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Consequences of OECD Two-Pillar Rules on Indian Multinational Corporations (MNCs)
Understanding the Context In today's interconnected global economy, multinational corporations often engage in strategies to minimize their tax responsibilities, frequently utilizing tax havens. These...
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How to Handle GST Notices and Communicate with the Department
Understanding GST NoticesIn the ambit of GST Law, a GST Notice serves as an official communication to an assessee by GST authorities, highlighting inconsistencies or discrepancies noticed in the tax c...
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Addressing Mismatch Notices in GST
Overview: According to Section 61 of the CGST Act, 2017, GST officials examine filed returns to pinpoint mismatches, often focusing on differences between Input Tax Credit (ITC) claimed in GSTR-3B and...
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Filing Requirements for MGT-14: Understanding the Essentials
1. Overview of MGT-14 Filing ObligationsMandatory Filing Obligations Under Companies Act, 2013To maintain transparency and strengthen corporate governance, the Companies Act, 2013 introduces several c...
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Share Capital Reduction as Transfer: Insights from the Jupiter Capital Verdict (SC, 2025)
Overview:In the pivotal case of PCIT vs. Jupiter Capital Pvt. Ltd. (2025), the Supreme Court of India determined that a reduction in share capital qualifies as a "transfer" under Section 2(47) of the...
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Tax Consequences of Acquiring and Disposing of Real Estate in India
Overview: When acquiring real estate in India, various tax considerations under the Income Tax Act, 1961, and Goods and Services Tax (GST) come into play. Section 194-IA demands that purchasers withho...
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Obligations and Regulatory Deadlines for January 2025
1. GST Compliance Schedule1.1 Monthly and Quarterly Filing ObligationsSubmission Deadline for GSTR-7: Assessees responsible for deducting TDS under GST must file for December 2024 by 10th January 2025...
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Board Report Disclosure Irregularities: Penal Consequences for Company Directors in India
IntroductionM/s. Be Bold & Confident Careers Private Limited, based in Sangrur, Punjab, encountered legal repercussions due to errors in their board report's disclosure of conducted meetings. A compla...
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Validity of Consolidated Show Cause Notices for Multiple GST Periods
Issuing a Combined Show Cause Notice for Multiple Assessment YearsThe GST Department's approach of issuing a single Show Cause Notice (SCN) for multiple assessment years has stirred substantial legal...
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Kerala High Court Directs Separate Proceedings for Each Financial Year in GST Case: Importance of Independent Assessment for Each Year Despite United Show Cause Notice
1. OverviewIn a crucial verdict by the Kerala High Court in WP(C) No. 33659 of 2024, Haries Muhammed submitted a writ petition challenging the issuance of a unified show cause notice pursuant to Secti...
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Critical GST Updates Effective January 16th, 2025
Significant GST Updates Effective from January and April 2025An important series of notifications were rolled out by the GST department, effective from 16th January 2025, with additional changes takin...
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Recent GST Changes for Restaurant Services
Overview of GST Rates on Restaurant ServicesThe GST framework for restaurant services is detailed in Notification No. 17/2017-Central Tax (Rate). Recently, the Central Government has revised the defin...
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Employer's Role in Verifying Leave Travel Allowance Claims: Supreme Court's Perspective
1. Supreme Court Clarification on Leave Travel Allowance: Employer's ResponsibilityThe Supreme Court's ruling in the case involving Larsen & Toubro Ltd. and ITI Ltd. has provided crucial insights into...
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Union Budget 2025: Anticipation and Suggestions Pertaining to Taxation, GST, and Customs
1. Economic Context and Policy TrajectoryAs India approaches the announcement of its Union Budget on February 1, 2025, key economic indicators highlight pressing challenges: a 1.3% decline in GDP grow...
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Eligibility and Correction of ITC Under Sections 16(5) and 16(6) of the CGST Act: An Overview
Introduction to Recent Amendments in ITC ProvisionsSections 16(5) and 16(6) of the CGST Act, 2017, introduced by Finance (No.2)Act, 2024, bring significant changes in determining the eligibility for I...
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Provisional Attachment of Property under Section 83 of the CGST Act
IntroductionThe framework of the Central Goods and Services Tax (CGST) Act mandates that every assessee must calculate and pay taxes on goods and services provided, according to the relevant legal pro...
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Updated TDS Deduction Rates for FY 2024-25 and AY 2025-26
Understanding and adhering to the regulations regarding Tax Deducted at Source (TDS) is crucial for maintaining compliance and avoiding significant penalties. Mistakes such as incorrect deduction, fai...
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Comprehensive Guide to Access GST Amnesty from Section 16(4) Requirements
1. Introduction to GST Amnesty Provisions The GST Act offers specific relief in two main situations related to Section 16(4): late claims of Input Tax Credit (ITC) for the financial years 2017–2021, f...
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Compulsory Inclusion of HSN Code in GSTR-1/1A Effective January 2025
OverviewIn accordance with Notification No. 78/2020-Central Tax, effective from January 2025, all assessees are required to report Harmonized System of Nomenclature (HSN) codes in Table 12 of GSTR-1/1...
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Validity of Notices and the Allowability of Freebies as Business Expenditures
The focal point of discussion revolves around whether distributing promotional items like branded ball pens and medical gifts to doctors and hospitals can be classified as legitimate business expenses...