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Comprehensive Analysis of GST Refund Adjustments under Section 54(10) of the CGST Act, 2017
OverviewThe Goods and Services Tax (GST), implemented in India from 2017, revolutionized the country’s indirect tax system by merging several taxes into a unified framework. A vital aspect of this sys...
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ADT-1 Filing Now Obligatory for Appointment of First Auditor: Major MCA Amendment Effective from July 14, 2025
Introduction: New Compliance Mandate by MCAThe Ministry of Corporate Affairs (MCA) has introduced a key compliance update through its recent notification G.S.R. 359(E) dated 30th May 2025. This amendm...
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GSTN July 2025 Updates: Key Advisories on HSN Disclosure, GSTR-3B Restrictions, ASP Data Security, and Appeal Mechanism
Overview of July 2025 GSTN AnnouncementsThe Goods and Services Tax Network (GSTN) issued several significant advisories in July 2025 affecting compliance procedures, portal functionalities, and taxpay...
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Revised Business Codes in Income Tax Returns: Essential Insights for Assessees
Introduction to Updated Business Codes in ITRThe Income Tax Return (ITR) process has recently undergone significant updates, with the introduction of approximately 370 revised business and profession...
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RPT Disclosures – Industry Standards and the Linde India Ltd Precedent
1. Background and Evolution of RPT Disclosure StandardsThe Industry Standards Forum (ISF), in collaboration with the Securities and Exchange Board of India (SEBI), announced on June 26, 2025, a compre...
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Global Corporate Law Developments: Key Updates on Securities Laws – July 2025
Recent Developments in Securities Regulation(i) ASIC Initiates Consultation on Revisions to Industry Codes of Conduct GuidanceOn July 24, 2025, the Australian Securities and Investments Commission (AS...
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GST in India: A System Tilted Against Assessees – The “All or Nothing” Paradigm
Since its rollout in July 2017, the Goods and Services Tax (GST) has been widely hailed as a transformative development in the Indian indirect tax regime. Promoted as a mechanism to simplify complianc...
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Accounting and Tax Implications of Loss of Insured Assets: Standards and Disclosure
Businesses frequently encounter unforeseen losses to assets from incidents such as fire, theft, or natural disasters. Where such assets are insured, compensation from the insurance provider may cover...
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Corporate Taxation in India: Old Versus New Regimes for Financial Year 2024-25 (Assessment Year 2025-26)
Overview of Corporate Tax ChangesThe Indian corporate tax landscape has seen significant changes, particularly for assessees as compared to individual taxpayers. Distinct regimes now apply to manufact...
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Comparative Analysis of Taxation for Co-operative Societies: Old vs. New Regimes for FY 2024-2025 (AY 2025-26)
Overview of Taxation Choices for Co-operative Societies(i) IntroductionFor Assessment Year 2025-26, co-operative societies in India have the flexibility to choose between the traditional tax regime an...
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GST Valuation: Understanding the Pure Agent Mechanism under Rule 33 of CGST Rules, 2017
OverviewThe treatment of agents, particularly the “pure agent,” under the Goods and Services Tax (GST) regime in India is a subject that frequently causes confusion amongst assessees. Distinguishing b...
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Comprehensive Overview of the Audit Committee’s Authority on Omnibus Approvals for Related Party Transactions
Introduction to Audit Committee’s Power on Omnibus ApprovalsThe scope of the Audit Committee’s powers under the Companies Act, especially concerning omnibus approvals for Related Party Transactions (R...
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Supreme Court Criticizes Rajasthan High Court for Delay in Bail Orders: Emphasizes the Right to Expeditious Justice
Introduction: The Importance of Timely JusticeThe principle that “Justice delayed is justice denied” and the necessity for justice to not only be delivered but also appear fair to the public, resonate...
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GST Treatment of Freight, Packing, and Ancillary Expenses in the Textile Sector
IntroductionThe textile industry in India is characterized by a complex chain of activities—including procurement of raw materials, spinning, weaving, processing, and garment production. The movement...
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Analysis of Value Addition Issues in GST Budgetary Support Refunds
Background: Transition from Area-Based Exemptions to GST Budgetary Support(i) Area-Based Exemptions under Earlier Indirect Tax LawsPreviously, India’s indirect tax system included several area-based e...
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GST Section 74: Essential Prerequisites for Extended Limitation and Due Process
Overview: Adhering to Limitation Periods under Section 74i) Strict Application of Limitation PeriodsThe Andhra Pradesh High Court in the matter of M/s. The Cotton Corporation of India vs. Assistant Co...
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Major Revisions in Forms 3CB and 3CD for Assessment Year 2025-2026
Overview of Forms 3CB and 3CDi) Purpose and Applicability(a) Form 3CB serves as the tax audit report issued by a Chartered Accountant for assessees whose accounts are subject to audit exclusively unde...
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Introduction to One Person Company (OPC) Registration in India
(i) Definition as per Companies Act, 2013According to section 2(62) of the Companies Act, 2013, a "One Person Company" (OPC) refers to a company with only a single individual as its member. While cate...
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Comprehensive Framework for Consent Management Systems under the DPDP Act, 2023
1. IntroductionIndia’s Digital Personal Data Protection Act, 2023 (DPDP Act) marks a significant advancement in the nation’s approach to personal data privacy and management. To assist organizations i...
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A Comprehensive Analysis of Company to LLP Conversion: Tax Implications and Unresolved Issues
1. Introduction: Evolution of Tax Neutrality for Company-to-LLP ConversionThe Finance Act, 2010 and Section 47(xiiib)To facilitate business restructuring, the Finance Act, 2010 introduced section 47(x...