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Supreme Court Affirms Necessity of Final GST Adjudication Order Despite Payment
IntroductionThe Supreme Court, in the matter of ASP Traders v. State of U.P. & Ors. [Civil Appeal No. 9764 of 2025, decided on July 24, 2025], clarified that the issuance of a final, reasoned order un...
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Gujarat High Court Mandates DRC-01D Notice Before GST Interest Recovery
(i) Introduction(a) Background:In the case of Reliance Formulation Private Limited vs Assistant Commissioner of State Tax & Anr, the Gujarat High Court examined the procedural requirements for recover...
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Exemption for Capital Gains under Sections 54 and 54F in the Case of Redeveloped Residential Properties: Insights from the Delhi High Court Judgment
IntroductionThe Delhi High Court, in the matter of Commissioner of Income Tax v. Gita Duggal, has provided significant clarity regarding the eligibility for capital gains exemption under Sections 54 a...
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Statutory Compliance Tracker for August 2025
This comprehensive guide provides a restructured and rephrased overview of all essential statutory deadlines for August 2025, spanning GST, Income Tax, PF/ESI, FEMA, SEBI, and corporate law obligation...
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August 2025 Statutory Compliance Roadmap: GST, TDS, ROC, and Labour Regulations
1. Introduction: Key Compliance Milestones for August 2025August 2025 serves as a pivotal period for Indian businesses, marking the start of the second quarter compliance cycle for the 2025-26 fiscal...
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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...