ITC denial is unjustified when the supplier was registered at the time of the transaction. Courts confirm bona fide purchasers retain credit if statutory conditions are met.
Breaks down the 2025 GST changes affecting accommodation services. Key takeaway: rooms under ₹7,500 are taxed at 5% without ITC, while higher-priced rooms continue at 18% with ITC.
Explains the correct process for claiming past ITC using GSTR-2B data and filing within the annual return deadline. Key takeaway: claim only reflected ITC to avoid variance notices and defer unmatched invoices.
Explains how foreign earnings must be reported as business income, converted at the correct exchange rate, and supported with documentation. Key takeaway: GST applies only once turnover crosses ₹20 lakh or service imports occur.
Explains why digital game skins are excluded from the VDA category and taxed under normal income-tax slabs. Key takeaway: traders avoid the 30% VDA rate but must follow standard business or other-income rules.
Courts ruled that GST notices lacking digital signatures violate Rule 26(3) and are void ab initio. The key takeaway: authentication is non-negotiable, and such defects cannot be cured under Section 160.
The judgment confirms that bona fide purchasers remain eligible for ITC even if the seller fails to deposit tax. The Court held that action must be taken against the defaulting seller, not the genuine buyer.
India’s upcoming tax law changes could redefine resident status for high-income diaspora. Learn how this reform increases global income tax risks and affects treaty benefits for overseas investors.
Explains how livestock is recognized, valued and disclosed under fair-value-based accounting standards. Highlights key principles, practical valuation methods and what the rules ultimately require.
Explains that HRA exemption is not permitted under the new tax regime and is fully taxable. Key takeaway: employees must compare regimes to avoid higher tax outflow.
