Learn about the list of goods notified under Reverse Charge Mechanism (RCM) for GST in India. Stay compliant with GST laws and understand the impact of RCM on businesses Introduction The Reverse Charge Mechanism (RCM) under GST shifts the tax liability from the supplier to the recipient of goods or services. This is applicable in […]
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Starting April 1, 2025, significant income tax changes will affect partnership firms and Limited Liability Partnerships (LLPs) in India. These amendments, introduced by the Finance (No. 2) Act, 2024, focus on two primary areas: increased limits for partner remuneration and the introduction of Section 194T, mandating Tax Deducted at Source (TDS) on payments to partners.
Tax Treatment of Cars Purchased for Business in India (2025) Understanding Income Tax & GST Implications Purchasing a car for business use comes with various tax implications under Income Tax Act and GST Act. While depreciation and running costs are deductible under income tax, GST Input Tax Credit (ITC) is restricted in most cases. Let’s
GST Evasion of Rs. 1.95 Lakh Crore in FY25: A Deep Dive In a significant development, Central Goods and Services Tax (CGST) officers have uncovered a staggering Rs. 1.95 lakh crore in GST evasion during the financial year 2024-25. This marks a crucial moment in India’s tax compliance landscape, underscoring the growing focus on tackling
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Former Finance Secretary Urges Inclusion of CMAs and CS in Tax Audit Amid ICAI Opposition Introduction The debate over expanding the scope of tax audit professionals in India has intensified, with Former Finance Secretary Subhash Chandra Garg advocating for the inclusion of Cost and Management Accountants (CMAs) and Company Secretaries (CS) in conducting tax audits.
GSTN Allows Directors to Opt for Biometric Authentication at Any GSK in Their Home State The Goods and Services Tax Network (GSTN) has introduced a major change in the biometric authentication process for GST registration. Now, company directors can complete biometric authentication at any GST Suvidha Kendra (GSK) in their home state, making the process
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Supreme Court Protects Taxpayers: No Arbitrary Arrests Under GST & Customs Act Introduction In a landmark ruling, the Supreme Court of India has introduced crucial safeguards against arbitrary arrests under the GST and Customs Act. This decision strengthens taxpayer rights by ensuring that enforcement agencies must have valid evidence before initiating any arrest. At Tax
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Madras High Court Ruling on GST Late Fees & Penalties – Key Takeaways The recent judgment by the Madras High Court in Tvl. Jainsons Castors & Industrial Products v. Assistant Commissioner (ST) [W.P. No. 36614 of 2024, dated 4-2-2025] provides critical clarity on the imposition of late fees and penalties under the GST law.
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CBDT Launches Self-Help Tool to Understand Income Tax Bill 2025 The Central Board of Direct Taxes (CBDT) has introduced a new Self-Help Tool designed to help taxpayers navigate and comprehend the Income Tax Bill 2025 with ease. This initiative aims to simplify tax regulations, ensuring clarity and accessibility for both individuals and businesses. Key Features
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I-T Department to Crack Down on 40,000 Taxpayers Over TDS Defaults The Income Tax Department of India is gearing up for a nationwide crackdown on businesses and individuals who have failed to deduct and deposit TDS (Tax Deducted at Source) and TCS (Tax Collected at Source). According to recent reports, approximately 40,000 taxpayers are under
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