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GSTR-9 Annual Return for FY 2024-25: Important Updates to ITC Reporting in Table 6
Introduction: Major Revision in GSTR-9 Table 6 for FY 2024-25The Goods and Services Tax Network (GSTN) has rolled out a crucial revision in Table 6 of the GSTR-9 annual return applicable for the finan...
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Overview of Mandatory GST E-Invoicing: Principles and Rollout
1. Overview of Mandatory GST E-Invoicing: Principles and Rollouti. Purpose and Digitalization EffortsTo combat GST evasion and prevent revenue loss, the Indian government has adopted a phased digital...
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GSTR-9/9C for FY 2024-25: Recent Requirements, Reconciliations, and Best Practices
1. OverviewThe Goods and Services Tax (GST) regime in India has completed eight years, during which it has undergone significant evolution through numerous notifications, circulars, and judicial prono...
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Accelerated GST Registration for Indian SMEs: 3-Day Approval Rollout Effective November 1, 2025
Introduction: Transforming GST Onboarding for SMEsThe landscape for Goods and Services Tax (GST) compliance in India is set for a significant transformation starting November 1, 2025. The GST Council...
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Extended Filing Window for Annual Returns and Financial Statements: No Change in AGM Timeline, Says MCA
Background and Context(i) Introduction of Filing Relaxation under the Companies Act, 2013(a) On October 17, 2025, the Ministry of Corporate Affairs (MCA) issued General Circular No. 06/2025. This dire...
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Checklist for Companies on Form MSME-1 Compliance
Form MSME-1: Comprehensive Guide on Filing Requirements, Applicability, Deadlines, Penalties, and Payment ObligationsOverview of Form MSME-1Purpose and Fundamental ConceptForm MSME-1, also referred to...
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Tax Exemption on Gifts Received from Relatives: Guidance for Proper ITR Reporting
Overview of Gift Taxation and ExemptionsSection 56(2)(x) of the Income Tax Act, 1961 introduces measures to prevent tax evasion through the receipt of gifts. This provision generally brings to tax any...
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Efficient Year-End GST Filing for FY 2024–25: Preparing for GST 2.0 Transition
Significance of Year-End GST Filings(i) Importance for Assessees and ProfessionalsAs the financial year 2024–25 concludes, assessees and their Chartered Accountants (CAs) face the critical task of ens...
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Can CBIC Circulars Legally Designate Proper Officers for GST Penalty Proceedings?
Overview: Examining the Legality of CBIC Circular No. 254/11/2025-GSTThe Central Board of Indirect Taxes and Customs (CBIC) issued Circular No. 254/11/2025-GST on October 27, 2025. Among other things,...
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Prohibition on Issuing a Single GST Notice for Multiple Financial Years: Insights from Madras High Court Ruling
Overview of the Judgementi) Background and Key Observations(a) In the matter of Smt. R. Ashaarajaa v. Senior Intelligence Officer, the Madras High Court decisively held that issuing a consolidated sho...
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Annual Return Filing on MCA V3 Portal: Navigating MGT-7 and MGT-7A
Understanding the Correct Form: MGT-7 versus MGT-7Ai) Distinguishing Between MGT-7 and MGT-7A(a) With the introduction of the MCA V3 portal, the process of filing Annual Returns has been refined by pr...
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Understanding Disclosure Requirements under Section 184 of the Companies Act, 2013
Transparency and accountability are fundamental to effective corporate governance. Directors and those with managerial authority must uphold their fiduciary duties by making timely disclosures and avo...
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Overview of Rule 86B: 99% ITC Utilization Cap and 1% Mandatory Cash Payment under CGST
1. Overview of Rule 86B: 99% ITC Utilization Cap and 1% Mandatory Cash Payment under CGSTi) Background and ImplementationRule 86B was incorporated into the Central Goods and Services Tax (CGST) Rules,...
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CBIC Clarification Dated 18.07.2025 Resolves BSS Refund Dispute in Sikkim
Overview of the Dispute and CBIC ClarificationThe Central Board of Indirect Taxes and Customs (CBIC) issued a clarification (Letter No. CBIC-110267/107/2023-CX) dated 18.07.2025, effectively settling...
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Staggered Timeline for Filing GSTAT Appeals: Key Provisions and Electronic Filing Protocol
IntroductionThe Ministry of Finance has issued Notification No. S.O. 4220(E) dated 17 September 2025, delineating the schedule for filing appeals before the Goods and Services Tax Appellate Tribunal (...
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Comprehensive Overview of the Streamlined GST Registration Process Effective November 1, 2025
Introduction to the New GST Registration RegimeThe government, following the 56th GST Council Meeting held on September 3, 2025, and as announced by Finance Minister Nirmala Sitharaman, has introduced...
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FIRC Reconciliation for GST Refunds: Periodic Remittances Are Sufficient
1. FIRC Reconciliation for GST Refunds: Periodic Remittances Are Sufficient(i) Background and Judicial Clarification(a) Overview of the IssueThe Delhi High Court in the case of Transformative Learning...
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Eligibility of Input Tax Credit on Group Personal Accident Insurance under GST
Introduction to Insurance Expenses by Businesses(i) Overview of Insurance OutlaysCorporate entities regularly incur expenditures for various forms of insurance to shield themselves from unexpected los...
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Prohibition of Composite GST Assessment or Show Cause Notices Across Multiple Tax Periods: Analysis of Andhra Pradesh High Court Ruling
Background and Context(i) Overview of the Judicial DecisionIn a significant judgment, the Andhra Pradesh High Court, in S J Constructions v. The Assistant Commissioner and Others, clarified that under...
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Managing Input Tax Credit (ITC) Reversal When Goods Become Exempt: An In-Depth Guide
OverviewThe Goods and Services Tax (GST) in India is known for its evolving landscape, often introducing new compliance requirements for assessees. A critical scenario arises when goods or services pr...