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COMAPNIES ACT
Category: COMPANIES ACT, Posted on: 01/04/2023 , Posted By: KAPIL
Visitor Count:279

 W.e.f. 1st April 2023, every company is required to maintain an audit trail in its accounting software for maintaining its books of accounts. An audit trail  should primarily comprise of the following:-
  • An audit trail feature of each and every transaction,   
  • Creating an edit log of each change made in the books of account along with the feature to capture the dates/timelines when such changes were made.
  • Software to ensure that the audit trail cannot be disabled.
3. An advisory has been issued on March 22nd, 2023 that defines the reporting of HSN codes in e-Invoice on IRPs portal in GST. It states that every entity having Annual Aggregate Turnover of more than 5 crores in any previous financial year needs to ensure that they report a minimum of six-digit valid HSN code for their outward supplies

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