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GST on Commercial Rental Income: Notable Amendments & Applicability of RCM from October 10, 2024
1. IntroductionTo enhance legislative compliance and address revenue leakages within the Goods and Services Tax (GST) framework, the Central Board of Indirect Taxes and Customs (CBIC) issued Notificat...
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Section 233 of the Companies Act, 2013: Simplified Mergers and Amalgamations Process
Summary: Section 233 of the Companies Act, 2013, outlines a streamlined process for the merger or amalgamation of specific categories of companies, primarily small companies or a holding company mergi...
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Practical Application of Notification No. 22/2024 – Central Tax
IntroductionA new amendment was introduced on October 8, 2024, through Notification No. 22/2024 – Central Tax. This regulation implements a distinctive method for assessees who mistakenly claimed Inpu...
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Revolutionizing GST Compliance: GST's New Invoice Management System
Editorial Note The introduction of the Invoice Management System (IMS) marks a significant milestone in India's Goods and Services Tax (GST) framework. This article delves into the intricacies of the...
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GST TDS on Metal Scrap: An In-Depth Analysis of Notification No. 25/2024-Central Tax
1. IntroductionThe Ministry of Finance, on October 9, 2024, released Notification No. 25/2024-Central Tax, modifying the previous Notification No. 50/2018-Central Tax dated September 13, 2018. This up...
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Notification No. 23/2024-Central Tax: Relief from Late Fees for GSTR-7 Returns
Insight into Notification No. 23/2024-Central Tax – Abatement of Late Fees for Mandatory GSTR-7 ReturnsOverview: The newly introduced Notification No. 23/2024-Central Tax, commencing from November 1,...
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Reverse Charge Mechanism under GST: A Comprehensive Guide for Assessees
Editorial Note: This article provides an in-depth analysis of the Reverse Charge Mechanism (RCM) under the Goods and Services Tax (GST) regime in India. It has been carefully crafted to offer assessee...
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Eligibility and Process of GST Amnesty Scheme under Section 128
In July 2017, India witnessed a significant transformation in its indirect tax system with the launch of the Goods and Services Tax (GST). This monumental shift brought with it numerous notifications...
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Determining Time of Supply for HAM Contracts: Invoice Date or Payment Date as Ruled by Madras High Court
Time of Supply for HAM ContractsThe Hon’ble Madras High Court has ruled on the timeframe for recognizing the supply of services under a Hybrid Annuity Model (HAM) Contract. The judicial opinion states...
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Motor Vehicle Components and Their GST Classification: Andhra Pradesh AAAR Verdict
OverviewThe AAAR of Andhra Pradesh has delivered a significant ruling in the M/s Saddles International Automotive & Aviation Interiors (P.) Ltd. case, specifying that car seat covers should be categor...
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Notification No. 22/2024-Central Tax: Procedure for Order Rectification in GST
Overview of Notification No. 22/2024– Central Tax: Special Method for Rectifying GST Orders1. IntroductionOn October 8, 2024, the Central Government issued Notification No. 22/2024– Central Tax (S.O....
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Disclosure Obligations for Beneficial Ownership in Companies
MCA Update: October 27, 2023 – Assignment of Designated PersonBackground: In light of the amended Rule 9 of the Management Rules effective from October 27, 2023, every company must appoint an individu...
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Guidelines and Protection Measures for GST Payment during Search and Investigation
IntroductionRecent trends indicate that GST officials have been compelling assessees to remit tax payments during search or inspection under Section 67 of the Central Goods and Services Tax (CGST) Act...
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Understanding GST Implications on Various Lease Structures: A Comprehensive Overview
Financial Lease Under GST Law(i) Characterization as Supply of Goods: A financial lease is often equated to a sale, wherein all significant ownership-related risks and benefits are transferred to the...
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Enhancing Tax Savings through Contributions under Section 80G
Overview:Section 80G of the Income Tax Act allows assessees to benefit from tax deductions when contributing to designated funds, charitable bodies, or trusts. This deduction is accessible to individu...
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Schedule III of CGST Act: A Comprehensive Guide to Non-Taxable Activities
Editorial Note:This article provides an in-depth analysis of Schedule III of the Central Goods and Services Tax (CGST) Act, 2017, which outlines activities and transactions not considered as supply un...
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Supreme Court Redefines 'Plant' under GST: Shopping Malls May Qualify for Input Tax Credit
Editorial Note: This article discusses a landmark judgment by the Supreme Court of India that could significantly impact the interpretation of Input Tax Credit (ITC) provisions under the Goods and Ser...
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Tax Landscape of Life Insurance Policies: A Comprehensive Guide
1. Overview of Life Insurance Policy TaxationThe taxation of life insurance policies in India is governed by specific provisions of the Income Tax Act. This article examines the tax implications for l...
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A Practical Guide - Appeal before Appellate Tribunal under GST
Appeal before Appellate Tribunal under GST1. Overview of GST Appellate Tribunal The Goods and Services Tax Appellate Tribunal (GSTAT) serves as the second level of appeal in the GST dispute resolution...
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Reverse Charge on Notified list of Goods
1. Overview of Reverse Charge Mechanism for Specified Goods under GST The Goods and Services Tax (GST) framework in India empowers the government to designate certain goods for which GST is payable on...