📝 SBI hikes lending rates under MCLR by 0.05%
📝 Glenmark Pharma Q2 Results: Co posts Rs 355 crore net profit on robust sales growth
📝 Medanta Q2 Results: Co reports 4.5% jump in net profit to Rs 130.8 crore
📝 Foreign investors sell nearly $1 billion of JPM index-linked Indian government bonds in Nov
📝 Murugappa to buy Germany's Hubergroup; acquisition at an enterprise value of $310 million
📝 RIL, Viacom18 and Disney complete merger to create a Rs 70,352 cr JV
📝 Unesco, MeitY partner to assess gaps in ethical AI use in India
📝 eVTOL player ePlane raises $14 million, anticipates parallel aviation industry & new jobs
📝 Pavestone marks final close of tech fund at Rs 816 crore
📝 India's merchandise exports surge 17% in Oct, fastest pace in 28 months
📝 India set to become hottest destination for global fashion brands by 2025
📝 Anil Ambani's RPower gets SECI showcause over 'fake bank documents'
📝 JPMorgan sets up unit in GIFT city to develop derivative products
📝 Universal Studios looks to join Excel Entertainment cast with stake buy
📝 Agro Tech Foods buys Bharti group's Del Monte Foods in Rs 1,300 cr deal
📝 EaseMyTrip Q2FY25 results: Net profit declines 45% to Rs 26 crore
📝 Muthoot Finance Q2 results: Consolidated net profit up 21% at Rs 1,321 cr
📝 Black Box eyes $2 billion revenue in 4 years on rising AI, data demand
📝 Rapido reports 2.5x increase in gross order value to Rs 2,461 cr in Q2FY25
📝 NHB raises Rs 3,830 cr through 10-yr bonds at 7.14%; gets 'AAA' rating
📝 Rupee settles at new low of 84.41 as US dollar strengthens, FII outflows
📝 WPI inflation hits 4-month high of 2.36% in October on food price spike
📝 VRRR auction gets muted response from banks
📝 Shiprocket, CSC to run e-commerce export hubs around Delhi
📝 Tata Projects looks at double-digit growth in revenues in FY25
📝 Bharat Forge net profit up 13.22 per cent to Rs 361.12 crore
📝 GAIL inks pact with Abu Dhabi firm for LNG supply
📝 MGNREGS outlay may be hiked by Rs 10,000 crore
📝 Delhivery logs profit for 2nd quarter on festive boost
📝 US Adds South Korea to Foreign-Exchange Monitoring Watchlist
📝 Grasim Industries Q2 Results: Net profit slumps 66% to ₹390 crore
📝 Centre rolls out fourth phase of gold hallmarking, expands to 18 more districts
📝 Porter looks to raise $100 million from private equity firms
📝 India’s sports industry to jump to $130 billion by 2030: Deloitte-Google report
📝 Sebi mulls reforms for angel funds, lowering barriers and boosting flexibility
📝 EU imposes €797 million fine on Meta Platforms for abusive Facebook ad practices
📝 FirstCry parent firm Brainbees Solutions posts ₹63 crore loss in Q2
📝 India’s goods trade deficit widens to $27 billion in October
📝 Peak XV leads ₹565-crore investment in rural credit startup SarvaGram Solutions.
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✅ Audit Assessees, Your due date for filing tax ITR is today 15th November 2024.
✅ NFRA recommends revision in New Quality Control Standards, including revisions to SQC-1 (now SQM-1 & SQM-2) & most important SA600, with joint auditor responsibilities in SA299. Recommends revisions in SA800, SA805 & SA810.
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Advisory on Initial Phase of Invoice Management System (IMS) Implementation
✅The Invoice Management System (IMS), introduced as an optional feature on the GST Portal in October 2024, allows recipients to review invoices furnished by suppliers in GSTR-1/1A/IFF and either accept, reject, or keep them pending.
✅Actions taken in IMS determine the recipient’s GSTR-2B, generated on the 14th of the following month, which in turn impacts the auto-populated ITC and tax liability in GSTR-3B.
Key Points
✅Invoice Actions : Taxpayers can verify and take action on invoices in IMS. Rejected invoices do not contribute to ITC in GSTR-2B.
✅Auto-population in GSTR-3B : ITC and liability values are auto-populated in GSTR-3B based on data in GSTR-1/1A and GSTR-2B, but taxpayers can currently edit these fields before filing.
✅Error Correction Flexibility : During the early implementation phase, users may encounter errors when accepting or rejecting invoices in IMS, leading to incorrect ITC values in GSTR-3B. Recipients can adjust their actions in IMS and recompute GSTR-2B to ensure accurate ITC.
✅If mistakes persist, resulting in incorrect ITC or liability values in GSTR-3B, taxpayers are advised to correct these fields manually before filing to ensure accuracy based on their actual records. This guidance ensures accurate tax credit claims and liability reporting during IMS's rollout phase.
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