This article explains the correct method of calculating ITC reversal when both Rule 37 and Rule 42 apply. It clarifies that taxpayers should adjust for ITC already reversed under Rule 42 to prevent duplication.
Tribunal held that Section 87A rebate is linked to total income, which includes short-term capital gains. CPC’s denial of rebate on Section 111A gains was therefore unsustainable for AY 2024-25.
GSTN has made Ship-To GSTIN reporting mandatory in Bill-To/Ship-To transactions to accurately capture the actual recipient of goods. The change aims to strengthen reconciliation, compliance monitoring, and transparency in goods movement.
The Supreme Court ruled that High Courts should ordinarily pronounce reserved judgments within three months. The decision aims to curb judicial delays and protect litigants’ right to timely justice.
The Industrial Relations Code, 2020 consolidates three major labour laws into a single framework to simplify compliance and improve industrial harmony. The key takeaway is that employers and employees must adapt to new rules governing unions, disputes, standing orders, and workplace relations.
The Indian Oil Card allows users to earn reward points, surcharge waivers, and other benefits on regular fuel spending. The key takeaway is that routine fuel expenses can generate additional value when managed through a reward-focused credit card.
Supreme Court examines legality of stranded GST compensation cess credits after cess withdrawal, as FADA seeks refund or utilisation mechanism.
Allahabad High Court held that an Advocate cannot be prosecuted merely for filing a statutory GST appeal and advising a legal course of action. The key takeaway is that professional representation alone does not establish criminal conspiracy with a client.
The High Court set aside the rectification order after finding that it was passed without granting the taxpayer an opportunity of personal hearing, violating principles of natural justice.
The Supreme Court upheld the view that assignment of leasehold rights in industrial land is a transfer of benefits arising from immovable property and not a supply of service. As a result, GST was held not applicable on the transaction.
