Union Budget 2026: Structural Reset for Trusts & NGOs
From Uncertainty to Clarity | From Compliance Burden to Confidence “A Trust-Based Tax Architecture for the Non-Profit Sector” Union Budget 2026 marks a paradigm shift in the taxation of Trusts & NGOs by laying the foundation of a dedicated, predictable, and litigation-light regime under the Income-tax Act, 2025 — balancing accountability with autonomy. 🔹 1.…
Simplified GST Registration Scheme under Rule 14A
(Effective from 1 November 2025) 1. Introduction The Goods and Services Tax Network (GSTN) has introduced a Simplified GST Registration Scheme by inserting Rule 14A in the CGST Rules, 2017.This scheme is effective from 1 November 2025 and is designed specifically to reduce procedural complexity and compliance costs for small taxpayers with limited tax exposure.…
No Confiscation for Mere Excess Stock: Supreme Court Settles GST Section 130 Controversy
Background The Supreme Court, on 4 April 2025 in Additional Commissioner Grade-2 v. Vijay Trading Company, dismissed the Department’s Special Leave Petition against an Allahabad High Court judgment. The High Court had ruled that merely finding excess stock during an inspection/survey does not justify confiscation of goods under Section 130 of the GST law. Legal…
India’s Tax System Gets AI Upgrade: CBDT Awards ₹3,000 Crore Project to LTIMindtree
The Central Board of Direct Taxes (CBDT) has awarded a ₹3,000 crore, seven-year contract to LTIMindtree for developing an advanced AI-driven tax analytics platform named *Insight 2.0.* The project aims to modernise India’s national tax intelligence framework through cutting-edge digital architecture, data analytics, and artificial intelligence.The new platform will enable real-time tax intelligence and strengthen…
ROC Ahmedabad Imposes ₹3.5 Lakh Penalty for Non-Compliance with Audit Trail Requirement
Background The Registrar of Companies (ROC), Ahmedabad issued an adjudication order against Topsun Energy Limited for failing to comply with the mandatory audit trail (edit log) requirements in its accounting software. These requirements were made compulsory under the Companies (Audit and Auditors) Rules, 2014 (as amended), effective 1 April 2023, to ensure transparency of all…
a bona fide purchaser is not liable for a supplier’s failure to deposit GST (Tripura High Court)
Background Core Legal Issue Whether a bona fide purchaser (one acting in good faith and without fraud/collusion) can be denied ITC solely because the supplier failed to remit the GST collected to the government under Section 16(2)(c) of the CGST Act, 2017. Court’s Key Findings Outcome Practical Impact This judgment ensures that:
Advisory to file pending returns before expiry of three years (GST Updates 9th Sept 2025)
As per the Finance Act,2023 (8 of 2023), dt. 31-03-2023, implemented w.e.f 01-10-2023 vide Notification No. 28/2023 – Central Tax dated 31th July, 2023, the taxpayers shall not be allowed file their GST returns after the expiry of a period of three years from the due date of furnishing the said return under Section 37…
Lean Systems Demystified: Meaning, Types, Benefits, and Global Examples You Must Know
Introduction to Lean Systems Lean System is a management philosophy focused on creating the most value for customers while minimizing waste—a principle that originated from the renowned Toyota Production System123. Imagine organizing your kitchen: you remove unused gadgets, keep essential tools handy, and arrange items to cook faster without any unnecessary steps. That’s Lean in…
Handling of Inadvertently Rejected records on IMS (FAQs)
Question 1: How can a recipient avail ITC of wrongly rejected Invoices/ Debit notes/ECO-Documents in IMS as corresponding GSTR-3B of same tax period was also filed by recipient? Answer: In such cases recipient can request to the corresponding supplier to report the same record (without any change) in same return period’s GSTR-1A or respective amendment table…
Something went wrong. Please refresh the page and/or try again.
Follow My Blog
Get new content delivered directly to your inbox.
Business So Simple 