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
Commerce Dept. Steps Up Easing GST Woes for Exporters
In an effort to streamline the export process and address long-standing issues, the Commerce Department has committed to addressing the GST-related problems plaguing exporters. This proactive move aims to tackle compliance hurdles, expedite refunds, and simplify audits, ensuring exporters can focus on their primary business objectives. Exporters have raised alarms over a spate of show-cause … Continue reading Commerce Dept. Steps Up Easing GST Woes for Exporters
Aadhaar Authentication Initiative Reduces Fake GST Registrations in Gujarat by 24.3%
A strategic Aadhaar-based biometric authentication initiative in Gujarat has led to a significant reduction in fraudulent GST registrations, decreasing by 24.3%. Approximately 6,600 suspected applicants have refrained from visiting the GST Seva Kendras, fearing detection. This initiative focuses on identifying suspicious applications and requiring applicants to undergo in-person verification. Following the launch of a pilot … Continue reading Aadhaar Authentication Initiative Reduces Fake GST Registrations in Gujarat by 24.3%
MCA’s Revolutionary Amendments for Directors—Effective August 2024
The Ministry of Corporate Affairs (MCA) has unveiled transformative amendments to the Companies (Appointment and Qualification of Directors) Rules, 2014. These groundbreaking changes, set to take effect on August 1, 2024, aim to bolster transparency and streamline the appointment and qualification processes for directors. Enhancing Personal Information Updates: In a pivotal move, Rule 12A has … Continue reading MCA’s Revolutionary Amendments for Directors—Effective August 2024
Litigation Management under 🇮🇳 GST—Part 10
When navigating the labyrinthine process of GST appeals, it’s crucial to understand the various levels and their respective protocols. For any individual or entity aggrieved by a decision rendered by an adjudicating authority, there exists a structured pathway to seek redress. The appeal process begins with the Appellate Authority, moving up through successive levels if … Continue reading Litigation Management under 🇮🇳 GST—Part 10
India’s Path Ahead in 2024
As we stride through the mid-year, it’s crucial to revisit the economic predictions made at the outset of 2024, evaluating their trajectory and real-time impacts on the Indian economy. With a keen focus on GDP growth, stock market dynamics, political strategies, consumer behavior, and the evolving employer-employee relationship, this analysis unravels the intricate patterns shaping … Continue reading India’s Path Ahead in 2024
New GST Rates Effective July 15, 2024 Announced by GST Council
The GST Council convened for its 53rd meeting on June 22, 2024, in New Delhi, resulting in notable amendments to the GST rates on a range of goods and services. These modifications, set to take effect from July 15, 2024, aim to streamline the tax structure and provide relief in key areas. The Council’s decisions … Continue reading New GST Rates Effective July 15, 2024 Announced by GST Council