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The Madras High Court Single Bench of Justice K Kumaresh Babu in a decision mentioned that the act of availing a Goods and Services Tax (GST) registration and paying tax dues post inspection could not be cited as voluntary, keeping the levying of penalty on the GST taxpayer. The writ petition was furnished contesting the […]
The Income-tax Act, 2025, in India, which replaces the decades-old Income-tax Act, 1961, was passed by Parliament in August 2025 and received the President’s assent. The government has confirmed that it will come into force from 1 April 2026. Latest Updates Current Tax Law Challenges New Income Tax Act 2025 The Income Tax Act, 2025, […]
A relief is been granted by the Madras High Court to a supplier of purpose-built automotive vehicles, realizing their right to take reassessment following their failure to participate in assessment proceedings due to not being learnt with the initiation of such proceedings performed via the Revenue Department. Petitioner Tvl.Jainsons Castors and Industrial Products (Jainsons) contested […]
Finance Minister Nirmala Sitharaman mentioned that the GST Council will proceed with the decision to have fewer and lower rates, as the review work is on track for completion. Goods and Services Tax (GST) is a four-tier tax structure with slabs at 5, 12, 18 and 28 per cent. Luxury and demerit goods are levied […]
In the fast-paced environment of GST compliance businesses are mandated a streamlined system for handling their outward supplies efficiently. An effective Inventory Management System (IMS) has been proposed by Gen GST software developed by SAG Infotech which eases the tracking of outward supplies, managing invoices, and ensuring seamless GST compliance. What is an Outward Supply […]
The High Court of Kerala in a case ruled that Goods and Service Tax ( GST ) is not demandable in lack of any supply of goods/services. The court validating the findings in the impugned orders has declared that the respondent corporation shall not be qualified to collect the tax under the provisions of the […]
The Central Board of Indirect Taxes & Customs (CBIC), via Circular No. 245/02/2025-GST incurred the clarifications for the applicability of GST on penal charges being imposed by the Regulated Entities (REs) given RBI instructions on 18.08.2023 asking such Regulated Entities (REs) to assess penal charges in place of penal interest. The clarification was grounded on […]
The Central Board of Indirect Taxes & Customs (CBIC) through the Circular No. 244/01/2025-GST, regularised the GST payment on co-insurance premium apportioned by the lead insurer to the co-insurer and on ceding/ re-insurance commission deducted from the reinsurance premium filed via the insurer to the reinsurer. The circular was furnished via the granted authority by […]
The Apex Court of India ruled that the employees of Maersk Line India cannot be held liable for Goods and Services Tax (GST) penalties under Section 122(1-A) and Section 137 of the Central Goods and Services Tax Act, 2017 (CGST Act). The Apex Court of India furnished a decision in a Special Leave Petition furnished […]
