SKMC Global

The Chairman of the Central Board of Direct Taxes (CBDT), Mr. Ravi Agrawal, has directed Income Tax Department officials to be fully prepared for the implementation of the new Income Tax Act, 2025, which is scheduled to come into force from 1 April 2026.

Calling 2026 a year of “special significance” for the department, the CBDT Chairman emphasized the need for clarity, readiness, and a strong understanding of the new law among tax officials. He highlighted that the transition from the existing Income Tax Act, 1961 to the new legislation will be a major reform in India’s direct tax administration.

According to the CBDT, new rules, procedures, and forms required under the Income Tax Act, 2025 are currently under formulation, and training and capacity-building initiatives for tax officials are already underway to ensure smooth implementation.

However, with less than three months remaining before the new law becomes effective, stakeholders such as taxpayers, professionals, and businesses are expressing concerns, as the detailed rules, procedures, and statutory forms are yet to be officially notified. This raises questions about overall preparedness and ease of transition for all stakeholders involved.

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#IncomeTaxAct2025 #CBDT #TaxReforms #DirectTax #TaxUpdates #CharteredAccountants #TaxProfessionals #IndiaTax

2 weeks ago | [YT] | 1

SKMC Global

The Ministry of Corporate Affairs (MCA) has amended Director KYC compliance rules to replace the annual KYC filing requirement with a once-in-three-years KYC intimation, under the revised Rule 12A of the Companies (Appointment and Qualification of Directors) Rules, 2014. This change aims to reduce the recurring compliance burden on directors while retaining essential data updates.

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#CorporateLaw #MCAUpdate #DirectorKYC #Compliance #CompanyLaw #skmcglobal

3 weeks ago (edited) | [YT] | 0

SKMC Global

GSTN has introduced system-driven controls to closely monitor Input Tax Credit (ITC) and Reverse Charge Mechanism (RCM) compliances. These changes will directly impact GSTR-3B filing.

New System-Driven Statements Introduced:

• Electronic Credit Reversal & Re-claimed Statement (effective from Aug-23 | Q2 FY24)
Tracks ITC reversed in Table 4(B)(2) and re-claimed in Tables 4(A)(5) & 4(D)(1)
• RCM Liability / ITC Statement (effective from Aug-24 | Q2 FY25)
Tracks RCM liability in Table 3.1(d) and ITC claimed in Tables 4(A)(2) & 4(A)(3)
Upcoming Critical Change:

GSTR-3B filing will be blocked if:

• Re-claimed ITC exceeds the available balance in the Reclaim Ledger
• RCM ITC claimed exceeds RCM tax paid + ledger balance

If a Negative Balance Exists:
• Excess ITC must be reversed in Table 4(B)(2) (or added to output tax liability if ITC is insufficient)
• Under RCM, taxpayers must either pay additional liability or reduce ITC claim

Action Required:

Taxpayers should urgently reconcile ITC Reclaim and RCM Ledgers to avoid last-minute return filing disruptions once system validations go live.

Need expert support for GST reconciliation, ITC advisory or GSTR-3B compliance?

SKMC Global is here to help you stay compliant accurately and confidently.
Contact us Today!
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#GSTUpdate #ITCReversal #RCMCompliance #GSTR3B #GSTAdvisory #InputTaxCredit #GSTN #TaxCompliance #IndirectTax #SKMCGlobal

3 weeks ago (edited) | [YT] | 0

SKMC Global

GSTN has introduced system-driven controls to closely monitor Input Tax Credit (ITC) and Reverse Charge Mechanism (RCM) compliances. These changes will directly impact GSTR-3B filing.



New System-Driven Statements Introduced:



• Electronic Credit Reversal & Re-claimed Statement (effective from Aug-23 | Q2 FY24)
Tracks ITC reversed in Table 4(B)(2) and re-claimed in Tables 4(A)(5) & 4(D)(1)
• RCM Liability / ITC Statement (effective from Aug-24 | Q2 FY25)
Tracks RCM liability in Table 3.1(d) and ITC claimed in Tables 4(A)(2) & 4(A)(3)


Upcoming Critical Change:


GSTR-3B filing will be blocked if:


• Re-claimed ITC exceeds the available balance in the Reclaim Ledger
• RCM ITC claimed exceeds RCM tax paid + ledger balance

If a Negative Balance Exists:
• Excess ITC must be reversed in Table 4(B)(2) (or added to output tax liability if ITC is insufficient)
• Under RCM, taxpayers must either pay additional liability or reduce ITC claim


Action Required:


Taxpayers should urgently reconcile ITC Reclaim and RCM Ledgers to avoid last-minute return filing disruptions once system validations go live.


Need expert support for GST reconciliation, ITC advisory or GSTR-3B compliance?


SKMC Global is here to help you stay compliant accurately and confidently.
Contact us Today!
SKMC Global
info@skmcglobal.com
+91 9891255499
www.skmcglobal.com


#GSTUpdate #ITCReversal #RCMCompliance #GSTR3B #GSTAdvisory #InputTaxCredit #GSTN #TaxCompliance #IndirectTax #SKMCGlobal

3 weeks ago | [YT] | 1

SKMC Global

Big News in India’s Semiconductor Journey!
Tata Electronics has entered into a strategic semiconductor manufacturing partnership with Japan’s ROHM Co., a major step forward for India’s electronics ecosystem and Make in India ambitions.

Under this collaboration:
• Tata Electronics will assemble and test automotive-grade power semiconductors designed by ROHM.
• The focus is on Nch 100V, 300A Si MOSFETs in a TOLL package, crucial for automotive applications.
• The goal is to kick off mass production and shipments by 2026, strengthening both domestic manufacturing and global supply chains.

This partnership not only enhances India’s capabilities in advanced semiconductor production but also deepens technological ties with global players aligning with the country’s vision to become a leading hub for electronics and semiconductor innovation.
A milestone for Indian manufacturing, one step closer to building a robust and resilient semiconductor ecosystem!
SKMC Global enables semiconductor and electronics manufacturers with end-to-end compliance—from licenses, customs & FEMA to tax, risk management, and large-scale project support.

Contact us Today!
SKMC Global
+91 9891255499
info@skmcglobal.com
www.skmcglobal.com

#Semiconductors #MakeInIndia #TataElectronics #ROHM #ElectronicsManufacturing #SKMCGlobal #RegulatoryCompliance #ManufacturingExcellence #IndiaGrowthStory

1 month ago | [YT] | 1

SKMC Global

India has successfully concluded Free Trade Agreement (FTA) negotiations with New Zealand, marking a significant milestone in strengthening bilateral economic cooperation. After resuming talks earlier this year, both nations have reached an agreement that reflects strong political will and shared vision for deeper economic ties.

Key Highlights:

• Tariffs on 95% of New Zealand’s goods entering India will be cut or reduced — with many products becoming duty-free.
• The pact is expected to expand market access, boost exports, and enhance trade flows between the two economies.
• Negotiations were completed in just nine months, demonstrating strong mutual commitment.

This landmark deal not only opens up new opportunities for exporters and investors but also strengthens economic integration in the Indo-Pacific region. It sets the stage for enhanced collaboration across sectors, including goods, services, and talent mobility.

A meaningful step toward inclusive and sustainable trade growth, one that promises greater market access, stronger partnerships, and shared prosperity.

#Trade #FTA #India #NewZealand #GlobalTrade #EconomicGrowth #Exports #Business #InternationalRelations

1 month ago (edited) | [YT] | 1

SKMC Global

Important Tax Compliance Update for Professionals in MNCs!

Many multinational companies (MNCs) in India are now asking employees to disclose any previously undisclosed foreign assets and foreign-sourced income. This comes after the Income Tax Department’s push under its latest compliance drive.

The key takeaways:
•The Income Tax Department has sent reminders to MNCs to urge staff to reveal foreign assets and earnings not reported in returns.

•The deadline for voluntary disclosure is December 31, 2025 — missing this could lead to significant penalties or even prosecution under the Black Money law.

•Many employees have overlooked reporting foreign ESOPs, dividends, and other income due to misconceptions about tax visibility but information flows via international data-sharing frameworks like FATCA and CRS.

This push illustrates how global information exchange is strengthening tax transparency, making voluntary compliance crucial.
Whether you’re working in an MNC or advising professionals on tax compliance, now is the time to review foreign asset disclosures and update your filings if needed.

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#TaxCompliance #ForeignAssets #IncomeTax #MNC #NUDGEInitiative #ESOP #BlackMoneyAct

1 month ago | [YT] | 1

SKMC Global

Don’t wait for ITR processing to catch errors. Act before 31 December 2025 to safeguard your refund and compliance.

Need Professional Guidance?
SKMC Global
📱 +91 9891255499
📧 info@skmcglobal.com
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#ITRAlert #RevisedITR #IncomeTaxIndia #TaxCompliance #TaxRefund #AY202526 #ITRProcessing #ITRU #IncomeTaxReturn #TaxDeadline #TaxAwareness #CPC #Section245 #CharteredAccountant #SKMCGlobal

1 month ago | [YT] | 0

SKMC Global

A New Era for India-Oman Trade: CEPA Officially Signed

Key Highlights of the India-Oman CEPA:

• Zero-Duty Access: Immediate tariff elimination on 97.96% of product lines, covering 99.38% of India's exports by value.
• Sectors in the Spotlight: Major boosts for labour-intensive industries including Textiles, Gems & Jewellery, Leather, Pharmaceuticals, Engineering, and Automobiles.
• Services Revolution: Oman has opened 127 sub-sectors (including IT, Health, and Education) and now allows 100% FDI for Indian companies.
• Professional Mobility: A breakthrough for talent! Longer stays for service suppliers (extended to 2 years) and increased quotas for intra-corporate transferees.
• Strategic Milestone: This follows India’s recent successful pacts with the UK, UAE, and Australia, solidifying our position as a global trade powerhouse.

Stay updated with SKMC Global!
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#IndiaOmanCEPA #GlobalTrade #MakeInIndia #StrategicPartnership #EconomicGrowth #ExportIndia #BusinessExpansion #PiyushGoyal #NarendraModi #skmcglobal

1 month ago (edited) | [YT] | 0

SKMC Global

India’s new export push to the Russia bloc targets pharma, chemicals, and engineering goods to rebalance a widening trade gap.
With strong demand in the EAEU, this move can unlock value-added growth and major opportunities for Indian manufacturers.



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#IndiaExports #ForeignTrade #TradeDeficit #PharmaExports #ChemicalIndustry #EAEU #RussiaTrade #ExportOpportunities #MakeInIndia #IndianEconomy #GlobalTrade #MSMEGrowth #ManufacturingIndia #ExportGrowth #TradeUpdates #InternationalBusiness #EconomicDevelopment #TradeReforms #IndiaBusinesses #EconomicOutlook #skmcglobal

1 month ago | [YT] | 0