Extension of AGM timeline: adjudicating authority under insolvency law can order extra time where resolution process impedes statutory AGM.
The article addresses whether the adjudicating authority overseeing a corporate insolvency resolution may extend the statutory period for holding an annual general meeting when the company is in resolution. It recounts a case where a resolution professional, confronting practical obstacles, sought extension after the Registrar of Companies refused; the adjudicating authority treated the request as arising from the insolvency process and, invoking the insolvency code's comprehensive scheme and its power to make orders necessary for resolution during the moratorium, directed an extension of time for the AGM. (AI Summary)

Input Tax Credit admissibility: GST on vehicle insurance and repairs allowed where vehicles are used for business, per administrative guidance.
Section 17(5) bars ITC on motor vehicles except in specified cases, but administrative FAQs narrow the restriction to apply mainly to vehicle acquisitions and permit ITC on insurance and repairs for vehicles used in business; commentators treat the FAQ as persuasive though non-binding and urge awaiting formal circular or judicial guidance. (AI Summary)

Supply to SEZ units: IGST treatment requires payment or bond/LUT; import exemptions apply only to physical imports.
Supply to SEZ units or developers is treated as inter-state and exemptions for IGST apply to goods physically imported and to services imported for authorised operations; domestic procurements are not covered. Domestic suppliers must either charge IGST (so SEZ units can claim input tax credit and seek refunds) or supply under bond/LUT to obtain zero-rating. If the SEZ recipient does not claim credit, the supplier may claim a refund. The legal framework thus keeps import exemptions separate and preserves the bond/LUT mechanism for indigenous supplies. (AI Summary)

Payment of tax with interest bars issuance of a show cause notice if the taxpayer timely intimates the proper officer.
Where a person pays tax with interest on self-ascertainment and informs the proper officer, the officer must consider that payment and may not issue a notice or statement in respect of the tax so paid; adjudication orders should record and examine payments, call for bank statements where necessary, and avoid proceeding in a cryptic or arbitrary manner that ignores documentary proof of payment. (AI Summary)

Prospective application of tax amendments preserves legal certainty and prevents retrospective liability and unnecessary revenue litigation.
Amendments to tax law should operate prospectively as per the stated effective date in legislative proposals; retrospective effect must be expressly provided and, as a matter of policy, should be avoided or limited so as not to create taxpayer uncertainty, unequal application, administrative difficulty, or modest fiscal gains that undermine governmental credibility. Clear administrative guidance is recommended to prevent tax authorities from treating prospective or explanatory amendments as retrospective and from pursuing unnecessary litigation. (AI Summary)

Duty-free importation permitted for pre-existing advance authorization imports, subject to Customs verification and IGST undertaking.
Permits duty-free imports to fulfil export orders under valid Advance Authorization licences issued before 1st July, 2017, conditioned on Customs verification of conformity with licence quantity and value and on availability of input tax credit. Clearance requires an affidavit undertaking to pay IGST with interest if the petitioner fails in the writ petition or fails to meet export obligations, and submission to Customs of lists of valid AAs and pre-1st July export orders. Direction applies only to imports for export orders placed prior to 1st July, 2017. (AI Summary)

E-way bill compliance required before movement; manual advance rulings and refunds allowed pending portal availability.
Every registered person involved in movement of taxable goods must comply with the e-way bill regime when statutory conditions are met; required information is to be furnished electronically on the common portal, a unique E-way Bill Number issued, and the bill must be generated before movement with limited validity and specified cancellation, extension and regeneration rules. Manual filing procedures are authorised for advance rulings and certain refund claims while portal modules remain unavailable, and anti-profiteering and artist-supply treatments are specifically addressed. (AI Summary)

GST audit procedures require advance notice and permit departmental or special audits with prescribed timelines.
Audit under GST is a detailed examination of records, returns and other documents to verify correctness of declared turnover, taxes paid, refunds claimed and input tax credit availed, and to assess compliance. Departmental audits are authorised in writing by the Commissioner, require prescribed advance notice, are discretionary, and must be completed within statutory timeframes; auditees must provide facilities and information. Where audits detect tax discrepancies, the proper officer may initiate proceedings for determination of tax and other dues. (AI Summary)

Depreciation allowance: assets treated as application of income can still attract depreciation and be carried forward.
Assets acquired by a charitable institution and treated as application of income remain eligible for depreciation when computing income: depreciation may be allowed under general commercial principles applicable to trust income and, where assets are used in business, under statutory depreciation rules; depreciation disallowed for want of adequate chargeable income is carry forwardable; an amendment inserting subsection (6) into section 11 was held to operate prospectively. (AI Summary)

Condonation of Delay Scheme enables defaulting companies to file overdue annual returns and temporarily re activate directors' DINs.
The Condonation of Delay Scheme, 2018 permits companies that failed to file annual returns and financial statements for a continuous three year period to file specified overdue documents through form e CODS 2018, pay statutory fees plus an additional consolidated fee, and obtain temporary re activation of deactivated DINs to enable filing; struck off companies are excluded and must seek revival through the tribunal, and DINs of directors who do not comply by the scheme's end remain liable for de activation and disqualification consequences. (AI Summary)

Risk classification of specified service providers dictates regulatory intervention and resolution powers, including restrictions and administrator appointment.
The Bill requires the Resolution Corporation and appropriate regulators to classify specified service providers into five risk categories-low, moderate, material, imminent and critical-using criteria such as capital adequacy, asset quality, liquidity, leverage, management capability and contagion risk; classifications may extend to holding companies and non regulated operational entities. Material classification permits supervisory restrictions and remedial capital or asset actions; imminent classification triggers stricter prohibitions and resolution plan obligations; critical classification effects appointment of the Corporation as administrator and stays litigation and certain payments, with deposit insurance implications. (AI Summary)

GST procedural protections secure migration access, restrict detention powers and permit interim release of goods pending assessment.
Courts have provided interlocutory and corrective reliefs addressing GST transitional treatment, administrative access, tender compliance and detention/seizure procedures. Remedial directions included remanding pre GST contract disputes for reconsideration, ordering issuance of GST portal credentials for migration, granting interim non payment relief for imports under Advance Authorizations subject to undertakings, and releasing detained goods or vehicles on bond or payment where detaining authorities lacked jurisdiction or failed to afford hearing. Courts emphasized that classification and valuation disputes lie with assessing officers and directed expeditious resolution of penalty proceedings. (AI Summary)

Zero-rated supplies let exporters preserve input tax credit or discharge IGST then claim refund, subject to procedural conditions.
Zero-rating classifies exports and specified supplies to SEZs as zero-rated supplies, preserving input tax credit and permitting exporters either to export under a Letter of Undertaking without tax and claim refund of unutilised credits, or to pay IGST using input credit and seek refund of tax paid; deemed exports to EOUs and against specified authorisations allow supplier refunds subject to recipient acknowledgments and undertakings, while customs-area and title-transfer rules determine when supplies are treated as imports or exports for IGST levy. (AI Summary)

Condonation of delay scheme enables defaulting companies to file overdue returns and restore director DINs upon compliance.
The Condonation of Delay Scheme, 2018 permits defaulting companies (excluding struck-off companies) to file overdue annual returns and financial statements due up to 30.06.2016, pay statutory and additional fees under section 403, and seek condonation by filing e-CODS 2018 with the prescribed fee. Deactivated DINs are temporarily re-activated during the scheme to enable filings; DINs linked to companies that do not complete filings or e-CODS will be deactivated on scheme expiry. The Registrar shall withdraw prosecutions for documents filed under the scheme, without prejudice to other liabilities. (AI Summary)

Scrutiny of returns requires timely response to discrepancy notices or authorities may escalate to audit and enforcement actions.
Statutory scrutiny requires the proper officer to identify discrepancies in returns, issue a discrepancy notice seeking explanation within the prescribed period, and permit the registered person to accept and rectify discrepancies or furnish explanations using prescribed GST assessment forms. If the explanation is acceptable, no further action follows; if no satisfactory explanation is furnished or corrective measures are not taken after acceptance, the proper officer may escalate to audit, special audit, inspection/search/seizure, or proceed to determine tax and other dues under the statutory provisions. (AI Summary)

Transitional input tax credit: transferability of cess closing balances to GST faces statutory versus rule based conflict.
Section 140(1) permits carryforward into the electronic credit ledger of CENVAT Credit reflected in the last pre GST return; the Cenvat Credit Rules include Krishi Kalyan Cess, Education Cess and Secondary and Higher Education Cess within that definition. Rule 117 and FORM GST TRAN 1 use the phrase "eligible duties and taxes" in a manner that has been construed to exclude those cesses, creating an apparent conflict between the statute's broader carryforward entitlement and a narrower rule based declaration procedure. Credits on services in transit remain governed by the separate transitional sub section and are not transferable. (AI Summary)

Gratuity ceiling flexibility: central government may notify revised maximum and permit extended maternity leave counting for continuous service.
The Bill amends the Payment of Gratuity Act to redefine "notification," to permit the Central Government to specify by notification the period of maternity leave that counts as continuous service, and to replace the fixed statutory gratuity ceiling with a notifiable maximum that the Central Government may revise periodically. (AI Summary)

Specified service provider designation governs deemed registration, register maintenance, cancellation grounds and restoration procedures.
The Bill's Second Schedule enumerates entities treated as specified service providers, including banks, insurers, financial market infrastructures, payment systems, NBFCs, systemically important institutions, certain holding companies, non regulated operational entities, and foreign branches, with exclusions tied to insolvency notifications and determinations under section 33(1). Chapter V deems registration on commencement or on licensing by the appropriate regulator; banking institutions are deemed insured service providers. The Resolution Corporation must maintain a register supplied by regulators, and registration cancellation and restoration follow specified grounds and procedures, while cancellation does not relieve prior liabilities and defaults incur regulated interest. (AI Summary)

GST on under construction property transfers: taxability hinges on timing of consideration and treatment as construction services.
GST is payable on transfers of under construction flats treated as construction services when consideration is received before completion or occupancy; transfers where full consideration is received only after completion or first occupation are not taxable. Time of supply is determined under Sections 12-13 and is often fixed when flats are identified, handed over, or recognised in accounts. Valuation uses Section 15 and Rule 27 for part money consideration. Input tax credit is available only for taxable supplies and is restricted or disallowed for construction of immovable property under Section 17, requiring reversals when supplies are exempt. (AI Summary)

Resolution Corporation governance establishes membership, powers, and investigatory authority to protect consumers and financial stability.
The Bill establishes a statutory Resolution Corporation to protect consumers and public funds and to promote financial stability. It sets out corporate form, governance by a membership including a Chairperson, ex officio regulator nominees, whole time and independent Members, appointment and removal rules, tenure and post service restrictions. The Corporation may provide deposit insurance, classify and resolve specified service providers, act as administrator or liquidator, appoint staff, and, while exercising functions, exercise civil court powers and broad investigatory, interim enforcement, search and seizure authorities against specified service providers and related persons. (AI Summary)