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Examining Risk Factor Disclosures in Draft Red Herring Prospectus (DRHP): Understanding a Company’s Potential Challenges
OverviewWhen an entity prepares to launch its initial public offering (IPO), it is required to present comprehensive information to the market through a document termed the Draft Red Herring Prospectu...
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Advancing Ethical Business Conduct in Jewellery Retail: Addressing GST Compliance Challenges
1. OverviewThe Indian gold jewellery retail sector is characterized by significant transaction values, volatile gold prices, and intricate valuation mechanisms. The introduction of the Goods and Servi...
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Binding Consequences of Supreme Court SLP Dismissals in Taxation Cases
OverviewIndian tax disputes frequently progress to the Supreme Court (SC) via Special Leave Petitions (SLPs) under Article 136 of the Constitution. The SC may dispose of these SLPs in several ways: si...
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The Role of Insight Portal Data in Section 148A Proceedings
Section 148A of the Income Tax Act requires that before issuing a notice for income escaping assessment, the Assessing Officer (AO) must be satisfied on a prima facie basis that such income exists, re...
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Revised GST Framework for Job Work Services: Key Changes from the 56th GST Council Meeting
The landscape of indirect taxation in India continues to evolve, with each reform bringing significant implications for various sectors. The decisions taken during the 56th GST Council meeting on Sept...
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GST Reforms in Insurance Industry - Has Simplification Been Achieved?
1. OverviewThe 56th Goods and Services Tax Council Meeting primarily focused on restructuring and streamlining the existing GST framework. The insurance sector emerged as one of the key beneficiaries,...
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GST Rate Restructuring: Transforming India's Textile Industry Landscape
1. Introduction and Historical ContextThe implementation of Goods and Services Tax (GST) in July 2017 promised to revolutionize India's textile industry through unified taxation, elimination of cascad...
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CBIC issues corrigendum to key GST rate & exemption notifications: what you must know
The Central Board of Indirect Taxes & Customs (CBIC) has issued a corrigendum dated 18 September 2025 in respect of Notification No. 09/2025-Central Tax (Rate) and Notification No. 10/2025-Central Tax...
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BIC FAQs-3 & FAQs-4: Decoding the GST rate reset, exemption lists and the Consumer Affairs advisory — what businesses must know now
The CBIC has issued fresh clarifications in the form of FAQs-3 and FAQs-4 to unpack the slew of notifications that recalibrate GST rates, exemptions and related procedural points arising from the 56th...
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Latest GST Notifications Reflecting Changes from the 56th GST Council Meeting
Overview of Key Amendments Following the 56th GST Council MeetingThe Central Board of Indirect Taxes and Customs (CBIC), acting on the recommendations of the 56th GST Council meeting held on September...
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GST Rate Reduction on Granite Blocks: Analysis of 5% Slab and Its Consequences for Quarry Operators
Overview of GST Rate Change for Granite BlocksThe GST Council’s recent move to lower the GST rate on granite blocks from 12% to 5% has been met with approval in the stone industry. While this adjustme...
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Adjustment of MRP on Unsold Inventory as of 22.09.2025 – Implications of GST Reforms 2.0
Overview of GST Rate Changes Effective from 22.09.2025The 56th GST Council Meeting, convened on 3rd September 2025, introduced significant reforms focusing on the reduction and exemption of GST rates...
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Transformation of India’s Indirect Tax Landscape: GST’s Economic and Legal Implications
1. IntroductionIndia’s indirect taxation system has undergone a significant transformation with the implementation of the Goods and Services Tax (GST) on July 1, 2017. This reform replaced a multitude...
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SEBI’s Landmark Regulatory Overhaul: Transforming IPOs, Mutual Funds, and Investor Protections
1. IntroductionAs India’s economy accelerates and startups quickly become industry leaders, the regulatory framework must evolve to keep pace with innovation and complexity. Companies planning Initial...
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GST Update – September 2025: Transformative Changes in the Treatment of Post-Sale Discounts
OverviewWith effect from 1st November 2025, significant modifications to Section 15 of the Central Goods and Services Tax (CGST) Act, 2017, have been introduced as per the recommendations of the GST C...
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GST Anti-Profiteering: Step-by-Step Guide to Compliance and Price Calculation
1. Overview of Recent GST Rate Changes and Anti-Profiteering ObligationsThe effect of GST Council’s latest rate modificationsThe 56th meeting of the GST Council resulted in significant changes to GST...
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GST 2.0 Rate Rationalization: Transformative Implications for India’s Textile Industry
Overview and Historical ContextThe implementation of Goods and Services Tax (GST) in 2017 was heralded as a game-changer for the Indian textile sector, promising a unified tax environment, reduced cas...
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Careful Monitoring of Price Changes after GST Rate Revision: A Guide for Stakeholders
Overview of Revised GST Rate and Its Impact on MRPThe Department of Consumer Affairs has authorized companies—specifically manufacturers, packers, and importers—to update the Maximum Retail Price (MRP...
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Madras High Court Permits ITC Availment for FY 2017-18 to 2020-21 if GSTR-3B Filed by 30 November 2021
Background and Legal Framework(i) Overview(a) In a significant development, the Madras High Court in the matter of M/s Power Builders versus Superintendent of GST & Central Excise (Writ Petition No. 1...
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Harmonizing E-Way Bill Data with GSTR-9C Turnover: Practical Guidance for GST Audits
OverviewAssessees often encounter audit notices from GST authorities when disparities are observed between the outward supply values reported in the E-Way Bill system and the turnover declared in GSTR...