-
Recommendations of the 55th Meeting of the GST Council
The 55th GST Council meeting chaired by Finance Minister Nirmala Sitharaman in Jaisalmer addressed several tax rate adjustments, exemptions, and procedural reforms. Key decisions include reducing the...
-
Key Elements of Financial Statements Under the Companies Act 2013
Overview: A "financial statement" encompasses several key documents: the balance sheet, the profit and loss statement, the cash flow statement, and the shareholding pattern. At every company's annual...
-
Switzerland Revokes MFN Status with India: Impact of the Nestle Ruling
Overview: Switzerland has declared its intention to suspend the Most Favoured Nation (MFN) provision with India, starting January 1, 2025, following a Supreme Court decision involving Nestle. The MFN...
-
Taxation of Leave Encashment Upon Retirement
1. Overview of Taxability for Retirement BenefitsUpon retirement, various benefits such as gratuity, leave encashment, and voluntary retirement payments are received by employees, and their taxability...
-
Is Section 16(4) of the CGST Act 2017 Arbitrary and Unreasonable?
The Madhya Pradesh High Court recently delivered a significant verdict in the case of Anand Steel v. Union of India (Writ Petition No. 3757 of 2023 and others, dated November 22, 2024), sparking subst...
-
New Perspectives on the Service of Notices and Orders in GST
Understanding the Importance of Service of Notices and OrdersService of notices and orders has long been a contentious issue in tax litigation. GST, with its technology-driven framework, introduces un...
-
Revocation of GST Registration: Recent Legal Developments
1. Overview:Recently, the Madras High Court, in its ruling on Tvl. A V Traders v. CTO (2024) TaxCorp(GST) 45964 (HC-MADRAS) on October 29, 2024, emphasized the rights of registered individuals to main...
-
Compliance Obligations Under Trust Law and Their Consequences
1. IntroductionImagine initiating a trust, thinking it's straightforward like trusting friends to split a dinner bill. But, as in dinner plans where a friend forgets their wallet, Indian trust law sur...
-
Directors Representing Small Shareholders: Eligibility, Term, and Rules
Overview of Small Shareholders and Their RepresentationSmall shareholders, who make minimal investments in a company's shares, often find themselves excluded from significant decision-making processes...
-
SEBI Warns Against Trading in Unlisted Public Companies on Digital Platforms
The advent of technological aggregators has made it convenient to access a plethora of services, ranging from accommodations to transportation and home furnishings. However, when it comes to trading s...
-
Union Budget 2025: Key GST Amendments Proposed
The Union Budget 2025 introduces several proposed changes under the Goods and Services Tax (GST) framework to foster economic advancement and address industry-specific concerns. Significant proposed c...
-
Jet Airways Insolvency and Liquidation: An Analysis
1. Initiation of Insolvency ProceedingsJet Airways encountered severe difficulties due to high operating expenses, increasing fuel prices, significant debts, and competitive pressures. These challenge...
-
Exploring Post-Order Settlement Applications with SEBI
1. IntroductionThe Securities and Exchange Board of India (SEBI) is integral in ensuring adherence to securities laws and upholding market discipline. Among its mechanisms for resolving disputes is th...
-
Understanding ITC: Navigating the Concession and Vested Right Dilemma
1. OverviewThe ushering in of the Goods and Services Tax (GST) in 2017 marked a significant shift in India's indirect tax framework. As a multi-tiered, value-added tax on consumption, GST aims to stre...
-
Dematerialization of Shares – Challenges Faced by Non-Small Private Companies Without ISIN
Overview:The Ministry of Corporate Affairs (MCA) has issued a notification dated 27.10.2023, introducing the Companies (Prospectus and Allotment of Securities) Second Amendment Rules, 2023. This amend...
-
Dematerialization of Shares: ISIN Requirement for Non-Small Private Entities
1. Overview of Dematerialization for Private Companies The Ministry of Corporate Affairs (MCA), on October 27, 2023, issued the Companies (Prospectus and Allotment of Securities) Second Amendment Rule...
-
Appeal for Retroactive Exemption from Rule 96(10) of CGST Rules, 2017
1. Concerns of ExportersExporters have been grappling with the unfavorable effects of Rule 96(10) of the CGST Rules, 2017. This provision has historically curtailed the refund of Integrated Goods and...
-
Charitable Contributions & Taxation Updates: Handling Voluntary Donations
Understanding the Taxation Framework for Charitable DonationsThe treatment of voluntary donations under the Income Tax Act has seen significant changes following amendments and further guidance provid...
-
Indian Startup Taxation Landscape
1. Introduction to Taxation for StartupsNavigating the taxation landscape is a fundamental consideration for startups under the Indian Income Tax Act, 1961. The Indian Government has introduced severa...
-
Challenges in the Journey of Faceless Tax Assessment in India: A Call for Reforms
The faceless tax assessment scheme in India, which began as a pilot for 58,000 assessments in October 2019, has now expanded to cover almost all types of assessments nationwide, except for search and...