Corporate Guarantee to Subsidiary is supply in GST ? : Stay on Order, Matter Listed for Further Consideration Summary in Key Points: Issue: Is providing a corporate guarantee to a subsidiary company considered a supply under GST? If so, is it an intrastate supply or an interstate supply? Facts: The assessee challenged an adjudication order… Read More »
Income Tax Department will share info for identifying eligible beneficiaries under the Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY). CBDT vide Notification No. 12/2025, dated 30.01.2025, had notified DGIT (Systems) as specified authority for sharing info with the Dept. of Food & Public Distribution. Now, the board has specified the mechanism for sharing such information.… Read More »
ADVISORY ON E-WAY BILL GENERATION FOR GOODS UNDER CHAPTER 71 Key Points – E-Way Bill Requirement for Goods under Chapter 71 (Feb 6, 2025) General Rule: Goods under Chapter 71 (Natural pearls, precious stones, precious metals, jewelry, goldsmith/silversmith articles) except imitation jewelry (HSN 7117) are exempt from mandatory E-Way Bill (EWB) generation (Rule 138(14), CGST… Read More »
Updated Return: New Change by Budget 2025 in Income Tax Background In a significant move towards fostering a culture of voluntary tax compliance, the Indian government introduced the concept of updated returns through the Finance Bill, 2022. This initiative aimed to provide taxpayers who might have missed filing their income tax returns or inadvertently underreported… Read More »
OpenAI Launches “Deep Research” Feature as Global AI Competition Heats Up OpenAI has announced a new “deep research” feature for its popular ChatGPT platform, aiming to significantly enhance the chatbot’s ability to conduct in-depth research tasks. This development comes amid a backdrop of intensifying global competition in the artificial intelligence (AI) field, highlighted by the… Read More »
India’s CAG Embraces AI to Revolutionize Auditing, Assumes ASOSAI Leadership New Delhi, India’s Comptroller and Auditor General (CAG) is pioneering a significant shift in public sector auditing with the development of a new Artificial Intelligence (AI) protocol. This initiative, announced by CAG G.C. Murmu, aims to dramatically accelerate the audit process while enhancing accuracy and… Read More »
Gemini 2.0 Pro Experimental “Gemini 2.0 Pro Experimental” isn’t a publicly released or officially defined product from Google. The name suggests a hypothetical future version of Google’s Gemini models (like Gemini Pro, Gemini Ultra, etc.)e “Gemini 2.0 Pro Experimental” represents a significantly advanced, but still testing-phase, multimodal language model. Think of it as a cutting-edge… Read More »
Apportionment of Common Expenditure based on based on the cost of goods sold instead of Turnover Acceptable Summary in Key Points: Issue: Was the assessee’s method of apportioning common expenditure between its own production and trading of seeds acceptable? Facts: The assessee-company engaged in seed production and trading claimed an agricultural income deduction for its… Read More »
9 IMPORTANT GST CASE LAWS 03.02.2025 Sr No Case Law Title Brief Summary Citation Relevant Section and Act 1 Bio Veda Action Research Company v. Union of India State GST authorities had no jurisdiction to issue show cause notice after CGST authorities had already issued show cause notice on same subject matter. Click Here… Read More »
Detention of Second-Hand Car and GST penalty Upheld: Conflicting Documents and Evasion of GST Summary in Key Points: Issue: Was the detention of the second-hand car and the penalty imposed under Section 129(3) justified, given the discrepancies and contradictions in the documents presented by the petitioner? Facts: The petitioner from Mumbai purchased a second-hand car… Read More »