Banks are asking CAs to issue end-use and KYC certificates without regulatory support. RBI confirms no such requirement exists, highlighting the need for professionals to avoid unauthorized certifications.
The Court ruled that ITC on GIDC charges is allowable where no construction is involved. It also held that Section 74 proceedings fail without fraud or suppression.
The update discusses GST rulings on ITC and refunds, income tax relief interpretations, and insolvency reforms. It also covers discussion papers proposing major structural changes. The takeaway is that judicial clarity and regulatory reforms are strengthening governance.
The court held that recovery cannot proceed against a legal heir without determining liability under Section 93, reinforcing due process requirements.
The comparison shows how large-scale frauds go undetected for years while professionals face immediate coercive action. Courts have clarified that arrest requires clear evidence of control and benefit, not mere association with compliance work.
The law prohibits all real-money online games regardless of skill, marking a major shift from earlier legal precedents and reshaping the gaming industry landscape.
This explains why operating a payment system without RBI approval is prohibited under law. The framework ensures only compliant and vetted entities can handle financial transactions, safeguarding systemic integrity.
The issue involves technical failures in the Professional Tax portal preventing payments. A request has been made to fix glitches and extend the due date to avoid penalties.
The issue was classification of bundled hotel services under GST. It is clarified that naturally bundled services are taxed as composite supply, while others attract the highest rate as mixed supply.
The draft rules introduce simplified forms, reduced documentation, and digital processes to ease company incorporation. Key changes aim to cut compliance burden and improve efficiency for businesses.
