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Detention and Seizure of Goods and Vehicles in Transit: Legal Framework and Penalties
Overview:The handling of detention, seizure, and subsequent release of goods and conveyances during transit following GST violations is primarily governed by Section 129 of the Central Goods and Servi...
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Exploring the New Invoice Management System (IMS) on the GST Platform
Introduction to IMS(i) Overview of IMSThe Invoice Management System (IMS) is a newly introduced feature on the GST portal as of October 2024. While it may appear complex, it is designed to offer signi...
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Flexible Reporting Options in GSTR-9 and GSTR-9C for Financial Year 2023-24
Overview: With the deadline for submitting GSTR-9 and GSTR-9C for FY 2023-24 nearing, the Central Board of Indirect Taxes and Customs (CBIC) has announced various relaxations and optional reporting fo...
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Input Tax Credit on Building Construction under GST
IntroductionThe debate over the eligibility for Input Tax Credit (ITC) concerning GST paid during the construction of buildings has been reignited following the Supreme Court's judgment in the Safari...
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Tax Implications on Leave Encashment Post-Resignation: Exemption Criteria
1. Overview:Section 10(10AA) of the Income Tax Act specifies the circumstances under which leave encashment received by non-government employees is exempt from taxes. It permits an exemption limit up...
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Implications of Budget 2024 on Capital Gains from Immovable Assets
Overview: The 2024 Budget has introduced significant changes to the capital gains tax system concerning immovable property. As per the amended provisions in Section 112 of the Income Tax Act, individu...
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Key Pitfalls to Avoid When Handling Income Tax Payments
Making precise and punctual income tax payments is crucial to prevent penalties and interest fees from the Income Tax Department. Regular missteps include not authenticating applicable tax brackets, n...
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Supreme Court's Decision on Input Tax Credit for Real Estate: The Safari Retreats Case
1. Overview of the Safari Retreats VerdictIn the landmark case of the Chief Commissioner of Central Goods and Service Tax & Others vs. Safari Retreats Private Ltd. & Others, the Supreme Court of India...
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Penalties Imposed on Company & Directors for Not Maintaining a Proper Registered Office
Background of the CaseThe issue involves M/s. Rhino Capital Private Limited, situated in Guwahati, Assam. The Registrar of Companies (RoC) in Guwahati, North Eastern Region, found during an inquiry th...
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Comprehensive Overview of the Sexual Harassment of Women at Workplace Act, 2013
1. Introduction: Safeguarding Women in WorkplacesThe Sexual Harassment of Women at Workplace (Prevention, Prohibition, and Redressal) Act of 2013, commonly referred to as the POSH Act, was established...
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18% GST on Technical Consultation Services for Maharashtra Jeevan Pradhikaran (MJP) Projects
1. Tax Obligation on Technical Consultation for MJPTechnical consultation services meant for Project Development and Management Support for Maharashtra Jeevan Pradhikaran (MJP) are subject to an 18% G...
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CBIC Clarification on Waiver of Interest and Penalty under CGST Act
Introduction to Amnesty under New Section 128AThe Central Board of Indirect Taxes and Customs (CBIC) has provided clarity regarding the waiver of interest and penalties under the newly enacted Section...
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Exporters Receive Relief in IGST Refunds under Rule 96(10) of CGST Rules, 2017
Overview of Rule 96(10) and Its Impact on ExportersRule 96(10) within the CGST Rules, 2017, poses restrictions on registered assessees from exporting taxable goods with the payment of IGST while seeki...
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What Happens If Input Tax Credit Is Claimed Under an Incorrect Head?
Overview:Since the Goods and Services Tax (GST) was implemented in India in July 2017, assessees have encountered multiple challenges, including errors in claiming Input Tax Credit (ITC). A frequent e...
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GST Judicial Decision Digest - Edition for October 2024
The latest edition of the GST Judicial Decision Digest dated October 2024 encapsulates significant judicial determinations concerning GST issues from the High Court, GST Appellate Tribunal, Supreme Co...
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Memorandum of Association (MOA): Essential Document of Corporate Foundation and Governance
Overview:The Memorandum of Association (MoA) serves as a pivotal document for the establishment of a company under Section 2(56) of the Companies Act, 2013. It is indispensable for the incorporation o...
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Exploring Income from House Property as per Income Tax Act, 1961
IntroductionIn India, income is categorized under five distinct heads according to the Income Tax Act. These categories are:Income from SalariesIncome from House PropertyProfits and Gains of Business...
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The 'As Is Where Is'/'As Is' Dilemma – An In-depth Review
1. IntroductionThe GST Council has consistently taken steps to address contentious matters under GST by proposing to the Central Board of Indirect Taxes and Customs (CBIC) to offer clarity on the tax...
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Understanding GST Implications on Promotional Schemes and Discounts
IntroductionThe Central Board of Indirect Taxes and Customs (CBIC) provided clarity regarding GST treatment for promotional schemes such as “Buy One Get One Free” (BOGO) and secondary discounts throug...
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Tax Order Stays, Bank Locker Operations Resume
The case of famous music director R.D. Burman's bank locker revealed an unexpected surprise, echoing the shocks sometimes encountered by the income tax authority. In a landmark case, HDFC Bank Ltd. v....