India’s foreign exchange framework for exports and imports is set for a significant overhaul from 1 October 2026. The Reserve Bank of India’s Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2026, together with the accompanying Directions, aim to simplify compliance, provide greater flexibility to businesses and give Authorised Dealer (AD) banks a more significant role in administering the framework. The new…
The 57th GST Council Meeting is scheduled for 7 October 2026 in New Delhi, with the preparatory Officers’ Meetings scheduled for 5 and 6 October. The meeting, which was originally scheduled for 12 September, has now been rescheduled. For businesses, tax professionals and the wider GST community, the upcoming meeting assumes considerable importance. After almost nine years of GST, the focus is no longer merely…
In a service-oriented business, the most important resources are people and technology. Unlike manufacturing, where machinery and physical assets play a major role, service organisations depend largely on the knowledge, skills, judgement and relationships of their people, supported by appropriate technology. Effective resource management, therefore, is not about having the maximum number of people or the latest technology. It is about using the right resource…
As announced in the Union Budget 2026, CBDT has notified the Foreign Assets of Small Taxpayers – Disclosure Scheme (FAST – DS), effective from 16th August 2026 to 31st December 2026. FAQs have also been issued to provide further clarity on the scheme. FAST-DS presents a valuable opportunity for small taxpayers to voluntarily disclose foreign assets or income that may have been inadvertently omitted from…
Setting the Scene India’s retail inflation has been on a steady upward trajectory through 2026. After dipping to multi-year lows in late 2025, Consumer Price Index (CPI) inflation has risen for several consecutive months, from around 2.7% in January to 4.45% by July 2026, with food inflation running even higher at over 5.5%. Rural India, where food and fuel account for a larger share of…
For decades, tax practice followed a predictable rhythm: gather documents, enter numbers, cross-check them against the previous year’s return, research grey areas, and hope filing season ends before burnout does. That rhythm is now changing, not because the tax code has become simpler, but because artificial intelligence is quietly transforming how the work gets done. This transformation is not merely about automation; it is about…
A balance sheet is often regarded as the most important financial statement of a business. While many business owners naturally focus on sales, revenue, and profits, the balance sheet tells a much deeper story about the financial strength and stability of the business. It provides a clear snapshot of the company’s financial position at a given point in time by answering three important questions: Understanding…
Every business generates financial data, but not every business transforms that data into meaningful business intelligence. While many organizations prepare financial statements as part of their statutory obligations, far fewer develop meaningful Financial MIS reports. The difference often determines how quickly management can identify challenges, capitalize on opportunities, and make informed decisions. In today’s fast-paced business environment, organizations generate vast amounts of financial data every…
With GST 2.0’s rate rationalisation largely complete, the GST Council is now turning its attention to a far more complex, but equally significant issue that has quietly strained the finances of businesses across India — the accumulation of Input Tax Credit (ITC) under the Inverted Duty Structure (IDS). As the Council prepares for its 57th meeting, expected in late July or August, government sources indicate…
The statutory audit is often perceived as an annual compliance requirement. However, for a well-managed finance function, it should represent the outcome of disciplined accounting, systematic documentation, timely reconciliations, and robust internal controls maintained consistently throughout the financial year. One of the primary statutory audits get delayed is not the complexity of accounting matters but inadequate preparation. Missing documents, unreconciled balances, unsupported journal entries, and…
