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Interest Applicability on GST Paid via Credit Ledger Through DRC-03 for GSTR-1 Declared Outward Supplies
OverviewGST compliance often encounters situations where an assessee appropriately declares outward supplies in GSTR-1 but inadvertently omits the related tax liability in GSTR-3B. In numerous instanc...
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Comprehensive Guide to GSTR-9 for FY 2024-25: Latest Amendments and Reporting Requirements
The Indian GST system has seen sustained transformation since its inception, with the compliance landscape continuing to evolve through legislative updates and procedural refinements. The Annual Retur...
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Comprehensive Guidance Issued for Accurate Reporting of ITC Claims, Reversals, and Reclaims in GSTR-9 for FY 2024-25: Legal Nuances and Compliance Requirements Highlighted
HighlightsStructured Reporting of Input Tax Credit (ITC)The annual return in Form GSTR-9 for FY 2024-25 prescribes segregated reporting of ITC events under distinct tables, capturing the entire lifecy...
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Gujarat AAR Affirms ITC Eligibility for Movable Power Transmission Assets Installed Outside Factory Premises under CGST Act
HighlightsBackground and Parties InvolvedAlleima India Pvt Ltd, a manufacturing entity based in Mehsana, Gujarat, required an expansion of its installed power supply. To achieve this, the company laid...
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Legal and Evidentiary Implications of GST Assessment Based on Mobile and WhatsApp Data
1. Overview: The Digital Shift in Business Communication and Its ImplicationsIn the contemporary commercial landscape, especially among small and medium enterprises (SMEs), digital communication platf...
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Valuation of Supplies to Related and Unrelated Persons and GST Implications on Transportation Services: Analysis of AP AAR Ruling in the Case of Sri Lakshmi Ganesh Cement and Iron General Stores
Background and Key FactsSri Lakshmi Ganesh Cement and Iron General Stores (hereinafter referred to as "the Applicant") operates as a trader dealing in cement and iron, catering to both wholesale and r...
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Jurisdictional Boundaries of Customs and GST Authorities
1. Overview: Jurisdictional Boundaries of Customs and GST AuthoritiesThe advent of the Goods and Services Tax (GST) in India from 1 July 2017 marked a significant transformation in the indirect tax sy...
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Auditors’ Heightened Accountability under the Revised SEBI RPT Framework
1. OverviewSEBI’s 2025 reforms to the Related Party Transactions (RPT) framework represent a pivotal move towards a risk-sensitive and transparent compliance environment. The updated Regulation 23 of...
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Delayed Filing of Return of Allotment under ESOP: Penalty Imposed by ROC on Company and Directors
1. Background of the CaseThis article examines a recent instance where M/s. Wellness Forever Medicare Limited, a listed entity, along with its directors and Chief Financial Officer, faced penalties fr...
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SEBI Revises ICDR Regulations: Enhanced Investor Participation and Wider Anchor Allocation
Introduction: SEBI’s Latest Amendments to ICDR RegulationsThe Securities and Exchange Board of India (SEBI) has implemented significant changes to the Issue of Capital and Disclosure Requirements (ICD...
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Analysis of Taxation on Right Issue Allotments under Section 56(2)(vii)(c): Lessons from ITAT Hyderabad
OverviewIssuance of shares via right issues—whereby current shareholders are given the option to purchase additional shares proportional to their holdings—is a common fundraising strategy for Indian c...
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LANDMARK RULINGS IN INTERNATIONAL TAXATION
A Comprehensive Analysis by TaxCorp Total SolutionNovember 2025 TABLE OF CONTENTS Permanent Establishment MattersBusiness Income AttributionAviation & Maritime OperationsInterest Income TaxationRoyalt...
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Key Updates and Modifications in GSTR-9 for FY 2024-25: What Assessees Should Know
IntroductionThe Central Board of Indirect Taxes and Customs (CBIC) has introduced the revised formats for GSTR-9 and GSTR-9C for Financial Year 2024-25, as notified via Notification No. 13/2025–Centra...
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Audit Report Structure and Compliance for Section 8 Companies
Overview of Section 8 Companies and Audit ObligationsSection 8 companies, incorporated with the principal aim of advancing charitable or not-for-profit activities, are governed by a distinctive set of...
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Dematerialisation of Securities by Private Limited Companies in India: A Detailed Overview
Introduction to Dematerialisation for Private CompaniesThe trend towards digitalisation in the Indian corporate sector has seen substantial regulatory changes, particularly in the management and trans...
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ITR Disclosure for Joint Foreign Trading Accounts: Beneficial Ownership and Reporting Protocols
Introduction: Joint Foreign Trading Accounts & Beneficial Ownership Principles(i) Overview of Joint Holdings in Foreign Trading AccountsMany Indian resident assessees now maintain joint foreign tradin...
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Understanding Joint Foreign Trading Accounts and Beneficial Ownership
1. Introduction i) OverviewIndian residents are increasingly opening joint foreign trading accounts, especially to invest in overseas markets like the US. Often, a spouse is added as a joint holder fo...
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Section 67(2): Scope of Prohibition on Financial Assistance – Investment Versus Loan
1. Overview1.1 Purpose of Section 67(2) Section 67(2) of the Companies Act, 2013 sets out a clear restriction for public companies (excluding IFSC companies), barring them from giving financial assist...
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Sustainability and ESG Integration in Indian Banking: A Comprehensive Overview
1. IntroductionThe Indian banking landscape has undergone a significant transformation in recent times, shifting its focus from mere financial returns to embracing broader responsibilities in sustaina...
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Non-Disclosure of Loans to Shareholders: ROC Penalty on Company and Managing Director for Board Report Errors
1. IntroductionIn an important case, the Registrar of Companies (ROC), Coimbatore, imposed penalties on a company and its managing director for failing to correctly report loans extended to shareholde...