CBVAssociates

Every drop of blood you donate can save a life. This , take a moment to consider the impact your contribution can make. By donating blood, you're not just giving a part of yourself; you're giving hope, strength, and a future to someone in need.

Celebrating a significant milestone with Borosil Scientific Limited's official listing on the BSE! We're happy to have served as their advisors throughout this journey.

This , let’s commit to making eco-friendly choices for a sustainable future. Small actions like reducing waste, conserving energy, and choosing sustainable products can make a significant impact. Together, we can create a greener, healthier planet for generations to come.

The May GST collection data for FY24-25 reveals notable 10% Year-on-Year (YoY) growth, reaching ₹1,72,739 crore in revenue. This growth trend aligns with the broader fiscal year's trajectory, which has seen an 11.3% YoY increase in gross collections. Driving this growth is a substantial 15.3% surge in domestic transactions, indicating a strong domestic economy fueled by increased consumer spending and business activities.

However, imports show a contrasting 4.3% slowdown, which may suggest a shift towards domestic sourcing or production. This data positively reflects the economy's health and provides insights for policymakers to strengthen domestic economic activities while addressing challenges in international trade.

CBVA_GST Collection for the month of May 2024.pdf CBVA_GST Collection for the month of May 2024.pdf - Download as a PDF or view online for free

Lead the way to a healthier tomorrow this . Free yourself from the grip of smoking and seize control of your health. Make the choice for a healthier, smoke-free future. 🚭

On this sacred day, may we all find peace, compassion, and enlightenment in our hearts. Let us walk the path of righteousness and spread kindness to all beings. Happy

The GST collection for April 2024 has reached Rs. 2.1 lakh crore, a monumental milestone that shows a 12.4% increase year-on-year.

The state-wise analysis reveals regional economic trends. Northern states/UTs grow over 20%, while others see a slight dip. Furthermore, the growth in net revenue after refunds, driven by increased domestic transactions and imports, highlights the resilience of the Indian economy. This month's collection is a testament to India's economic strength. Let's hope these positive trends continue to shape our nation's financial landscape.

CBV & Associates - GST Collection Summary Apr 2024.pdf CBV & Associates - GST Collection Summary Apr 2024.pdf - Download as a PDF or view online for free

Honouring the vibrant spirit of Maharashtra as it marks its 65th Foundation Day! Let's celebrate the rich culture, heritage, and progress of this incredible state.

𝗖𝗕𝗗𝗧 𝗘𝘅𝘁𝗲𝗻𝗱𝘀 𝗗𝘂𝗲 𝗗𝗮𝘁𝗲 𝗳𝗼𝗿 𝗙𝗶𝗹𝗶𝗻𝗴 𝗙𝗼𝗿𝗺 𝟭𝟬𝗔/𝗙𝗼𝗿𝗺 𝟭𝟬𝗔𝗕

The Central Board of Direct Taxes (CBDT) has extended the due date for filing Form 10A/Form 10AB under the Income-tax Act, 1961, until 30th June 2024. This extension aims to alleviate genuine hardships faced by taxpayers, providing additional time for compliance with provisions related to sections 10(23C), 12A, 80G, and 35 of the Act.

Entities that missed previous deadlines for filing Form 10A can now apply for registration until the new extended deadline, facilitating smoother regulatory adherence. All applications must be submitted electronically via the Income Tax Department's e-filing portal, ensuring a streamlined process.

𝗖𝗕𝗗𝗧 𝗘𝘅𝘁𝗲𝗻𝗱𝘀 𝗗𝘂𝗲 𝗗𝗮𝘁𝗲 𝗳𝗼𝗿 𝗙𝗶𝗹𝗶𝗻𝗴 𝗙𝗼𝗿𝗺 𝟭𝟬𝗔/𝗙𝗼𝗿𝗺 𝟭𝟬𝗔𝗕

The Central Board of Direct Taxes (CBDT) has extended the due date for filing Form 10A/Form 10AB under the Income-tax Act, 1961, until 30th June 2024. This extension aims to alleviate genuine hardships faced by taxpayers, providing additional time for compliance with provisions related to sections 10(23C), 12A, 80G, and 35 of the Act.

Entities that missed previous deadlines for filing Form 10A can now apply for registration until the new extended deadline, facilitating smoother regulatory adherence. All applications must be submitted electronically via the Income Tax Department's e-filing portal, ensuring a streamlined process.

CBDT provides relief to TDS deductors in respect of inoperative PAN - With a view to redressing the grievances faced by deductors/collectors who have collected TDS/TCS at a normal rate but were required to deduct /collect tax at higher rates on account of PAN of the deductee being inoperative due to non-linkage of such PAN with Aadhar from 1st April, 2023, CBDT vide Circular no. 6/2024 dated 23rd April, 2024 has specified that transactions entered into upto 31.03.2024 and in cases where PAN becomes operative (as a result of linkage with Aadhar) on or before 31.05.2024, there shall be no liability on the deductor/collector to deduct/collect the tax under section 206AA/206CC (at a higher rate), as the case may be. Hence, such deductors will not be required to pay the difference.

Accordingly, where notices have been received for the short deduction because of this reason, it will be advisable to reach out to the deductee and get their PAN linked with Aadhar immediately and in any case on or before 31st May, 2024. It may be noted that this relief is for transactions up to 31st March, 2024.

The facility of verification of PAN being valid is available on the income tax portal.

Let's explore tips for Transfer Pricing Success! Today, having solid transfer pricing documentation is crucial due to changing rules. Here are key ways to make it happen:

Firstly, understanding the rules at different places is key. This lays the groundwork for good documentation and compliance. Secondly, thorough checks on all intercompany transactions help spot pricing issues early. Thirdly, ensuring your documentation aligns closely with OECD guideline
s is crucial. Fourthly, teamwork between the finance, tax, and legal teams is essential for success. Lastly, staying vigilant with regular risk checks prevents problems down the line.

Do you have any insights to add? Share in the comments!

CBV & Associates - Optimizing Transfer Pricing Documentation Implementation - SM Post.pdf CBV & Associates - Optimizing Transfer Pricing Documentation Implementation - SM Post.pdf - Download as a PDF or view online for free

Today, let's commit to making mindful choices that benefit our planet. Together, we can create a brighter, greener future for generations to come. Happy Earth Day!

Let the spirit of Ram Navami inspire us with courage and kindness on our journey. Wishing you all a heartfelt and blessed Ram Navami!

May the blessings of Ramadan fill your heart with peace and your home with joy. Eid Mubarak!

Let the vibrant hues of Gudi Padwa illuminate your path to a joyful new beginning. Wishing you all a Happy Gudi Padwa filled with hope, happiness, and prosperity!

March 2024 witnessed India's second-highest-ever GST collection, reaching Rs. 1.78 lakh crore, marking an impressive 11.5% year-on-year growth. Over the entire fiscal year 2023-24, gross GST collection amounted to Rs. 20.14 lakh crore, reflecting an 11.7% increase from the previous year. Notably, this surge was propelled by a remarkable 17.6% rise in GST collection from domestic transactions. In March 2024 alone, the Central Government disbursed Rs. 43,264 crore to CGST and Rs. 37,704 crore to SGST from the IGST pool.

Analyzing state-wise data reveals that smaller states are demonstrating robust GST pe*******on, evident in their growth rates. However, states like Jharkhand and Chhattisgarh have reported growth rates of less than 5%, signalling potential areas for further improvement. The momentum of increased revenue signifies that GST implementation in India is transitioning from the stabilization stage to the enhancement stage, paving the way for further economic growth and efficiency.

April 1st marks the start of a brand new financial year! Here is to fresh opportunities, renewed goals, and a journey towards financial success. Let us make this year one for the books!

Happy Easter! Let's celebrate the beauty of unity and togetherness. May this day bring you closer to loved ones and fill your heart with joy.

Let's continue to inspire, support, and uplift one another as we pave the way for a brighter, more inclusive future. Together, we rise! Happy Women's Day!

Dealing with batch of appeals by telcos and the revenue, SC bench stated that the obligation to deduct tax at source u/s 194H of the Income Tax Act arises when the legal relationship of principal - agent is established.

Celebrating the superstars of our team this Employee Appreciation Day! Every day, you bring your best, turning challenges into victories and ideas into realities. Your dedication doesn't just drive success; it inspires it.

Here's to you - for the late nights, the extra miles, and the smiles you bring to the workplace. Thank you for being the heartbeat of our firm.