ITC reversal is valid only when common credit is used for both taxable and exempt supplies and Rule 42 is strictly applied. Courts have ruled that arbitrary or lump-sum reversals without statutory computation are illegal.
The 2025 law mandates advance tax on estimated income in four instalments, with limited exemptions for senior citizens and small liabilities. Missing deadlines may trigger interest under Sections 424 and 425.
The ITAT ruled that extensive repairs to a 25-year-old factory building were revenue in nature since no new asset or enduring advantage arose. The addition treating the expense as capital was deleted.
Performance-linked tax and stamp duty incentives are driving GCC expansion beyond metro hubs. The key takeaway: structured reliefs can unlock sustainable regional growth and commercial real estate demand.
A comprehensive guide to critical GST actions before 31 March 2026, including LUT filing, ITC reconciliation, and scheme selections. The key takeaway: timely year-end compliance prevents interest, penalties, and recovery risks.
The Allahabad High Court held that under Section 75(7) CGST Act, tax authorities cannot demand amounts beyond what is specified in the show cause notice. Any excess interest or penalty not mentioned in the SCN is unsustainable.
Research shows that the majority of online financial personalities fail to consistently outperform market benchmarks. The case highlights why popularity and bold predictions often don’t translate into sustainable investment returns.
The Bill seeks to amend Articles 15 and 16 to allow reservation for backward classes proportionate to their population identified through a caste census. It also proposes representation of marginalized groups and women in judicial appointments.
Section 23 of the CGST Act specifies categories of persons who are not liable to obtain GST registration regardless of turnover. The provision exempts persons making only exempt or non-taxable supplies and agriculturists supplying produce from cultivation.
GST registration liability is determined based on aggregate turnover computed on an all-India basis for all registrations under the same PAN. Even if individual branches remain below the limit, the combined turnover may trigger mandatory registration.
