19 Jun, 2025
Summary Starting August 1, 2025, taxpayers cannot file pending GST returns older than three years from their original due date. This change, announced by GSTN and backed by the GST Council, aims to streamline compliance and curb revenue leakages. Stay updated with Efiletax. Introduction The GST returns filing limit is about to get stricter. As […]
Read More19 Jun, 2025
Introduction GST on traditional musical instruments has often confused artisans and small businesses. In her recent statement, Finance Minister Nirmala Sitharaman clarified which hand-crafted instruments attract zero tax and which ones may still fall under GST. This blog breaks it down clearly. What Did the Finance Minister Clarify? Reference: As per Notification No. 1/2017-Integrated Tax […]
Read More18 Jun, 2025
Introduction Since its enactment in 2016, the Insolvency and Bankruptcy Code (IBC) has changed how India resolves corporate insolvency. But is IBC effective enough, or do we need IBC 2.0 for stronger creditor protection and faster resolution? What Made IBC a Game-Changer? Legal Reference:Section 12 IBC mandates completion within 330 days. Official IBBI Data. Challenges […]
Read More18 Jun, 2025
LTCG-Only LLPs Hit by 18.5% AMT What Happened? The Income Tax Bill 2025 has triggered confusion among LLPs with only long-term capital gains (LTCG-only LLPs). A drafting slip unintentionally pushes such LLPs under 18.5% Alternate Minimum Tax (AMT) — contradicting existing tax policy. Good news: The Government has confirmed it’s a drafting error and an […]
Read More18 Jun, 2025
Pre-deposit Required Only for First Tax Order Liability Under GST appeals, taxpayers often worry if multiple tax orders demand multiple pre-deposits. A recent High Court decision clarifies: Pre-deposit is needed only for the tax liability in the first order, even if a second order includes the same amount. What Does Pre-deposit Mean? Key High Court […]
Read More18 Jun, 2025
Introduction High Court restricts writ relief for suspended GST registration — this recent approach impacts thousands of Indian businesses facing sudden registration suspensions. Let’s decode what this means, legal options available, and practical steps you can take to resolve it faster. Background: Why GST Registrations Get Suspended As per Rule 21A of CGST Rules, 2017, […]
Read More18 Jun, 2025
Madras HC Decision on Central Excise Rule 8(4) On 14 June 2025, the Madras High Court declared Central Excise Rule 8(4) ultra vires the parent statute, the Central Excise Act, 1944. This ruling impacts how tax authorities recover dues when an assessee fails to pay duty on time. 👉 Focus Keyphrase: Central Excise Rule 8(4) […]
Read More18 Jun, 2025
Introduction GST cancellation over non-filing is a common issue hurting businesses. In a recent ruling (2025 TAXSCAN (HC) 1034), the Madras High Court set aside a cancellation order and gave the taxpayer a chance to pay dues, but barred use of unutilised ITC. Let’s break this down simply. Background: Why GST Registrations Get Cancelled Under […]
Read More18 Jun, 2025
How Capital Gains Tax Works in India Under the Income-tax Act, profits from selling shares or mutual funds are taxed as capital gains: Zero Tax on Small Capital Gains 👉 Under the new tax regime, you still enjoy the basic exemption limit: So, up to ₹4 lakh in LTCG can be tax-free for an individual. […]
Read More18 Jun, 2025
Resolution Plan Approved by 83% Creditors Legal Position Explained When a resolution plan gets 83% approval from the Committee of Creditors (CoC), can a single homebuyer oppose it later? The focus keyphrase — Resolution Plan Approved by 83% Creditors — clarifies this question in light of recent case laws under the Insolvency and Bankruptcy Code […]
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