TAXLA Services: Your One-Stop Solution for Financial and Compliance Needs!

A Complete Guide to Complying with Rule 10A & Preventing Auto-Suspension Under Rule 21A The Goods and Services Tax (GST) system continues to evolve with new compliance requirements to ensure transparency and accountability in business operations across India. One such critical requirement is updating bank account details on the GST portal , especially after receiving a GST registration. Failure to comply with this requirement can now result in auto-suspension of GST registration under Rule 21A read with Rule 10A . With the Government’s increasing emphasis on real-time verification and proper taxpayer identification, businesses must stay aware of the deadlines and mandatory compliance procedures. Let’s break down the importance of this update, the latest rules, deadlines, and how you can avoid suspension of your GST registration. ✅ What is Rule 10A Under GST? Rule 10A mandates that any taxpayer obtaining new GST registration must furnish their bank account details on the GST...

  India has officially entered a transformative phase in labour governance with the implementation of the four new Labour Codes . This major reform marks one of the most significant updates to the country's labour laws since independence. Designed to simplify compliance, protect workers, and promote ease of doing business, the codes consolidate 29 existing labour laws into 4 comprehensive legislations : The Code on Wages, 2019 The Occupational Safety, Health and Working Conditions (OSH) Code, 2020 The Industrial Relations (IR) Code, 2020 The Social Security Code, 2020 As these codes come into effect, it is crucial for employers, HR professionals, and employees to understand how these changes will influence wages, working hours, employee benefits, compliance procedures, and organizational operations. This blog provides an in-depth overview of the updates and what they mean for businesses of all sizes. 1. Why Were the Labour Codes Introduced? India’s labour landsc...

Businesses engaged in international transactions or specified domestic transactions face additional compliance responsibilities under India’s Income Tax Act. One such major requirement is filing the Income Tax Return (ITR) for Transfer Pricing assessees , which comes with a special deadline. For the Assessment Year 2025–26, the due date is 30th November 2025 . Missing this date can lead to penalties, compliance issues, and unnecessary scrutiny—making it crucial for businesses to stay well-prepared. This detailed guide breaks down everything you need to know about the ITR filing process for Transfer Pricing assessees, Section 92E reporting, and how to stay compliant. What Is Transfer Pricing and Who Is a Transfer Pricing Assessee? Transfer Pricing refers to the pricing of goods, services, or intangible assets between associated enterprises (AEs), either within India or internationally. The idea is to ensure that taxable profits are not shifted to benefit from lower-tax jurisdictio...

For every GST-registered business, annual filing is more than just compliance—it is a crucial step toward financial transparency and tax accuracy. As the financial year 2024–25 progresses, two forms take centre stage in India’s GST annual return system: GSTR-9 and GSTR-9C . Many businesses often confuse these forms, unsure about who should file what, when it is due, and why it matters. This blog breaks down both forms in simple terms so you can make informed decisions and avoid compliance penalties. What is GSTR-9? GSTR-9 is the annual return that summarises your entire year’s GST activities. It is mandatory for businesses whose aggregate turnover exceeds ₹2 crore in a financial year. The form is comprehensive and includes: Total outward supplies made during the year Total inward supplies received Taxes paid Input tax credit (ITC) claimed ITC reversals Any demands, refunds, or adjustments Think of GSTR-9 as a yearly report card of your business’s GST perf...

A Game-Changing Reform for Businesses, Startups & Professionals Starting a business is one of the most exciting milestones for any entrepreneur. But if there is one thing that has always slowed down the process, it’s compliance—especially GST registration. Long waiting periods, verification delays, and document clarifications have been common challenges faced by lakhs of new businesses in India. But now, things have changed dramatically. The Government of India has introduced a new, fast-track GST registration system from 1 November , aimed at making business onboarding smoother, faster, and far more efficient. This initiative marks a major technological and administrative reform in the GST ecosystem, promising quicker approvals, reduced human intervention, and a seamless digital experience. Let’s break down what this fast-track system means for you—and how it can benefit your business. ✅ 🌟 What’s New in the Fast-Track GST Registration System? The newly launched system is...

Managing capital gains can be a complex process, especially when taxpayers need more time to reinvest gains into eligible assets to claim exemptions. The Capital Gains Accounts Scheme (CGAS), 1988 has long served as a structured mechanism to help taxpayers deposit unutilized capital gains until the investment is completed. In November 2025, the Central Government issued Notification S.O. 5293(E) dated 19.11.2025 , bringing important amendments to the existing scheme. These updates aim to modernize the procedure, increase transparency, simplify compliance, and align the scheme with today’s digital financial environment. This blog explains the key amendments and their implications for taxpayers. 1. Introduction to CGAS Before exploring the amendments, it is essential to understand the purpose of CGAS. Under various sections of the Income-tax Act—such as Section 54, 54B, 54F, 54EC, and 54GA —taxpayers can claim exemption on capital gains if they reinvest the proceeds within the pre...

GST compliance has always been a crucial part of running a business smoothly in India. Over the years, the GST Department has introduced several rules and enhancements to improve transparency, reduce fraud, and strengthen the tax system. One such important provision is GST Rule 10A , which mandates taxpayers to update their bank account details on the GST portal within a specified time. Failure to comply with this rule can lead to serious consequences , including suspension of GST registration . In recent months, the GST authorities have observed that many taxpayers have still not updated their bank account details, even after repeated reminders. With new changes expected to roll out soon on the GST portal, it is more important than ever to ensure compliance with Rule 10A. Let’s take a closer look at what Rule 10A is, why it matters, and how you can comply on time. 🔍 What Is GST Rule 10A? Rule 10A of the CGST Rules mandates that every registered taxpayer (except a few exempted ...