-
Revisiting Input Tax Credit Clarity in Ex-Works Agreements
Introduction to ITC Clarity in GST FrameworkIn a transformative update, the Central Board of Indirect Taxes and Customs (CBIC) has offered a crucial elucidation regarding the Input Tax Credit (ITC) th...
-
Simplified Input Tax Credit Guidelines for E-Commerce Operators: A Closer Look
Introduction to ClarificationThe Central Board of Indirect Taxes and Customs (CBIC) has recently issued Circular No. 240/34/2024-GST, dated 31-12-2024, providing crucial guidance on the eligibility cr...
-
In-Depth Overview of Section 128A Waiver Scheme and Filing Protocols
Synopsis of Section 128ASection 128A is crafted to lessen the burden of interest and penalties on assessees by offering waivers for defined periods and conditions. Applicable to tax demands raised und...
-
Insights from the 55th GST Council Meeting
The 55th meeting of the Goods and Services Tax (GST) Council, in my view, did not meet public expectations, especially regarding significant issues.Unresolved Key Matters (i) Consideration on Tax Rate...
-
Revision on Clarification Regarding Advertising Services Rendered to International Clients
1. Understanding Advertising ServicesAdvertising services involve a spectrum of activities designed to develop, administer, and disseminate promotional content to specific audiences. These are execute...
-
Guidelines for Reporting HSN/SAC Codes in GST Returns
Reporting Harmonized System of Nomenclature (HSN) and Service Accounting Codes (SAC) in GST returns depends on turnover limits and the nature of the sales transactions. Aggregate turnover considers ta...
-
Section 65 of the CGST Act: Overview of GST Audits Conducted by Tax Authorities
IntroductionGSTN has recently released guidance addressing issues related to Table 8A of the GSTR-9 form. This guidance highlights five particular challenges connected to the reporting system in GSTR-...
-
Exploring Section 128A: GST Amnesty Initiative – Progress or Setback
Overview: Section 128A, introduced into the CGST Act through the Finance Act of 2024, presents a GST amnesty initiative. This scheme offers waiver of interest and penalties for assessees involved in t...
-
Role of an Independent Director under the Companies Act
An Independent Director in the context of the Companies Act, 2013, as specified in Section 149(6), is characterized by the following essential criteria:Role in Board Composition i. An Independent Dire...
-
Guide to Setting Up a Company in India
Introduction to Company Formation in India Initiating a business in India can unlock numerous opportunities in one of the world’s most dynamic economies. The online registration process is streamlined...
-
Significance of GSTR 2A in Enhancing GST Adherence and ITC Precision
The implementation of the Goods and Services Tax (GST) on July 1, 2017, marked a monumental change in India’s taxation framework by consolidating various indirect taxes into a single cohesive system....
-
Inter-Corporate Guarantees in India
Unveiling the Truth about Inter-Corporate Guarantees in IndiaIntroduction to Corporate Guarantees Corporate guarantees play a pivotal role in the financial landscape, particularly among companies with...
-
Commencement of GST Appeal Limitation Period from Rectification Order Date
SummationThe Madurai Bench of the Madras High Court clarified a crucial aspect regarding the commencement of the limitation period for filing an appeal under GST. In the case between SPK and Co. and t...
-
Revised Guidelines and Compliance for GSTR 9 and 9C for FY 2023-24
1. IntroductionThe evolving GST regulations have a significant impact on annual return submissions. With recent adjustments in GST law, this article provides guidance on submitting the annual return (...
-
Key Insights from the 55th GST Council Session
Overview of the 55th GST Council MeetingThe 55th GST Council convened on December 21, 2024, in Jaisalmer, Rajasthan. This meeting focused on several key proposals impacting the CGST and IGST laws, rul...
-
Key Outcomes of 55th GST Council Meeting on December 21, 2024
The 55th meeting of the GST Council on December 21, 2024, introduced notable amendments in areas including services, goods, compliance strategies, and legislative procedures. The significant proposals...
-
Section 76: Provisions for Tax Collected But Not Remitted to the Government
IntroductionSection 76 of the Central Goods and Services Tax (CGST) Act, 2017 provides critical directives ensuring that taxes collected by assessees are duly submitted to the Government, regardless o...
-
Analysis of the Madhya Pradesh High Court Judgment in Anand Steel Case: Distinguishing Between Obiter Dicta and Ratio Decidendi
IntroductionThe landmark case of Anand Steel v. Union of India (2024) TaxCorp(GST) 45680 (HC-MP) adjudicated by the Madhya Pradesh High Court has sparked a significant conversation regarding whether S...
-
In-Depth Overview of Section 61, CGST Act, 2017
The term 'assessment' often brings anxiety to registered assessees and professionals within the taxation realm. Within the Goods & Services Tax (GST) framework, assessment finds its definition under S...
-
Comprehensive Review of Procedural Reforms – CGST Section 74A, 73, and 74
Comparison of Section 74A with Sections 73 and 74(i) Modifications in Timeframea. Previous Framework: Orders under Section 73 could be issued up to three years from the due date of the annual return f...