Highlights how the EMI Scheme allows businesses to defer duty payments, easing working capital pressure while improving operational efficiency.
Explains that outsourcing does not transfer legal responsibility under the DPDP Act. Data fiduciaries remain fully liable for vendor-related breaches and compliance failures.
Explains how suppliers may face denial of output tax reduction when recipients cannot reverse ITC after deregistration. Highlights the risk of double tax benefit and need for safeguards.
A new digital framework is suggested to replace manual Form 121 processes and streamline TDS exemption declarations. The proposal highlights improved efficiency, accuracy, and centralized monitoring.
A common GST issue in export of services relates to the correct exchange rate for currency conversion, often misunderstood by professionals. Many incorrectly apply the Customs notified exchange rate, which is applicable only to import and export of goods. For services, the correct provision is Rule 34(2) of the CGST Rules, 2017, which mandates that […]
The Ordinance repeals the professional tax law with immediate effect from April 2026. It preserves past liabilities and proceedings, ensuring continuity for prior obligations while abolishing future tax applicability.
The notice outlines procedures for handling export containers returned due to disrupted maritime routes. It allows simplified clearance without Bill of Entry where seal integrity is verified.
SEBI clarified that only a body corporate can act as a sponsor under MF Regulations 2026. A family trust, not being a body corporate, is ineligible.
The Tribunal held that receipts from sponsorship and royalty were incidental to the promotion of sports. It ruled that absence of profit motive prevented application of the proviso to section 2(15), allowing exemption under sections 11 and 12.
The Tribunal set aside the demand as time-barred and unsupported by evidence beyond third-party income tax data. It held that absence of fraud or suppression invalidated extended limitation.
