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CA VK Agrawal

Simplified GST Registration for Low-Turnover Taxpayers: A Game-Changer for Small Businesses

The Government of India has introduced a major relief for small businesses by simplifying the GST registration process. Through the Central Goods and Services Tax (Fourth Amendment) Rules, 2025, effective from 1st November 2025, the Central Board of Indirect Taxes and Customs (CBIC) has launched a new framework to ease compliance and promote business growth. These reforms are especially beneficial for small suppliers and growing enterprises that often face challenges… Read More »Simplified GST Registration for Low-Turnover Taxpayers: A Game-Changer for Small Businesses

Your Bank Reports to Income Tax: Transactions That Can Trigger a Notice

If you think your bank transactions go unnoticed, it is time to think again. The Income Tax Department keeps a close watch on high value transactions to ensure transparency and prevent tax evasion. Every major financial move, from cash deposits to property deals, can be reported by your bank or financial institution. Staying compliant is not only about avoiding penalties but also about maintaining confidence and peace of mind. As… Read More »Your Bank Reports to Income Tax: Transactions That Can Trigger a Notice

How to File GSTR-9 and GSTR-9C for FY 2024-25 – A Simple Step-by-Step Guide

If you’re a business owner or accountant getting ready for GST annual compliance, two forms will top your checklist GSTR-9 and GSTR-9C. These filings summarize your entire year of GST transactions and help ensure your records match what’s reported to the government. Here’s a practical, step-by-step guide to make the process easier. What Are GSTR-9 and GSTR-9C? Form Purpose Who Needs to File Turnover Limit GSTR-9 Annual summary of GST… Read More »How to File GSTR-9 and GSTR-9C for FY 2024-25 – A Simple Step-by-Step Guide

ITR Processed but Still a Notice? CBDT Circular Brings a New Section 87A Twist (September 2025)

If you have recently filed your Income Tax Return and proudly saw the status marked as Processed Successfully, think again before celebrating too soon. Many taxpayers across India are now receiving fresh tax demand notices after their returns were processed, all because of a new clarification from the Central Board of Direct Taxes (CBDT). What Sparked the Confusion The issue revolves around Section 87A, a rebate designed to help small… Read More »ITR Processed but Still a Notice? CBDT Circular Brings a New Section 87A Twist (September 2025)

RBI Considers Device Locking for Loan Defaulters

The Reserve Bank of India (RBI) is reportedly examining a proposal that could reshape how lenders recover small-ticket loans. Under this plan, banks and non-banking financial companies (NBFCs) may be allowed to use device-locking technology to restrict access to a borrower’s smartphone in case of loan default. Why This Proposal is Gaining Attention Small-ticket loans have seen tremendous growth in India, driven by the rapid adoption of digital lending platforms.… Read More »RBI Considers Device Locking for Loan Defaulters

Patna High Court Clarifies GST Return Filing and Section 74 Demands

The Patna High Court recently delivered a significant judgment in the case of Parvinder Singh v. State of Bihar (Civil Writ Jurisdiction Case No. 6949 of 2025), bringing relief to assessees facing demands under Section 74 of the GST Act. The Court ruled that where an assessee has duly filed GST returns and discharged tax liabilities, demands for tax, interest, and penalties cannot be sustained merely because of a lapse… Read More »Patna High Court Clarifies GST Return Filing and Section 74 Demands

Tracking Hidden Info: How India’s Tax Department is Changing Its Approach

Think about how much of our lives now live online banking, emails, business conversations, even those late-night chats with AI tools like ChatGPT. For companies, it’s no different. Most financial records, contracts, and day-to-day transactions exist in digital form, often stored on servers halfway across the world. Until now, this made it tricky for India’s tax authorities to trace hidden income or uncover irregularities. But things are about to shift… Read More »Tracking Hidden Info: How India’s Tax Department is Changing Its Approach

Forgot to Claim a Deduction? Here’s How to File a Revised Income Tax Return

Missed a tax deduction? Don’t panic—you can still fix it! The Income-tax Act allows you to file a revised return under Section 139(5) and claim the deductions you may have overlooked. A revised return lets you correct errors in your originally filed income tax return, whether it’s a missed deduction, an income reporting mistake, or overlooked TDS credits. Once filed, the revised return replaces your original return, giving you a… Read More »Forgot to Claim a Deduction? Here’s How to File a Revised Income Tax Return

Supply Chain and Compliance Challenges Under GST 2.0

India is preparing for a major tax transition as GST 2.0 comes into effect from 22 September 2025. While the revised framework promises a simplified rate structure and improved efficiency, it also brings significant challenges for businesses, especially across supply chains, compliance systems, and financial processes. What’s Changing in GST 2.0 Rates GST Category New Rate Key Notes Merit Goods 5% Essential items, previously 12% or lower Standard Rate 18%… Read More »Supply Chain and Compliance Challenges Under GST 2.0

Next-Gen GST Reform: A Diwali Gift for Every Indian

This Diwali, the Government of India has announced something more than just celebrations—a reform that directly impacts every Indian household. The Next-Gen GST Reform aims to make daily living easier, reduce expenses on essentials, and support both farmers and businesses. It’s a step towards building Aatmanirbhar Bharat while putting real savings back into people’s pockets. Savings on Everyday Essentials Imagine your grocery bill going down without changing your shopping list.… Read More »Next-Gen GST Reform: A Diwali Gift for Every Indian