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Discount given by manufacturers to retailers, prima facie, cannot be considered as a consideration for services rendered by the retailer

Manufacturers' Trade Discounts Not Taxable as Service Consideration, Ruling Protects Retail Pricing Practices
Manufacturers' discounts to retailers cannot be considered as consideration for services rendered, according to a Delhi High Court ruling. The court stayed an order by tax authorities seeking to impose GST on such discounts. The judgment emphasizes that tax can only be levied on actual consideration for a taxable supply, and discounts should not be arbitrarily interpreted as taxable income. The case highlights the importance of strict interpretation of GST valuation mechanisms.

Written by Bimal jain

10 Jun 2025

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What are the latest updates making the online 12a registration process more efficient?

Digital Revolution: 12A Registration Streamlines Tax Exemption Process for NGOs with Seamless Online Filing and Instant Verification
The online 12A registration process for NGOs, trusts, and charitable institutions has been digitally transformed. Key updates include complete online filing through the Income Tax e-filing portal, e-verification integration, centralized processing, time-bound approvals, and automatic unique registration number generation. These changes aim to simplify tax exemption compliance, enhance transparency, reduce paperwork, and enable faster organizational operations.

Written by Ishita ramani

10 Jun 2025

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Navigating the complexities of time-barred notices post rajeev bansal judgment

Income Tax Reassessment Notices Challenged: Rajeev Bansal Judgment Reveals Critical Ambiguities in Tax Law Interpretation
The article analyzes the legal complexities surrounding income tax reassessment notices following the Supreme Court's Rajeev Bansal judgment. It explores the ambiguities created by the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act and subsequent Finance Act amendments, particularly regarding time-barred notices for assessment years 2013-14 to 2016-17. The analysis highlights conflicting interpretations of notice validity, potential impacts on taxpayers, and the need for legislative clarity in tax administration procedures.

Written by Ishtmeet kaur

10 Jun 2025

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Federation of indian export organisations (fieo)

India's Export Champion: FIEO Empowers Businesses with Strategic Trade Support and Global Market Connections
The Federation of Indian Export Organisations (FIEO) is a non-governmental trade organization that promotes and supports Indian exports. It serves as a bridge between government and exporters, providing policy advocacy, market access, trade promotion, training, and export-related services. FIEO offers membership to exporters, service providers, and international entities, helping them navigate global trade through networking, information, and support mechanisms.

Written by Yagay andsun

10 Jun 2025

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Wool & woollens export promotion council (wwepc)

Empowering Indian Woollen Textile Exporters: Strategic Support for Global Market Expansion and Competitive Growth
The Wool & Woollens Export Promotion Council (WWEPC) is a government-established organization focused on promoting Indian woollen textile exports. Founded in 1964, it operates under the Ministry of Commerce & Industry, facilitating export opportunities, providing policy advocacy, and supporting manufacturers through training, market research, and access to government incentives. The council helps Indian woollen exporters enhance their global competitiveness by offering comprehensive services across product development, trade exhibitions, and export documentation.

Written by Yagay andsun

10 Jun 2025

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The cotton textile export promotion council (texprocil)

Empowering Indian Cotton Textile Exporters Through Strategic Support, Market Insights, and Global Competitiveness Strategies
The Cotton Textile Export Promotion Council (TEXPROCIL) is a non-profit organization established in 1954 to promote Indian cotton textile exports. Operating under the Ministry of Commerce and Industry, the council supports exporters by providing market research, policy advocacy, trade event facilitation, and access to government export incentive schemes. TEXPROCIL plays a crucial role in enhancing the global competitiveness of India's cotton textile industry by offering guidance, networking opportunities, and skill development programs for exporters.

Written by Yagay andsun

10 Jun 2025

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Detailed information on synthetic & rayon textiles export promotion council (srtepc)

India's Synthetic and Rayon Textile Exporters Unite to Boost Global Market Presence and Overcome International Trade Challenges
The Synthetic & Rayon Textiles Export Promotion Council (SRTEPC) is a non-profit trade organization established in 1954 to support and promote synthetic and rayon textile exports from India. The council assists exporters through market access, policy advocacy, trade facilitation, and skill development programs. It represents industry interests, organizes international exhibitions, and helps manufacturers navigate export challenges while promoting Indian textile products globally.

Written by Yagay andsun

10 Jun 2025

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Sports goods export promotion council (sgepc)

Indian Sports Goods Manufacturers Boost Global Exports Through Strategic Council Support and Trade Development Initiatives
The Sports Goods Export Promotion Council (SGEPC) is a non-profit organization established in 1996 under the Ministry of Commerce and Industry to promote Indian sports goods exports. The council supports manufacturers by providing market intelligence, facilitating trade events, offering export documentation assistance, and helping access government export schemes. It represents manufacturers across various sports equipment categories and works to enhance India's global competitiveness in the sports goods industry.

Written by Yagay andsun

10 Jun 2025

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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.

Written by K balasubramanian

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.

Written by Ishita ramani

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.

Written by Dr.mariappan govindarajan

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.

Written by Yagay andsun

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.

Written by Yagay andsun

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.

Written by Yagay andsun

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.

Written by Yagay andsun

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.

Written by Yagay andsun

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.

Written by Ishita ramani

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.

Written by Bimal jain

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.

Written by Dr.mariappan govindarajan

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.

Written by Bimal jain

07 Jun 2025

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