-
CBIC Guidelines on GST Registration Processing
Overview of New InstructionsThe Central Board of Indirect Taxes and Customs (CBIC) has released Instruction No. 03/2025-GST on April 17, 2025. This replaces the guidelines from 2023 and aims to enhanc...
-
Analyzing the Taxation of Immovable Property Transfers: A Detailed Look at Section 56(2)(vii)(b) and Reassessment under Section 147 of the Income Tax Act, 1961
1. IntroductionIn India, the intricacies of taxing property transactions under the Income Tax Act, 1961 (referred to as the "Act") have frequently sparked debate, especially with provisions such as Se...
-
Implications of Section 194T: TDS on Payments to Firm Partners in India
Overview The government's emphasis on improving tax compliance is evident from the introduction of Section 194T in Budget 2024, spearheaded by Finance Minister Nirmala Sitharaman. This new provision m...
-
Understanding MSME Form 1: Essential Filing Guidelines and Obligations
Introduction: MSME Form 1 is a biannual submission mandated by Section 405 of the Companies Act, 2013. This form serves to track the payment history of businesses to Micro and Small Enterprises (MSEs)...
-
Supreme Court's Notable Decision on Property Transactions in Cash: An Analysis of Cited Sections
Supreme Court Verdict on Unaccounted Cash in Property Transactions: Was the Correct Legal Provision Invoked?The RBANMS Educational Institution vs. B. Gunashekar & Another CaseThe Supreme Court of Indi...
-
Guidelines Issued by CBIC for GST Registration Procedure
The registration under the Goods and Services Tax (GST) framework is a legal mandate for entities in India whose total turnover surpasses the specified threshold or who are part of categories detailed...
-
Comparative Analysis of the Old and New Income Tax Regimes in India
IntroductionIn the Union Budget for the fiscal year 2025-26, effective April 1, 2025, new modifications to the income tax slabs were introduced by Finance Minister Nirmala Sitharaman for the new tax r...
-
Availability of ITC on Transit Loss: Continuing Legacy Disputes in GST
IntroductionChallenges in Business OperationsBusinesses, particularly in manufacturing and often trading sectors, encounter difficulties in achieving 100% output relative to the input used in producti...
-
GST and Real Estate: Key Legal Rulings and Observations by Indian Courts
1. Joint Development Agreements (JDA)(i) GST Applies Only on Transferable DR, Not Mere Transfer AgreementsSrinivasa Realcon Pvt Ltd [WP 7135/2024 - Bombay HC]: Development rights under JDA allowing co...
-
GST Implications on Hotel and Restaurant Industry: Legal Framework, Practical Scenarios, and Clarifications (Post 1 April 2025)
1. Classification and Scope of Services under GST(i) Types of Services in the SectorAccommodationAccommodation with FoodRestaurant with TakeawayEventsCateringConferences(ii) Composite Supply Principle...
-
Mandatory ISD Mechanism under GST Post-1 April 2025: A Legal and Practical Commentary
1. Introduction to the Revised ISD Framework(i) Background of AmendmentsThe ISD (Input Service Distributor) mechanism underwent significant reforms through the Finance Act, 2024 and subsequent notific...
-
Crypto Taxation in India: Major Challenges and Perspectives
Introduction to Cryptocurrency RegulationsThe rapid ascent of cryptocurrencies like Bitcoin and Ethereum in India has brought noteworthy regulatory and tax challenges. While these digital currencies p...
-
Simplified Reporting of Tax Litigations on Stock Exchanges: Immediate Disclosure for New Cases and Quarterly Updates for Ongoing Ones
IntroductionIn a move to enhance the ease of doing business (EODB), the Securities and Exchange Board of India (SEBI) issued a circular on December 31, 2024, distinguishing tax litigations from non-ta...
-
The Complex Taxation of Restaurant Services in India
Understanding Restaurant ServiceWhat Constitutes a Restaurant Service?The term "Restaurant Service" is not defined in the general Section 2 of GST Act, but can be found in Notification No. 11/2017, wh...
-
Final Opportunity to Resolve Tax Disputes: Embrace Vivad Se Vishwas 2.0 by April 30, 2025
Introduction to Vivad Se Vishwas 2.0The Indian Government has reintroduced its improved tax dispute resolution program, Vivad Se Vishwas 2.0 (VsV 2.0), to simplify settling tax disputes. Announced via...
-
GST on Development Rights Not Subject to Reverse Charge Mechanism: Decision by Bombay High Court
Case Review: Shrinivasa Realcon Private Ltd. vs Deputy Commissioner Anti-Evasion Branch(i) Case Reference and Background:In a significant judgment pertaining to GST implications on development rights,...
-
Streamlining Company Mergers: MCA's Proposed Amendments for Enhanced Fast-Track Mergers
IntroductionConsider XYZ Innovations Pvt Ltd, a nimble start-up that has recently merged with its wholly-owned subsidiary, XYZ Energy Solutions. The merger was implemented through the expedited proces...
-
A Guide to Transforming a Partnership into a Private Limited Entity
1. Essentials for Pre-ConversionBefore Initiating the Transformation:Minimum Personnel Requirement: Public entities require seven partners, while private ones necessitate a minimum of three directors....
-
Ensuring GST Compliance: Addressing ITC Double Claims Following GSTR-2B Adoption
Introduction to the GSTR-2B TransitionJanuary 2022 saw a noteworthy shift in the GST compliance landscape in India as the GSTR-2B became the definitive source for Input Tax Credit (ITC) claims. Previo...
-
Income from Business and Profession under the Income Tax Act, 1961
Definition of Income from Business and ProfessionIncome derived from business and profession includes all revenue generated from commercial, manufacturing, trade, or service-related activities. This a...