Budget 2026 proposes allowing taxpayers to file an updated return even after receiving a reassessment notice under Section 148. While this creates a compliance window to settle disputes, it also imposes an additional 10% levy on tax and interest to encourage faster resolution.
Under Section 74A, the limitation for issuing GST demand notices becomes 42 months for all cases. This is longer than the earlier three-year limit for non-fraud cases, increasing compliance exposure for bona fide taxpayers despite procedural simplification.
The Court clarified that mere pendency of information exchange requests under DTAA cannot justify continuing a Look Out Circular. Where assessments are quashed and no tax liability exists, indefinite travel restriction is unconstitutional.
GST professionals can face penalties for alleged facilitation of fake invoicing or bogus ITC. A well-drafted engagement letter helps define scope, shift responsibility to the client, and reduce exposure under Section 122(3A).
Payments received for expenses reimbursed due to cancelled export orders do not constitute a supply and are exempt from GST, as no service was provided.
Key rulings clarify return mismatches, ITC disputes, anti-profiteering, and Section 74 proceedings, providing crucial guidance for tax professionals and compliance strategies.
Section 105 BNSS replaces witness-dependent searches with mandatory audio-video documentation, ensuring transparency and judicial oversight during searches and seizures.
Ensure smooth financial year closure by reconciling sales, ITC, RCM liabilities, and invoice numbering. Avoid penalties and interest by following this step-by-step GST year-end guide.
The GST Portal now allows Rule 14A taxpayers to exit via Form REG-32. Learn the step-by-step process, eligibility conditions, and mandatory Aadhaar authentication requirements.
Charitable trusts and NGOs are taxable under GST unless specific exemptions apply. Learn which activities, donations, and supplies attract GST and how to ensure compliance.
