CA CMA Syam sundar

 New IMS System in GST – Challenges ahead for Businesses. With the implementation of the new Invoice Management System (IMS) under GST, businesses are gearing up for a more automated reconciliation process. While the intent is clear - better accuracy and transparency - the ground-level challenges are already surfacing  There are many discussions going on that the new procedure will have more impact on Sales transactions and not for ITC. 📍In case of sales transactions, there are only two documents. Invoice and Credit/Debit Notes.  The only issue we need to focus is that our customers are accepting all our Credit Notes. If they reject our Credit Notes our liability will get increased. Other than this there are no other big challenge for Sales. 🚚 But in case of Purchase Transactions/ITC availment I feel there are more complex challenges in this new procedure. Regular Invoices of Goods / Services which populates in IMS can be verified and accepted easily since taxpayers hav...

  Essential Clauses Every Contract Should Include! A contract is more than just a document — it defines responsibilities, rights, and protections for all parties involved. Here’s a list of important clauses every well-drafted contract should have 1. Title & Date Clause – Mentions the name of the agreement and when it starts. 2. Parties Clause – Clearly identifies all the parties involved, with full details. 3.Recitals / Background Clause – Explains the purpose or reason for the contract. 4.Definitions & Interpretations – Defines key terms used throughout the contract. 5.Scope of Work / Obligations Clause – Describes what each party must do. 6.Consideration / Payment Clause – States payment amount, mode, and timelines. 7.Term & Duration Clause – Mentions how long the contract will be valid. 8.Representations & Warranties – Ensures both parties declare facts truthfully. 9.Confidentiality / Non-Disclosure Clause – Protects sensitive or private information. 10.Intell...

 Letter of Intent (LOI) vs. Letter of Award (LOA): Understanding the Legal Difference: In the world of contracts and project execution — especially in construction, infrastructure, and government procurement — Letter of Intent (LOI) and Letter of Award (LOA) are two terms that are often used interchangeably. However, their legal implications are entirely different.  1️⃣ Letter of Intent (LOI): Expression of Intention — Not a Contract An LOI signifies a preliminary intention of the employer to enter into a contract in the near future. It’s an indication that the bidder has been selected, but the final contract terms are yet to be agreed upon.  Legal position: An LOI does not create a binding contract unless it expressly or impliedly shows intent to be bound. Key Case Law: Rajasthan Co-operative Dairy Federation Ltd. v. Maha Laxmi Mingrate Marketing Service (1996) 10 SCC 405 The Supreme Court held that an LOI merely indicates an intention to enter into a contract in the fut...