NCLAT rules sovereign tax dues, once admitted in CIRP, become assignable debts. Assignees become operational creditors with CoC voting rights, transforming the distressed debt market.
The GST Council has recommended removing the contentious ‘intermediary’ service provision, aiming to restore zero-rating for genuine service exports and resolve years of tax disputes.
Learn the implications of the 9-judge SC decision on GST and mining royalty. Explore the distinction between royalty and tax, and its effect on service tax/GST.
Recently, GST council in its 47th Council meeting has recommended for rate increase to 18% for all Government works which was followed by issuance of Notification No. 03/2022-C.T (R) dated 13.07.2022.
Understanding the Supreme Courts decision on GST on ocean freight under RCM in CIF contracts. Learn about the legal background and implications.
Understanding the recent Supreme Court decision on GST applicability in CIF contracts for ocean freight transportation – Part I
Analysis of Guj HC decision on GST forced land deduction in construction service. Understand the impact & legality of 1/3rd land deduction in Real estate transactions.
Introduction: Input tax credit (ITC) is backbone of GST as it ensures the critical feature of taxing on value addition in the supply chain. Any action of denying ITC would lead to Cascading effect and kills the soul of GST. Hence, the success of GST heavily depends on the free flow of ITC across the […]
One of the Mantra’s to avoid litigation in GST is charging GST on the higher side (higher rate or valuation or not taking disputed exemptions etc.,) and pass it to the recipient. It becomes easier when the recipient can take the ITC. While the aforesaid Mantra works wonderfully when sufficient care was taken at the […]
The interest liability for any belated remittance is an economic consequence. The tax laws are no exception to this rule. GST law provides for interest @18% on the delayed remittance of the tax after due date. A question was raised as to whether the interest has to be paid on Gross Tax liability (i.e. the […]