Pathway to Prosperity Union Budget 2024 Unveiled

As the much-anticipated Union Budget 2024 is set to be unveiled by Finance Minister Nirmala Sitharaman, the financial landscape of India stands at a crucial juncture. The upcoming budget holds immense significance, not only for its fiscal measures but also for its potential to steer the country towards economic resilience. This analysis delves into the … Continue reading Pathway to Prosperity Union Budget 2024 Unveiled

Adidas Drops Bella Hadid from Campaign Amid Israeli Criticism

In a notable shift in its advertising strategy, Adidas has decided to withdraw imagery of model Bella Hadid from its campaign for the SL72 trainers, a retro sports shoe first introduced during the 1972 Munich Olympic Games. This decision follows a wave of criticism from Israeli officials concerning Hadid’s involvement in the campaign. Adidas, the … Continue reading Adidas Drops Bella Hadid from Campaign Amid Israeli Criticism

Government Clarity on GST Liability Sought by Uber and Other Ride-Hailing Apps

Uber and various other app-based ride-hailing services have sought clarification from the Union Finance Ministry, the Goods and Services Tax (GST) Council, and the Authority for Advance Rulings (AAR) regarding their tax liabilities. This move, as reported by The Economic Times (ET), follows a ruling by the Karnataka AAR exempting the Namma Yatri app from … Continue reading Government Clarity on GST Liability Sought by Uber and Other Ride-Hailing Apps

Nazara Tech’s Subsidiaries Face Hefty GST Demand of Rs 1,120 Crore

In a significant development, Nazara Technologies has announced that two of its subsidiaries, Openplay Technologies and Halaplay Technologies, have been served with show cause notices from the Director General of GST Intelligence, Kolkata. These notices collectively impose a GST liability of nearly Rs 1,120 crore for the period from 2017-18 to 2022-23. Openplay Technologies has … Continue reading Nazara Tech’s Subsidiaries Face Hefty GST Demand of Rs 1,120 Crore

Supreme Court Postpones Pivotal Ruling on Retrospective GST for E-Gaming Giants till 31/07/2024

In a significant development, the Supreme Court has deferred the hearing on a group of 27 petitions challenging the imposition of retrospective goods and services tax (GST) on real-money gaming companies. The next hearing is scheduled for July 31. Earlier this year, the apex court consolidated all pending petitions from nine High Courts regarding notices … Continue reading Supreme Court Postpones Pivotal Ruling on Retrospective GST for E-Gaming Giants till 31/07/2024

The Power and Role of Advisory Committees in Navigating Corporate Wind-Ups

In the complex process of winding up a company, the Tribunal mandates the establishment of an Advisory Committee. This committee’s primary role is to guide the liquidator through the winding-up proceedings and report to the Tribunal on directed matters. This committee comprises a maximum of 12 members, including creditors and contributories of the company, or … Continue reading The Power and Role of Advisory Committees in Navigating Corporate Wind-Ups

Tribunal Triumph: Clarity on Commission Deductibility for Partnership Firms

Introduction In the complex realm of taxation, disputes between taxpayers and tax authorities frequently arise over the interpretation of tax provisions. A landmark case that brings clarity to the treatment of commissions paid to working partners in a partnership firm is THE ACIT, CIR-SHILLONG, MEGHALAYA VERSUS M/S. DHAR CONSTRUCTION COMPANY – 2023 (1) TMI 166 … Continue reading Tribunal Triumph: Clarity on Commission Deductibility for Partnership Firms

Government’s Overhaul of MSE Facilitation Councils to Expedite Payment Resolutions

The government is poised to restructure the Micro, Small and Medium Enterprises Facilitation Councils (MSEFCs) to address the perennial issue of delayed payments. This significant reform will be enacted through an amendment to the Micro, Small and Medium Enterprises Development Act, 2006, as revealed by sources familiar with the development. The restructuring will endow these … Continue reading Government’s Overhaul of MSE Facilitation Councils to Expedite Payment Resolutions

Which Countries in the World have GST?

Goods and Services Tax (GST), referred to in some countries as Value Added Tax (VAT), is a consumption tax imposed on the sale of goods and services at each stage of production and distribution. This tax, ultimately borne by the final consumer, distinguishes itself from other tax structures. It is crucial not to conflate GST … Continue reading Which Countries in the World have GST?

GST Exemption Propels Indian Railways’ Revenue Surge

The Central Board of Indirect Taxes and Customs (CBIC) has issued a game-changing notification effective from July 15, 2024. This exemption applies to services provided by Special Purpose Vehicles (SPVs) to the Indian Railways. India’s Dedicated Freight Corridor Corporation of India Ltd (DFCCIL), a vital SPV of the Indian Railways, is poised to benefit significantly … Continue reading GST Exemption Propels Indian Railways’ Revenue Surge