail, both for individuals and businesses. This holistic approach ensures that future Chartered Accountants not only possess technical competence but also uphold the highest standards of integrity in their practice.

Professional Development: Taxation studies in CA Intermediate are integral to a Chartered Accountant's comprehensive development. This curriculum imparts the skills and knowledge crucial for effectively delivering tax advisory and compliance services to clients. By mastering tax laws, ethics, and practical applications, students become adept at guiding individuals and businesses, contributing to their financial well-being, and maintaining the ethical standards of the profession. In essence, it's a cornerstone of becoming a well-rounded and capable Chartered Accountant.

Conclusion

Taxation in CA Intermediate serves as a vital component of the curriculum, preparing students for the complexities of tax laws and their application in the real world. It equips future Chartered Accountants with the knowledge and skills necessary to assist individuals and businesses in meeting their tax obligations while optimizing their tax positions within the bounds of the law.

[ymconcepts]

Meet CA. Ajay Agarwal - The Best Faculty of FR and SFM

CA. Ajay Agarwal is the best faculty at YM Concepts for Financial Reporting and Strategic Financial Management for CA final students. His in-depth knowledge of the topics, combined with his enthusiasm and passion for teaching, makes him a favorite among students. Let’s explore why he is so highly regarded by both students and teachers alike.

Experience & Knowledge: CA. Ajay Agarwal has an impressive amount of experience when it comes to teaching FR & SFM. His vast experience has made him an expert at teaching these subjects and instilling in his students the necessary skill set to ace their exams!

Tailored Strategies & Techniques: CA. Ajay Agarwal believes that each student is different and requires a unique approach when it comes to learning FR & SFM. With this in mind, he tailors his strategies and techniques to every student's individual needs depending on their strengths, weaknesses, and learning styles.

Innovative Learning Methodologies: CA. Ajay Agarwal has always been ahead of the curve when it comes to finding innovative ways to teach students FR & SFM concepts effectively and efficiently. He ensures that each session is engaging and enjoyable for all involved!

He is an experienced faculty at YM Concepts, who understands how important it is to help his students learn effectively while still keeping them engaged throughout their coursework. With his tailored strategies, innovative techniques, and passion for teaching, he has become one of the best instructors in the field of Financial Reporting & Strategic Financial Management! So if you’re looking for an experienced teacher who will guide you through your studies successfully then look no further than CA. Ajay Agarwal!

[expertbells]

Is In-person Verification Mandatory For GST Registration in India

The in-person verification has become compulsory from 21 August 2020 before registration is granted to the new applicant. The Finance Ministry has notified new norms for GST registration to check the menace of GST fake invoices fraud.

After several rounds of discussion at the GST Law Committee, it's approved by GST Implementation Committee (GIC) and deliberated among the 10 States' members and the center's representatives, which helped tackle the menace of fake invoices.

According to the new norm, "Now there should be in-person verification compulsory to registration granted to the new applicant. If the applicant goes for Aadhaar authentication, he/she will undergo biometric-based Aadhaar authentication at any of the facilitation centers notified by the Commissioner''.

Objective behind introducing new norms for GST registration

The prime objective of the Indian Government behind inserting this provision is to reduce the fraudulent activities of ITC and cut the frauds related to GST. Fake invoices have been a big problem for GST authorities and a nationwide drive against fake' GST invoices' has led to the arrest of more than 160 fraudsters, including 5 CAs and more than 1700 cases being filed against 5700+ GSTIN entities over the past few months.

Additionally, fake GST invoices are used to evade GST and income tax and divert funds from companies. These invoices are also used for showing non-existent transactions to jack up figures in books to get fast loans from various banks and financial institutions. Finally, fake invoices are used to wrongfully claimed GST.

The PWC India partner national leader said, "A taxpayer registering under GST can go for Aadhaar authentication, in which case registration is deemed to be granted within 3 days without any physical presence of the premise. But, in other cases, the time period could be up to 3 weeks, and authorities can undertake physical verification of the place of the business with a complete review of documents.

Also, one of the ARMG & Associates senior partners has supported Aadhaar authentication for GST registration in India. He said that such rigorous verification procedures prior to GST registration would surely help address the issue of GST and tax evasion.

What is GST registration?

GST registration is a process by which taxpayers get registered under GST Amendment Act 2016. The GST identification number or GSTIN is provided once the registration process has been done. This is a 15 digit GST identification number that is offered by the central Government, and it helps to find out whether a business is liable to pay GST or not.

Who should register for GST?

Every business entity that is supplying goods and turnover is more than INR 40 Lakh in a financial year has to register with GST. But, the threshold limit is INR 10 lakh if the person has a business in the northeastern states such as Himachal Pradesh, Uttarakhand and Jammu & Kashmir. The turnover limit is INR 20 lakh and INR 10 lakh for the service providers in the case of special category states. Some businesses for which online GST registration in India is necessary regardless of their turnover are mentioned below:

• Input service distributor (ISD) and the casual taxable person

• TDS and TCS deductor

• Supplier of goods through an online portal

• Online data access or retrieval service provider

• Interstate supplier of goods and services

Who is eligible for GST registration?

1. Individuals who still have not filed for GST

2. The non-residential taxable individuals are bound for the GST registration

3. Businesses whose turnover is more than INR 40 Lakh yearly

4. Businesses that are associated with the online business categories

5. Individuals who are supplying online information from an outside place to any place within the country.

There are mainly four types of GST returns. They are- 1) Yearly GST Returns, 2) Monthly GST Returns, 3) GST filing related without output or supply and 4) GST Filing related with input or purchase. Remember, GST Monthly Filingwill be compulsory for a private limited company after PVT LTD company registration.

What is the process of GST registration?

Step 1: Visit GST Portal

Step 2: Generate a Taxpayer Registration Number (TRN) by Completing OTP (One Time Password) Validation.

Step 3: OTP Verification and TRN Generation

Step 4: TRN Generated

Step 5: Now, log in with your TRN

Step 6: Submit business information

Step 7: Submit promoter information

Step 8: Submit signatory information

Step 9: Now, fill in details of the principle of business

Step 10: Details of goods and services

Step 11: Details of your bank account

Step 12: Verification of your application

Documents required for GST registration

Some of the key documents that you will need for your business GST registration are PAN Number, proof of your company registration or incorporation certificate, copy of your Aadhaar card, bank account statement or canceled cheque, digital signature, identify and address proof of directors and promoters with a photograph.

GST Registration Through Aadhaar Card

You can secure your GST registration with the help of your aadhaar card. The process is fast and simple. The complete process for GST registration with an aadhaar card is mentioned below:

• You will be provided with the choose aadhaar authorization option when you apply for GST registration.

• Just select "YES" You will get the authorization link on your registered email ID and registered mobile number.

• Now click on this link

• Enter your aadhaar number and select "Validate".

• You will get an OTP on your mobile number once the details have been matched.

• Now enter the received OTP to complete the registration process. You will get the GST registration within 3 to 5 working days.

Is there any penalty for not registering under GST?

Yes! There is a penalty. So, all businesses have to register under GST otherwise will have to pay a penalty of 10% of the taxable amount up to a maximum of INR 10000.

If you are confused by the complicated laws of GST or have any queries regarding it, take ExpertBells GST consultation services to get your issue solved by professional GST consultant.