The Supreme Court’s 2024 Canon India review reaffirms the Directorate of Revenue Intelligence’s authority to issue customs show cause notices. This ruling impacts tax administration, validates past enforcement actions, and reintroduces litigation for taxpayers, clarifying jurisdiction under Section 28 of the Customs Act.
Understand India’s GST impact on import ocean freight. This summary covers IGST, Reverse Charge Mechanism (RCM), and landmark court judgments (Mohit Minerals, Agarwal Coal) that clarify tax liabilities for CIF and FOB imports, including refund implications for unconstitutional levies.
Learn about GST framework for intermediary services, legal provisions and expected reforms to alleviate tax burdens and boost cross-border trade facilitation.
Taxpayers face challenges as AIS feedback is now shared with reporting entities, creating a loop of data verification that may trigger scrutiny or reassessment.
Understand the Companies Act’s provisions for business commencement in India, including Form INC-20A filing, deadlines, penalties, and exemptions.
A recent Ministry of Steel order requires immediate BIS certification for steel input materials, disrupting imports and raising concerns for MSMEs due to the impractical three-day compliance window and potential cost increases.
Learn to extract capital gain details from your AIS for accurate ITR filing. This guide covers accessing the AIS, using the utility, and verifying transaction data.
GST in India presents a mixed bag for MSMEs, streamlining taxes but burdening small firms with digital compliance. Future reforms are needed for equitable growth.
The Sikkim High Court’s judgment in SICPA India breathes fresh life into a long-standing debate on the right to claim refunds upon business closure under GST.
Effective October 10, 2024, GST became payable under Reverse Charge Mechanism (RCM) when a registered person rents a commercial property from an unregistered person.
