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Revised Guidelines and Compliance for GSTR 9 and 9C for FY 2023-24
1. IntroductionThe evolving GST regulations have a significant impact on annual return submissions. With recent adjustments in GST law, this article provides guidance on submitting the annual return (...
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Frequent Mistakes to Avoid When Submitting Spice+ Forms
The Spice+ (Simplified Proforma for Incorporating a Company Electronically) form, which was introduced by the Ministry of Corporate Affairs (MCA), has streamlined the company incorporation process in...
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Analyzing Income Tax Penalties for Under-Reporting and Misreporting: Implications for Transfer Pricing
Introduction:Background:In the Indian Income Tax landscape, the Finance Act of 2016 significantly revised the penalty structure, creating concern among assessees. Previously, under Section 271(1)(c) o...
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Key Insights from the 55th GST Council Session
Overview of the 55th GST Council MeetingThe 55th GST Council convened on December 21, 2024, in Jaisalmer, Rajasthan. This meeting focused on several key proposals impacting the CGST and IGST laws, rul...
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Key Outcomes of 55th GST Council Meeting on December 21, 2024
The 55th meeting of the GST Council on December 21, 2024, introduced notable amendments in areas including services, goods, compliance strategies, and legislative procedures. The significant proposals...
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Section 76: Provisions for Tax Collected But Not Remitted to the Government
IntroductionSection 76 of the Central Goods and Services Tax (CGST) Act, 2017 provides critical directives ensuring that taxes collected by assessees are duly submitted to the Government, regardless o...
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Analysis of the Madhya Pradesh High Court Judgment in Anand Steel Case: Distinguishing Between Obiter Dicta and Ratio Decidendi
IntroductionThe landmark case of Anand Steel v. Union of India (2024) TaxCorp(GST) 45680 (HC-MP) adjudicated by the Madhya Pradesh High Court has sparked a significant conversation regarding whether S...
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Compliance with Section 11 of the Income Tax Act Regarding Rental Income by Trusts
Introduction:A trust is a fiduciary arrangement wherein a trustee manages assets for beneficiaries' benefit. Trusts can serve various purposes, including charitable or religious goals. Under the Incom...
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An In-depth Examination of GST Audits Under Section 65 of the CGST Act
In the realm of Goods & Services Tax (GST), the term "audit" is defined in Section 2(13). This discussion focuses on a key aspect of the GST legislation: Section 65, which outlines the procedures for...
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Exploring the Accounting Framework for Charitable Organizations: Legal Structure and Obligations
INTRODUCTION Charitable organizations play a pivotal role in society by serving social, educational, and religious causes. While these entities are formed for charitable purposes, they are also govern...
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Reimagining the Responsibilities and Relevance of the Audit Committee
The Audit Committee serves as a crucial entity within a corporation, primarily comprised of board members, tasked with supervising the financial reporting process. It ensures the authenticity of the f...
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Anonymous Contributions: Comprehensive Accounting, Record-Keeping, and Tax Implications
1. IntroductionAnonymous donations present a unique dilemma: while they maintain the donor's privacy, they raise concerns about transparency and accountability. This article delves into the legal and...
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In-Depth Overview of Section 61, CGST Act, 2017
The term 'assessment' often brings anxiety to registered assessees and professionals within the taxation realm. Within the Goods & Services Tax (GST) framework, assessment finds its definition under S...
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Prohibition on Stock Brokers from Pursuing Non-Securities Businesses
1. IntroductionRegulatory authorities in India are increasingly scrutinizing the business activities of entities, seeking to confine their operations to specific domains deemed appropriate for such re...
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Comprehensive Review of Procedural Reforms – CGST Section 74A, 73, and 74
Comparison of Section 74A with Sections 73 and 74(i) Modifications in Timeframea. Previous Framework: Orders under Section 73 could be issued up to three years from the due date of the annual return f...
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High Court's Authority to Excuse Delays in GST Appeals
Overview The Punjab & Haryana High Court deliberated on the authority to excuse delays in GST appeals in the case titled Vasudeva Engineering v. Union of India [CWP Nos. 27468, 18475, 26077, 18591, an...
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Discrepancies in Table 8A of GSTR-9 for Fiscal Year 2023-24: Challenges with Input Tax Credit
Overview of the IssueOn December 9, 2024, the Goods and Services Tax Network (GSTN) released an advisory addressing significant discrepancies observed in Table 8A of the GSTR-9 for the fiscal year 202...
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Comprehensive Guide to the Direct Tax Vivad Se Vishwas Scheme, 2024
1. Introduction to Direct Tax Vivad Se Vishwas Scheme, 2024The Direct Tax Vivad Se Vishwas Scheme, 2024, was introduced in the Union Budget for 2024-25, with implementation set for October 1, 2024. Th...
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Significance of GSTR 9 and 9C under GST - Judicial Insights
1. Introduction to GST in IndiaThe Goods and Services Tax (GST) was introduced across India starting from July 1, 2017. Since its implementation, over Rs. 1.32 crore businesses have registered under G...
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Reverse Charge Mechanism (RCM) on Residential and Commercial Properties under GST
OverviewThe Goods and Services Tax (GST) framework has consistently imposed tax on commercial property leasing. Initially, leasing residential properties for residential purposes was exempt from GST....