The article argues that Section 76 of the CGST Act provides a complete recovery mechanism against defaulting suppliers, making ITC denial to genuine purchasers legally unsustainable. It analyses constitutional principles, High Court rulings and statutory safeguards under GST law.
This article explains the legal framework governing e-invoicing under GST, including turnover thresholds, IRN requirements and sector-wise exemptions. It also discusses the consequences of non-compliance under Rule 48 of the CGST Rules.
The Mumbai ITAT allowed deduction of professional fees paid for facilitating remittances relating to Iranian-origin imports affected by OFAC sanctions. The Tribunal held that the expenditure was incurred wholly and exclusively for business purposes.
The Bombay High Court held that reopening for AY 2016–17 becomes invalid when sanction is obtained from an authority not prescribed under Section 151(2). The Supreme Court affirmed the ruling by dismissing the Revenue’s SLP on delay and merits.
The article argues that the sharp increase in gold import duty was triggered by pressure on India’s forex reserves, rising oil prices, and widening dollar outflows. It claims the move may revive smuggling, hurt the jewellery sector, and expose deeper weaknesses in economic management.
The piece states that replacing Annamalai as Tamil Nadu BJP President disrupted the partys long-term growth strategy. It suggests the decision reduced BJP s ability to expand its vote share and connect with younger voters.
The article explains that individual tenants paying rent above ₹50,000 per month must deduct TDS at 2% under Section 194-IB. It highlights compliance procedures, filing requirements, and consequences of non-deduction or delayed payment.
The Tribunal ruled that CPC’s application of a 30% tax rate merely due to absence of turnover disclosure in the return form could not override the concessional rate provided by law.
RBI revoked the licence of a Mumbai-based co-operative bank after finding inadequate capital, poor earning prospects, and non-compliance with Banking Regulation Act provisions. The decision aims to protect depositors and safeguard public interest.
Notification 18/2026 amends concessional customs rates under India-UAE CEPA effective 13 May 2026. Importers claiming India-UAE CEPA benefits to face revised tariff concession structure under latest amendment.
