GSTR 9 and GSTR 9C Late Fees Waiver from 2017-18 to 2022-23 : Notification No. 08/2025 – CENTRAL TAX Dated 23.01.2025 Key Points Late Fee Waiver: The notification announces a waiver of late fees for certain registered taxpayers under the Central Goods and Services Tax Act, 2017. Eligible Taxpayers: The waiver applies to those who… Read More »
ICAI defers Peer Review Requirement for Practice Unit covered under Phase III and Phase IV of Peer Review Mandate ICAI has deferred the mandatory Peer Review requirement for Practice Units, with Phase III now effective from July 1, 2025, and Phase IV from January 1, 2026. This adjustment aims to enhance service quality and broaden… Read More »
ICAI issues Exposure Draft of Guidance Note on Audit of Banks (2025 Edition) The Institute of Chartered Accountants of India (ICAI) has issued an Exposure Draft for the 2025 edition of the Guidance Note on Audit of Banks. This comprehensive guide is designed to assist auditors in conducting statutory audits of banks and their branches,… Read More »
Circular No. 01/2025 : Guidance for Principal Purpose Test (PPT) under India’s Double Taxation Avoidance Agreements-reg. Key Points Clarity on PPT Implementation: The CBDT issued this circular to clarify the application of the PPT under India’s Double Taxation Avoidance Agreements (DTAAs). The PPT is a key provision introduced to prevent treaty abuse and ensure the… Read More »
Blocking of ITC under Rule 86A allowed even if the ITC is not currently available in the electronic credit ledger Summary in Key Points: Issue: Whether the revenue department can block Input Tax Credit (ITC) under Rule 86A of the CGST Rules, 2017, even if the ITC is not currently available in the electronic credit… Read More »