The government clarified that shell companies are not defined in company law, but inactive entities are removed through statutory strike-off provisions. The key takeaway is that enforcement relies on existing legal mechanisms.
The government disclosed large-scale strike-offs of inactive and non-compliant companies. The key takeaway is stricter enforcement of filing and operational requirements.
The Government stated that GST 2.0 simplifies the tax structure to stimulate consumption, investment, and job creation. The key takeaway is that rate rationalisation is expected to support GDP growth and formalisation.
Higher thresholds, quarterly returns, waived registrations, and faster approvals were introduced to ease MSME compliance. The ruling stresses simplification as a tool for economic formalisation.
The court directed the refund of TDS erroneously deducted from an arbitral award, ruling that interest on the TDS is not payable. The Execution Petition was disposed of accordingly.
Authorities identified thousands of fake GST registrations created using forged credentials, involving large-scale tax evasion. The ruling highlights intensified detection and enforcement measures.
A uniform 18% and 5% GST framework was implemented nationwide following Council recommendations. The ruling highlights its role in supporting small businesses through lower taxes on essential goods.
The GST Council’s decision to eliminate the 12% slab was implemented to create a two-rate structure for garments. The key takeaway is a higher rate for premium apparel and wider relief for lower-priced items.
The government clarified that no new Group of Ministers is under consideration, even as States flagged revenue losses from GST rate rationalisation. The key takeaway is that existing mechanisms will address the impact.
The Tribunal held that foreign investments disclosed in Schedule FA and backed by sufficient income cannot be treated as unexplained. Mechanical application of section 69 was rejected.
