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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...
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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...
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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 (...
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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...
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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...
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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...
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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...
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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...
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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...
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High Court's Authority to Excuse Delays in GST Appeals
Overview The Punjab & Haryana High Court deliberated on the authority to excuse delays in GST appeals in the case titled Vasudeva Engineering v. Union of India [CWP Nos. 27468, 18475, 26077, 18591, an...
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Discrepancies in Table 8A of GSTR-9 for Fiscal Year 2023-24: Challenges with Input Tax Credit
Overview of the IssueOn December 9, 2024, the Goods and Services Tax Network (GSTN) released an advisory addressing significant discrepancies observed in Table 8A of the GSTR-9 for the fiscal year 202...
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Significance of GSTR 9 and 9C under GST - Judicial Insights
1. Introduction to GST in IndiaThe Goods and Services Tax (GST) was introduced across India starting from July 1, 2017. Since its implementation, over Rs. 1.32 crore businesses have registered under G...
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Reverse Charge Mechanism (RCM) on Residential and Commercial Properties under GST
OverviewThe Goods and Services Tax (GST) framework has consistently imposed tax on commercial property leasing. Initially, leasing residential properties for residential purposes was exempt from GST....
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Recommendations of the 55th Meeting of the GST Council
The 55th GST Council meeting chaired by Finance Minister Nirmala Sitharaman in Jaisalmer addressed several tax rate adjustments, exemptions, and procedural reforms. Key decisions include reducing the...
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Is Section 16(4) of the CGST Act 2017 Arbitrary and Unreasonable?
The Madhya Pradesh High Court recently delivered a significant verdict in the case of Anand Steel v. Union of India (Writ Petition No. 3757 of 2023 and others, dated November 22, 2024), sparking subst...
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New Perspectives on the Service of Notices and Orders in GST
Understanding the Importance of Service of Notices and OrdersService of notices and orders has long been a contentious issue in tax litigation. GST, with its technology-driven framework, introduces un...
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Revocation of GST Registration: Recent Legal Developments
1. Overview:Recently, the Madras High Court, in its ruling on Tvl. A V Traders v. CTO (2024) TaxCorp(GST) 45964 (HC-MADRAS) on October 29, 2024, emphasized the rights of registered individuals to main...
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SEBI Warns Against Trading in Unlisted Public Companies on Digital Platforms
The advent of technological aggregators has made it convenient to access a plethora of services, ranging from accommodations to transportation and home furnishings. However, when it comes to trading s...
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Union Budget 2025: Key GST Amendments Proposed
The Union Budget 2025 introduces several proposed changes under the Goods and Services Tax (GST) framework to foster economic advancement and address industry-specific concerns. Significant proposed c...
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Understanding ITC: Navigating the Concession and Vested Right Dilemma
1. OverviewThe ushering in of the Goods and Services Tax (GST) in 2017 marked a significant shift in India's indirect tax framework. As a multi-tiered, value-added tax on consumption, GST aims to stre...