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Key GST proposals in Finance Bill 2026

Key GST Proposals in Finance Bill, 2026 – At a Glance The Finance Bill, 2026 proposes several practical and taxpayer-friendly amendments under GST, focusing on valuation clarity, faster refunds, export competitiveness, and dispute resolution. Key highlights: 1️⃣ Post-sale discounts – Section 15(3), CGST • Condition of “prior agreement” for post-sale discounts removed • Credit note u/s 34 permitted if recipient reverses proportionate ITC • Significant relief for trade discounts / year-end incentive schemes • Reduces valuation-related litigation 2️⃣ Credit notes – Section 34, CGST • Explicit statutory linkage between credit notes and revised valuation u/s 15 • Aligns discount, value reduction, and ITC reversal into a single framework 3️⃣ Refunds – Inverted Duty Structure – Section 54(6), CGST • Provisional refund (up to 90%) extended to inverted duty refunds • Major cash-flow relief for sectors with higher input GST than output GST 4️⃣ Export refunds – Section 54(14), CGST • T...
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IND AS 115 – Revenue Recognition

  IND AS 115 – Revenue Recognition 🎯 Top Interview Q&A for CA / CMA / Finance 📘 Core Concept Questions 🔹 1️⃣ Core principle of Ind AS 115? 👉 Recognize revenue when control of goods/services transfers to the customer. 🔹 2️⃣ Five-step revenue recognition model: 1️⃣ Identify the contract 2️⃣ Identify performance obligations (PO) 3️⃣ Determine transaction price 4️⃣ Allocate transaction price 5️⃣ Recognize revenue when / as PO is satisfied 🔹 3️⃣ What is a performance obligation? 👉 A distinct promise to transfer a good or service. 🔹 4️⃣ When is a good/service ‘distinct’? ✔ Customer can benefit independently ✔ Separately identifiable in the contract 🔹 5️⃣ What is transaction price? 👉 Consideration expected for transferring goods/services. 🔹 6️⃣ What is variable consideration? 👉 Amounts subject to change due to: ✔ Discounts ✔ Rebates ✔ Bonuses ✔ Penalties 🔹 7️⃣ Methods to estimate variable consideration: ✔ Expected value method ✔ Most likely amount method 🔹 8️⃣ ...
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Bill of Entry

BOE stands for Bill of Entry ⚪It is a mandatory customs document filed by an importer or customs broker when goods arrive in India from a foreign country. 🔹 What is the purpose of BOE? The Bill of Entry is filed to: *Declare imported goods to Customs *Assess and pay customs duty *Get clearance of cargo from customs Without BOE, imported goods cannot be cleared from the port/ICD/CFS. 🔹 Who files the BOE? *Importer *Authorized Customs Broker (CHA) It is filed electronically on the ICEGATE portal. 🔹 When is BOE filed? *After IGM (Import General Manifest) is filed by the shipping line *Before delivery of cargo 🔹 Key details mentioned in BOE: *Importer & exporter details *Invoice number & date *HS code (Customs Tariff Heading) *Description & value of goods *Country of origin *Duty applicable (BCD, IGST, etc.) *Port of discharge 🔹 Simple Import Process Flow Arrival of Vessel → IGM Filed → BOE Filed → Duty Assessment → Duty Payment → Customs Clearance → Cargo De...
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𝗘𝗫-𝗪𝗢𝗥𝗞𝗦 (𝗘𝗫𝗪) 𝗦𝗮𝗹𝗲𝘀 𝘂𝗻𝗱𝗲𝗿 𝗚𝗦𝗧

  𝗘𝗫-𝗪𝗢𝗥𝗞𝗦 (𝗘𝗫𝗪) 𝗦𝗮𝗹𝗲𝘀 𝘂𝗻𝗱𝗲𝗿 𝗚𝗦𝗧 – 𝗧𝘄𝗼 𝗖𝗼𝗺𝗺𝗼𝗻 𝗔𝗺𝗯𝗶𝗴𝘂𝗶𝘁𝗶𝗲𝘀 𝗖𝗹𝗮𝗿𝗶𝗳𝗶𝗲𝗱 Even after eight years of GST implementation the ambiguity related to the compliances of EXWORKS Sales is still unsettled. Few states it was advised by some tax professionals that the Supplier should charge CGST+SGST for ExWorks sales (even though the recipient is in different state) because the title transfer of the goods ends at Suppliers gate. Let us discuss and get clarified the correct procedures. Many businesses follow EX-Works terms, but GST compliance often goes wrong on two key points: 🚚 1️⃣ 𝗪𝗵𝗼 𝘀𝗵𝗼𝘂𝗹𝗱 𝗴𝗲𝗻𝗲𝗿𝗮𝘁𝗲 𝘁𝗵𝗲 𝗘-𝘄𝗮𝘆 𝗕𝗶𝗹𝗹? ✔ Goods are moved in relation to supply ✔ Hence, E-way Bill is mandatory (if value > ₹50,000) 👉 It can be generated by either the Supplier or Recipient as per Rule 138. In case if both the parties didn't generated the EWayBill then the Transporter can generate EWayBill as per Rule 138(3). ⚠...
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Top IND AS Journal Entries

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  Top IND AS Journal Entries  ✅ 1️⃣ IND AS 115 – Revenue (Contract Asset / Liability) Revenue earned > billed Contract Asset Dr To Revenue Billing > revenue earned Revenue Dr To Contract Liability ✅ 2️⃣ IND AS 116 – Leases (Lessee Entries) On commencement: ROU Asset Dr To Lease Liability Monthly payment: Finance Cost Dr Lease Liability Dr To Bank Depreciation: Depreciation Dr To ROU Asset ✅ 3️⃣ IND AS 16 – PPE (Component Accounting) PPE – New Component Dr Accumulated Depreciation Dr To PPE – Old Component ✅ 4️⃣ IND AS 38 – Intangibles (R&D) Research: Research Expense Dr To Bank/Payables Development (Capitalised): Intangible Asset Dr To Bank/Payables ✅ 5️⃣ IND AS 36 – Impairment Impairment Loss Dr To Asset ✅ 6️⃣ IND AS 37 – Provision for Warranty Create provision: Warranty Expense Dr To Provision Utilise provision: Provision Dr To Bank/Inventory ✅ 7️⃣ IND AS 109 – Financial Instruments (FVTPL) Financial Asset Dr To P&L (Gain) or P&L (...
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