This edition of the global financial reporting update covers three important international developments: the FASB’s proposal on cash equivalents and certain digital assets, the PCAOB’s new implementation support for QC 1000, and the IFRS Foundation Trustees’ five-year plan for the IASB and ISSB, including a new ISSB se...
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GST
Gujarat High Court on GST for Corporate Guarantees: Taxability Upheld, 1% Floor Read Down
The decision of the Gujarat High Court in Torrent Power Ltd. v. Union of India [2026] 189 taxmann.com 490 (Gujarat), decided on 14 August 2026 along w...
GST
GST Treatment of Corporate Guarantees after the Gujarat High Court Ruling in Torrent Power
1. Why the decision mattersCorporate guarantees given by a parent company, holding company or group entity for the borrowings of another group company...
GST
Section 16(2)(c) and ITC: When Vendor Default Becomes the Buyer’s Problem
1. The new compliance reality after Bhandari Scrap TradersThe decision of the Supreme Court in Bhandari Scrap Traders has changed the practical tone o...
GST
Omission of Rule 96(10): Pending IGST Export Refunds Cannot Be Rejected on a Dead Provision
1. The Supreme Court settles the immediate controversyThe Supreme Court’s decision in M/s Goodluck India Limited and Another v. Union of India and Oth...
GST
Legacy TRAN Credit Disputes Under GST: Why Jurisdiction Matters Before GSTAT
The introduction of GST required businesses to migrate accumulated credits from the earlier indirect tax framework—such as VAT, Service Tax and Centra...
GST
Re-determination under Section 75(2) of the CGST Act: The Missing Answer on Limitation
Section 75(2) of the Central Goods and Services Tax Act, 2017 creates a special mechanism for cases where the department begins proceedings on the all...
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