CA Syam sundar

 Finally — No More Unnecessary Cash Blockage in GST Payments | Feb 2026 Update One of the biggest pain points in filing GSTR-3B has been the practical restriction in ITC utilisation, despite flexibility being available under law. Many taxpayers have faced this situation: 👉 Paying CGST in cash 👉 While sufficient credit was sitting in the IGST ledger Now, the GST portal has streamlined Table 6.1 to allow true proportionate utilisation of IGST credit. 📘 Legal Position As per Section 49 of the Central Goods and Services Tax Act read with Rule 88A: • IGST credit must first be utilised towards IGST liability • The balance IGST credit can be utilised towards CGST and SGST in any order and proportion • CGST and SGST credits cannot be cross-utilised While the law permitted flexibility, portal sequencing earlier limited practical optimisation. Practical Illustration 🔺 Output Liability CGST – ₹40,000 SGST – ₹40,000 🔺 Available ITC IGST – ₹50,000 SGST – ₹30,000 CGST – ₹0 🔄 Optimal Utilis...

U̳n̳d̳e̳r̳s̳t̳a̳n̳d̳i̳n̳g̳ ̳L̳e̳t̳t̳e̳r̳ ̳o̳f̳ ̳C̳r̳e̳d̳i̳t̳ ̳f̳o̳r̳ ̳I̳n̳t̳e̳r̳n̳a̳t̳i̳o̳n̳a̳l̳ ̳T̳r̳a̳d̳e̳ ⚖️ In global trade, trust is essential — but distance and unfamiliar partners create risk. That’s where a Letter of Credit (LC) plays a vital role. A Letter of Credit is a bank guarantee that ensures: ✅ The exporter gets paid once documents meet the agreed terms ✅ The importer pays only when shipment conditions are fulfilled Key principle: Banks deal with documents, not goods. 💡 Why LCs matter: * Reduces payment risk for seller they have fixed in their PO Terms * Builds trust between trading partners * Enables smoother cross-border transactions Risks and Limitations * Strict compliance required — small document errors can delay payment. * Bank fees can be high. * Does not guarantee actual product quality. * Banker will review only the document ,not in quality of goods.

  𝐈𝐃𝐏𝐌𝐒 𝐎𝐩𝐞𝐫𝐚𝐭𝐢𝐨𝐧𝐬 𝐟𝐨𝐫 𝐈𝐦𝐩𝐨𝐫𝐭 𝐏𝐚𝐲𝐦𝐞𝐧𝐭 𝐏𝐫𝐨𝐜𝐞𝐝𝐮𝐫𝐞  Import Data Processing and Monitoring System (IDPMS – RBI) is a mandatory system to monitor import payments under FEMA. Step-by-Step Flow: Step 1: Import shipment received → Importer files Bill of Entry (BOE) on ICEGATE Step 2: BOE data transmission → Customs system auto-transmits BOE data to RBI-IDPMS Step 3: BOE appears in AD Bank IDPMS → BOE reflects as Outstanding Import Bill Step 4: BOE mapping → AD Bank maps BOE to importer’s account Step 5: Document submission → Importer submits BOE, Invoice, Packing List, BL/AWB → Bank verifies and links documents in IDPMS Step 6: Import payment → Remittance made through AD Bank Step 7: Payment matching → Bank matches remittance with BOE in IDPMS Step 8: BOE closure → BOE marked CLOSED upon full payment Step 9: Overdue monitoring → BOE becomes overdue if payment not completed within prescribed time Step 10: Extension / Write-off (if ap...

  New Income tax form for TDS & TCS under Income tax Act 2025 : 1. Salary Return Form 24Q (Old) : Form 138 (New) 2. ⁠Non Salary Form 26Q (Old) : Form 140 (New) 3. ⁠Non Resident TDS Form 27Q (Old) : Form 144 (New) 4. ⁠TCS Form 27EQ( Old): Form 143 (New) 5. ⁠TDS Certificate Salary Form 16 (Old) : Form 130 (New) 6. ⁠TDS Certificate Non Salary Form 16A (Old) : Form 131 (New) 7. ⁠Form 16B (Property)/16C( Rent individuals and HUFs (not subject to tax audit)/16D (Contractor/Professional Payment)/ 16E (VDA) : Form 132 (New) 8. ⁠TCS Certificate Form 27D (Old) : Form 133 (New) 9. ⁠Lower Deduction Certificate Form 13 (Old ) : Form 128 (New) 10. ⁠TAN Application form for Government Entity Form 49B(1) : Form 134 (New) 11. ⁠TAN Application form other than Government Entity Form 49B(2) : Form 135 (New) 12. ⁠Challan Cum Statement Form 26QB (Immovable Property)/26QC ( Rent )/26QD (Contractor/Professional Payment)/26QE (VDA): Form 141 (New) 13. ⁠Form 26QF ( Quaertly Statement of Tax Deposit- VD...

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...

  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 ...