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- 0 -
Non payment of gst by supplier
GST Compliance: Taxpayers Protected from Penalties When Taxes Paid, Input Tax Credit Safeguarded Under Recent Legal Interpretations
A legal analysis of GST non-payment reveals that when a receiver has paid all applicable taxes and dues to a supplier, the government should primarily pursue action against the seller. Recent high court and supreme court decisions suggest that input tax credit (ITC) should not be denied if payment records clearly establish tax compliance. Taxpayers facing similar issues are advised to challenge such demands, as judicial trends currently favor the taxpayer's position.
Goods and Services Tax - GST
Date 09 Jun 2025
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New mca guidelines for llp form 11 & form 8 filing
Digital Signatures and Enhanced Transparency: LLPs Must Update Form 11 and Form 8 with Comprehensive Financial Disclosures
The Ministry of Corporate Affairs has introduced new guidelines for Limited Liability Partnership (LLP) Form 11 and Form 8 filing. These updates mandate digital signatures, require disclosure of beneficial interests, and implement stricter validation rules. LLPs must now provide more detailed financial information, report foreign contributions, and ensure alignment with audited reports. Non-compliance can result in penalties, partner identification number deactivation, and operational restrictions.
Corporate Laws / IBC / SEBI
Date 09 Jun 2025
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Registration of capital market intermediaries in international financial services in india
Capital Market Intermediaries in IFSCs Get Robust Regulatory Framework Ensuring Investor Protection and Global Financial Engagement
Capital market intermediaries in India's International Financial Services Centres (IFSC) now operate under a comprehensive regulatory framework established by the IFSCA. The new regulations, effective April 2025, provide guidelines for registration, supervision, and operation of various intermediary activities such as broker dealers, investment advisers, and credit rating agencies. The framework aims to protect investor interests, maintain market integrity, and facilitate global financial interactions while establishing clear eligibility, net worth, and compliance requirements for market participants.
Other Topics
Date 09 Jun 2025
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Jute board of indiaintroduction, constitution, legal framework, functions, schemes, products, services, membership, application, fees, renewal frequency, and conclusion
Jute Board Drives Industry Growth Through Comprehensive Regulatory, Research, and Export Promotion Strategies for Textile Sector Development
The Jute Board is a statutory body under the Ministry of Textiles established to promote and regulate India's jute industry. It oversees industry development through regulatory frameworks, research initiatives, export promotion, and skill development schemes. The board supports jute farmers, manufacturers, and stakeholders by providing technical assistance, market intelligence, and quality certification for jute-based products across various sectors.
Customs - Import - Export - SEZ
Date 09 Jun 2025
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Indian silk export promotion council (isepc)
Empowering Indian Silk Exporters: Strategic Support for Global Market Expansion and Competitive Trade Development
The Indian Silk Export Promotion Council (ISEPC) is a non-profit organization established in 1983 to promote and facilitate silk exports from India. Operating under the Ministry of Commerce and Industry, the council supports silk manufacturers and exporters by providing market intelligence, policy advocacy, trade facilitation, and export documentation assistance. ISEPC represents various silk types, helps members access government export schemes, and works to enhance the global competitiveness of Indian silk products across international markets.
Customs - Import - Export - SEZ
Date 09 Jun 2025
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Handloom export promotion council (hepc)
Empowering Indian Handloom Exports: Strategic Support for Manufacturers and Global Market Penetration
The Handloom Export Promotion Council (HEPC) is an autonomous body under the Ministry of Textiles that promotes Indian handloom product exports. Operating within India's foreign trade policy, HEPC supports manufacturers and exporters through market development, quality control, skill enhancement, and government schemes. The council facilitates international trade by organizing exhibitions, providing export documentation assistance, and offering networking opportunities for handloom industry stakeholders.
Customs - Import - Export - SEZ
Date 09 Jun 2025
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Mobile and electronic devices export promotion council (medepc)
India's Electronics Export Council Empowers Tech Manufacturers to Boost Global Market Reach and Competitive Capabilities
A government-established non-profit council promotes and supports mobile and electronic device exports from India. Operating under the Ministry of Commerce and Industry, the organization facilitates industry growth through export promotion, policy advocacy, quality control, market research, and capacity building. It offers various schemes and services to help manufacturers and exporters expand their international market presence and competitiveness.
Customs - Import - Export - SEZ
Date 09 Jun 2025
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The national financial reporting authority (meeting for transaction of business) rules, 2019.
NFRA Rules Streamline Governance: Transparent Procedures for Financial Reporting Authority Meetings and Decision-Making
The National Financial Reporting Authority (Meeting for Transaction of Business) Rules, 2019 establish a comprehensive procedural framework for conducting meetings and transacting business within the regulatory body. The rules outline meeting protocols, including frequency, quorum, decision-making processes, and confidentiality requirements. They provide guidelines for agenda setting, voting mechanisms, committee formation, and ensure transparent governance of the authority's operations while maintaining accountability in financial reporting standards.
Corporate Laws / IBC / SEBI
Date 09 Jun 2025
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Pvt ltd roc filing for foreign-owned entities in india
Foreign Nationals and NRIs Must File Annual Compliance Documents for Private Limited Companies in India Under ROC Regulations
Foreign nationals and NRIs establishing Private Limited Companies in India must comply with mandatory ROC filing requirements. These annual submissions to the Registrar of Companies include financial statements, annual returns, director compliance, and auditor appointments. Timely filing ensures regulatory compliance, avoids penalties, maintains legal standing, and attracts investor confidence. Foreign-owned entities must submit specific forms within prescribed timelines and maintain proper documentation.
Corporate Laws / IBC / SEBI
Date 07 Jun 2025
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Levy of compensation cess on export supply requires gst council review
Exporters Challenge 160% Compensation Cess on Chewing Tobacco, Seek Fair Treatment and Working Capital Relief
The Gujarat High Court addressed the levy of 160% Compensation Cess on branded chewing tobacco exports. The court referred the matter to the GST Council, suggesting the need to review exemption provisions for Compensation Cess similar to existing GST/IGST exemptions. The court noted that since the cess would ultimately be refunded to merchant exporters, its high rate could create unnecessary working capital blockages for manufacturers. The judgment recommended reconsidering the cess levy to ensure fair treatment of export supplies.
Goods and Services Tax - GST
Date 07 Jun 2025
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Corporate insolvency resolution process
Creditors Seek Corporate Debt Resolution Through Structured Insolvency Proceedings Under IBC Section 7 Framework for Business Restructuring
The article details the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016. It outlines key stages including application admission, interim resolution professional appointment, public announcement, creditors' committee formation, and resolution plan approval. Using Birla Tyres Limited as a case study, the text illustrates the procedural steps from initiation to final resolution, demonstrating how a corporate entity undergoes restructuring through a structured legal framework involving creditors, resolution professionals, and potential investors.
Corporate Laws / IBC / SEBI
Date 07 Jun 2025
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Carrying a valid e-way bill is mandatory for the movement of goods from one place to another
Power Generation Company Fined for Invalid E-Way Bill, Highlighting Strict Compliance with GST Transportation Regulations
A power generation company was penalized for transporting goods without a valid e-way bill. The Allahabad High Court upheld the penalty, ruling that after April 2018, carrying a valid e-way bill became mandatory during goods transit. The court found the company's vehicle had an expired bill and mismatched vehicle number, which constituted non-compliance with GST transportation rules, thereby justifying the imposed penalty.
Goods and Services Tax - GST
Date 07 Jun 2025
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The companies (corporate social responsibility policy) rules, 2014
Corporate Giants Must Allocate 2% Net Profits to Social Initiatives, Driving Meaningful Community Impact and Sustainable Development
Corporate Social Responsibility (CSR) regulations mandate certain companies to develop and implement CSR policies. Companies meeting specific financial thresholds must establish a CSR committee, formulate a policy focusing on activities like poverty eradication, education, and healthcare, and spend at least 2% of average net profits on approved social initiatives. The rules require annual reporting, impact assessment, and provide penalties for non-compliance, aiming to promote responsible corporate behavior and societal development.
Corporate Laws / IBC / SEBI
Date 07 Jun 2025
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The companies (indian accounting standards) rules, 2015
Companies Must Adopt Indian Accounting Standards to Improve Financial Transparency and Align with Global Reporting Practices
The Companies (Indian Accounting Standards) Rules, 2015 mandate the adoption of Indian Accounting Standards (Ind AS) by specific companies to align with International Financial Reporting Standards. Applicable to listed companies and those meeting certain financial criteria, these rules aim to improve financial transparency and comparability. Companies must transition to Ind AS, follow prescribed standards, prepare comprehensive financial statements, and comply with ongoing reporting requirements to enhance corporate financial governance.
Corporate Laws / IBC / SEBI
Date 07 Jun 2025
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Chapter x: the companies (audit and auditors) rules, 2014
Comprehensive Rules Govern Auditor Selection, Rotation, and Accountability in Corporate Governance Framework
The Companies (Audit and Auditors) Rules, 2014 establish a comprehensive framework for auditor appointment, qualification, and responsibilities in Indian corporate entities. The rules mandate auditor rotation, define eligibility criteria, outline reporting requirements, and prescribe penalties for non-compliance. These regulations aim to enhance transparency, accountability, and independence in financial reporting by setting stringent standards for auditing practices across different types of companies.
Corporate Laws / IBC / SEBI
Date 07 Jun 2025
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The companies (cost records and audit) rules, 2014
Companies Required to Maintain Detailed Cost Records and Undergo Mandatory Cost Audits Under Rule 3 of Companies Act
The Companies (Cost Records and Audit) Rules, 2014 mandate specific companies in manufacturing and service sectors to maintain detailed cost records and undergo cost audits. These rules, introduced under the Companies Act, 2013, aim to ensure transparency, cost efficiency, and compliance with accounting standards. Companies meeting prescribed turnover thresholds must maintain comprehensive cost records, appoint qualified cost auditors, and file reports with regulatory authorities, with potential penalties for non-compliance.
Corporate Laws / IBC / SEBI
Date 07 Jun 2025
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The companies (filing of documents and forms in xbrl) rules, 2015
Companies Must File Financial Documents in XBRL Format to Improve Reporting Transparency and Standardize Digital Financial Information Submission
The Companies (Filing of Documents and Forms in XBRL) Rules, 2015 mandate specific companies to file financial documents in eXtensible Business Reporting Language (XBRL) format with the Registrar of Companies. These rules apply to listed companies, public companies meeting certain thresholds, and financial sector entities. The regulations aim to standardize corporate financial reporting, enhance transparency, and facilitate automated data processing through a uniform digital filing system with specified taxonomy and online submission requirements.
Corporate Laws / IBC / SEBI
Date 07 Jun 2025
- 0 -
Chapter xii: the companies (meetings of board and its powers) rules, 2014
Companies Act 2013: Comprehensive Rules Governing Board Meetings, Director Powers, and Corporate Governance Protocols
A comprehensive legal framework regulating board meetings and directors' powers under the Companies Act, 2013. The rules mandate at least four annual board meetings, establish procedures for convening meetings, define quorum requirements, and outline decision-making processes. They provide guidelines for video conferencing, minute-keeping, resolution passing, and specify powers of the board while establishing compliance mechanisms and potential penalties for non-adherence.
Corporate Laws / IBC / SEBI
Date 07 Jun 2025
- 0 -
Gst amnesty / waiver scheme: law and conditions (final part)
Taxpayers Get Second Chance: GST Amnesty Scheme Offers Relief from Interest and Penalties Under Section 128A
The article details the GST amnesty scheme under Section 128A of the CGST Act, providing comprehensive procedures for taxpayers to file applications for waiving interest and penalties. Eligible persons can electronically submit applications within specified timeframes, subject to full tax payment and withdrawal of existing appeals. The scheme allows taxpayers to resolve pending tax demands by following specific procedural requirements, with clear guidelines on application submission, evaluation, and potential outcomes of the waiver process.
Goods and Services Tax - GST
Date 06 Jun 2025
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Rejection of a partial refund under the budgetary support scheme without assigning any reasons is invalid in law
Cement Company Wins GST Refund Challenge, Authorities Must Provide Clear Reasoning for Partial Claim Rejection
A cement manufacturing company challenged the partial rejection of its refund claim under the Budgetary Support Scheme. The Jammu & Kashmir High Court ruled that the rejection without providing reasons was invalid. The court determined the company correctly calculated its refund based on prescribed percentages of GST paid and directed the authorities to release the withheld amount, emphasizing the need for transparent and justified refund processing.
Goods and Services Tax - GST
Date 06 Jun 2025
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