NCLT Mumbai held that application for initiation of Corporate Insolvency Resolution Process [CIRP] under section 7 of the Insolvency and Bankruptcy Code, 2016 against corporate debtor admitted as financial debt and default thereon duly established.
The article highlights common GST filing errors such as mismatches and incorrect ITC claims. The key takeaway is that proper reconciliation and compliance can prevent penalties and scrutiny.
Comparative analysis of Company, Partnership Firm, and Trust in India covering tax rates, deductions, compliance, and suitability to help choose the most tax-efficient business structure.
Cyber insurance helps cover financial losses from cyberattacks like hacking and data breaches. It is becoming essential as digital risks increase across industries.
Section 8 clarifies how GST applies to bundled supplies by distinguishing between composite and mixed supplies. The classification directly impacts tax rates, making correct identification crucial for compliance.
Courts have ruled that Section 125 applies only where no specific penalty exists under GST law. Using it alongside other penalty provisions amounts to double penalisation and is legally unsustainable.
The law clearly prohibits penalties for minor breaches, yet officers continue imposing heavy fines on small taxpayers. Courts have repeatedly intervened, emphasizing proportionality and fairness in penalty imposition.
Excel-based GST Set-Off Tool aligned with 19 Feb 2026 advisory enables flexible IGST liability adjustment using CGST and SGST ITC, including RCM and opening ITC balances for accurate GSTR-3B computation.
The authority held that financial statements adopted before audit are invalid under the Companies Act. It ruled that failure to file proper statements attracts penalty under Section 137.
The case deals with a 235-day delay in transferring unpaid dividend to the mandated account. The authority imposed penalties, emphasizing strict compliance with statutory timelines under the Companies Act.
