https://www.taxtmi.com Business/Tax/Law/GST/India/Taxation/Policies/Legal/Corporate Tax/Personal Tax/Vat Law/Legal Information/Tax Information/Legal Services/Tax Services Tax Management India. Com / MS Knowledge Processing Pvt. Ltd. All rights reserved. One stop solution for Direct Taxes and Indirect Taxes and Corporate Laws in India https://www.taxtmi.com/article/detailed?id=14611 Mon, 09 Jun 2025 14:34:57 +0530 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. https://www.taxtmi.com/article/detailed?id=14611 GST Articles TaxLaws TaxTMI https://www.taxtmi.com/article/detailed?id=14610 Mon, 09 Jun 2025 14:34:57 +0530 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. https://www.taxtmi.com/article/detailed?id=14610 Corporate Laws Articles TaxLaws TaxTMI https://www.taxtmi.com/article/detailed?id=14609 Mon, 09 Jun 2025 14:34:57 +0530 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. https://www.taxtmi.com/article/detailed?id=14609 TaxLaws Articles TaxTMI https://www.taxtmi.com/article/detailed?id=14608 Mon, 09 Jun 2025 14:34:57 +0530 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. https://www.taxtmi.com/article/detailed?id=14608 Customs Articles TaxLaws TaxTMI https://www.taxtmi.com/article/detailed?id=14607 Mon, 09 Jun 2025 14:34:57 +0530 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. https://www.taxtmi.com/article/detailed?id=14607 Customs Articles TaxLaws TaxTMI https://www.taxtmi.com/article/detailed?id=14606 Mon, 09 Jun 2025 14:34:57 +0530 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. https://www.taxtmi.com/article/detailed?id=14606 Customs Articles TaxLaws TaxTMI https://www.taxtmi.com/article/detailed?id=14605 Mon, 09 Jun 2025 14:34:57 +0530 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. https://www.taxtmi.com/article/detailed?id=14605 Customs Articles TaxLaws TaxTMI https://www.taxtmi.com/article/detailed?id=14604 Mon, 09 Jun 2025 14:34:57 +0530 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. https://www.taxtmi.com/article/detailed?id=14604 Corporate Laws Articles TaxLaws TaxTMI https://www.taxtmi.com/article/detailed?id=14603 Mon, 09 Jun 2025 14:34:57 +0530 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. https://www.taxtmi.com/article/detailed?id=14603 Corporate Laws Articles TaxLaws TaxTMI https://www.taxtmi.com/article/detailed?id=14602 Mon, 09 Jun 2025 14:34:57 +0530 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. https://www.taxtmi.com/article/detailed?id=14602 GST Articles TaxLaws TaxTMI https://www.taxtmi.com/article/detailed?id=14601 Mon, 09 Jun 2025 14:34:57 +0530 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. https://www.taxtmi.com/article/detailed?id=14601 Corporate Laws Articles TaxLaws TaxTMI https://www.taxtmi.com/article/detailed?id=14600 Mon, 09 Jun 2025 14:34:57 +0530 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. https://www.taxtmi.com/article/detailed?id=14600 GST Articles TaxLaws TaxTMI https://www.taxtmi.com/article/detailed?id=14599 Mon, 09 Jun 2025 14:34:57 +0530 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. https://www.taxtmi.com/article/detailed?id=14599 Corporate Laws Articles TaxLaws TaxTMI https://www.taxtmi.com/article/detailed?id=14598 Mon, 09 Jun 2025 14:34:57 +0530 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. https://www.taxtmi.com/article/detailed?id=14598 Corporate Laws Articles TaxLaws TaxTMI https://www.taxtmi.com/article/detailed?id=14597 Mon, 09 Jun 2025 14:34:57 +0530 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. https://www.taxtmi.com/article/detailed?id=14597 Corporate Laws Articles TaxLaws TaxTMI https://www.taxtmi.com/article/detailed?id=14596 Mon, 09 Jun 2025 14:34:57 +0530 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. https://www.taxtmi.com/article/detailed?id=14596 Corporate Laws Articles TaxLaws TaxTMI https://www.taxtmi.com/article/detailed?id=14595 Mon, 09 Jun 2025 14:34:57 +0530 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. https://www.taxtmi.com/article/detailed?id=14595 Corporate Laws Articles TaxLaws TaxTMI https://www.taxtmi.com/article/detailed?id=14594 Mon, 09 Jun 2025 14:34:57 +0530 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. https://www.taxtmi.com/article/detailed?id=14594 Corporate Laws Articles TaxLaws TaxTMI https://www.taxtmi.com/article/detailed?id=14593 Mon, 09 Jun 2025 14:34:57 +0530 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. https://www.taxtmi.com/article/detailed?id=14593 GST Articles TaxLaws TaxTMI https://www.taxtmi.com/article/detailed?id=14592 Mon, 09 Jun 2025 14:34:57 +0530 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. https://www.taxtmi.com/article/detailed?id=14592 GST Articles TaxLaws TaxTMI https://www.taxtmi.com/article/detailed?id=14591 Mon, 09 Jun 2025 14:34:57 +0530 One-person companies (OPCs) must file annual returns with the Ministry of Corporate Affairs, including Form AOC-4 and Form MGT-7A. While enjoying some compliance relaxations like no mandatory annual general meetings, OPCs are not entirely exempt from filing requirements. Timely submission within specified deadlines is crucial to maintain legal status and avoid penalties. https://www.taxtmi.com/article/detailed?id=14591 Corporate Laws Articles TaxLaws TaxTMI https://www.taxtmi.com/article/detailed?id=14590 Mon, 09 Jun 2025 14:34:57 +0530 A GST audit revealed compliance issues for a digital-to-consumer brand, highlighting potential tax risks. Key problems included mismatched financial records, incomplete cross-charges, inadequate documentation, and untracked vendor compliance. The article presents a 10-point checklist for businesses to proactively prepare for GST audits, emphasizing the importance of maintaining accurate financial records and addressing potential discrepancies before official scrutiny. https://www.taxtmi.com/article/detailed?id=14590 Income Tax Articles TaxLaws TaxTMI https://www.taxtmi.com/article/detailed?id=14589 Mon, 09 Jun 2025 14:34:57 +0530 Tax authorities uploaded a show cause notice on the GST portal for a medical shop owner, alleging improper input tax credit. Without effectively serving the notice or providing personal hearing, they froze the business bank account. The Madras High Court criticized the mechanical approach, emphasizing that uploading notices online does not constitute effective service. The court recommended alternative notification methods and highlighted the need for proper communication with taxpayers before taking coercive recovery actions. https://www.taxtmi.com/article/detailed?id=14589 GST Articles TaxLaws TaxTMI https://www.taxtmi.com/article/detailed?id=14588 Mon, 09 Jun 2025 14:34:57 +0530 The Companies (The Registration Offices and Fees) Rules, 2014 establish a regulatory framework for Registrar of Companies (RoC) operations under the Companies Act, 2013. The rules define fee structures for company registrations, annual filings, and various corporate submissions, emphasizing electronic filing through the MCA portal. They outline jurisdiction, fee payment methods, penalties for non-compliance, and aim to streamline corporate regulatory processes while ensuring transparency and efficient corporate governance. https://www.taxtmi.com/article/detailed?id=14588 Corporate Laws Articles TaxLaws TaxTMI https://www.taxtmi.com/article/detailed?id=14587 Mon, 09 Jun 2025 14:34:57 +0530 A legal framework regulating Nidhi companies under the Companies Act, 2013, establishes specific guidelines for non-banking financial entities. The rules define operational parameters including minimum capital requirements, membership criteria, deposit restrictions, and governance standards. Nidhi companies must maintain statutory reserves, comply with regulatory directives, and operate exclusively for member financial services while adhering to strict corporate governance principles. https://www.taxtmi.com/article/detailed?id=14587 Corporate Laws Articles TaxLaws TaxTMI https://www.taxtmi.com/newsletter?notifId=06/09/2025 https://www.taxtmi.com/newsletter?notifId=06/09/2025 Daily Updates Tax