Tax Guru9m
Second-Hand Goods: Margin Scheme Excludes Repair Costs; No ITC on Improvements
If margin scheme is opted for a transaction of second hand goods, the person selling the car to the company shall not issue ...
Tax Guru27m
Free Scraping Tool with Apsara Oil Pastels Constitutes Separate Supply, Taxable at 18% GST: AAR Gujarat
(i) Inclusion of a free ‘Scraping Tool’ in the pack of Apsara Oil Pastels amounts to independent ‘supply’ of the scrapping ...
Tax Guru36m
No ITC on Share Buyback Expenses; Reversal Required on Common Inputs: AAR Gujarat
In re Gujarat Narmada Valley Fertilizers & Chemicals Limited (GST AAR Gujarat) Gujarat Authority for Advance Ruling (AAR) has ...
Tax Guru37m
Understanding HRA, TDS, and Income tax notices: Analysis
HRA is a component of salary provided by employers to employees to help cover rental expenses. Employees can claim HRA ...
Tax Guru4h
Advance Ruling Denied for Areca Nuts Classification for Sub-Judice matter
M/s Mondal Traders filed an application before the Customs Authority for Advance Rulings (CAAR), Delhi, seeking a ...
Tax Guru4m
Section 44AD Deemed Profit Rate Not Fixed – ITAT Lowers Milk Sales Margin to 3%
5. On the other hand, the Ld. Sr. DR supported the orders of lower authorities and submit that in absence of the details filed by the assessee, the ld. CIT (A) was fair in applying rate of 8% and he ...
Tax Guru45m
GST Advisory on Case Sensitivity in IRN Generation
Taxpayers are advised to note this change, and the GST helpdesk is available for further clarification. 1. This is to inform you that, effective 1st June 2025, the IRP (Invoice Reporting Portal) would ...
Tax Guru43m
Sleep vs Rest: What’s More Important for Your Well-being?
For a common man like us, Sleep means no physical activity with eyes closed. We can’t say that our mind is also sleeping. It’s never. Whereas Rest means to us is not sleeping with eyes closed but any ...
Tax Guru47m
IFSCA Framework for Global/Regional Corporate Treasury Centres
The International Financial Services Centres Authority (IFSCA) issued an updated framework for Finance Companies/Finance Units operating Global/Regional Corporate Treasury Centres (GRCTCs) within ...
Tax Guru47m
SEBI releases Standardized MII Audit Report Format
Standardized format for System and Network audit report of Market Infrastructure Institutions (MIIs) 1. SEBI has stipulated the guidelines for System and Network audit for MIIs as mentioned below: – 1 ...
Opinion
Tax Guru43mOpinion
Unfair Limitation on ITC for Capital Goods: Why It Hurts Real Businesses
The goal of GST was simplicity, transparency, and neutrality. But for capital goods, the time-bound ITC system does the opposite — it penalizes legitimate investments, adds compliance pressure, and ...
Tax Guru38m
New Regulations for Post-Export Shipping Bill Changes & Electronic Amendments
Customs introduces new regulations for post-export modifications to shipping bills, aiming to streamline export processes. It implements electronic amendments under Section 149 of the Customs Act, ...