GST notices are not all the same. The section cited determines the officer's powers, the taxpayer's obligations and the limits of the inquiry. A document request labelled "verification of compliance" is not, by itself, a statutory proceeding under the CGST Act.🧵👇🏻 #GST #GSTNotice #CGSTAct #Taxation
Panic selling is the best way to convert your temporary losses into permanent losses. #nifty
A new tax form can change how an exemption claim must be documented, especially when the exemption is conditional on furnishing prescribed information. The exemption for eligible Foreign Institutional Investors (FIIs) and the Bank for International Settlements (BIS) on income from government securities is conditional on furnishing prescribed information in the prescribed form and manner. For investors and tax professionals, the important questions are who qualifies, which income is covered, and what documentation or filing conditions apply. Before claiming an exemption, check the exemption provision, the form's filing conditions and the relevant notification. A new form is a compliance requirement, not an exemption available to every investor. #TaxUpdate #IncomeTax #FIIs #ForeignInstitutionalInvestors #BIS
GST compliance is changing. But there's a catch: an announcement is NOT the same as a rule you can start using today. The GST Council has recommended changes that could affect business costs, refunds, ITC and even prosecution. Here's what business owners should actually pay attention to.🧵👇🏻 #GST #GSTUpdates #TaxCompliance
Can a business claim a cash refund of GST input credit when it shuts down? The answer isn’t as simple as the balance showing in its electronic credit ledger. Section 54(3) of the CGST Act generally restricts refunds of unutilised ITC to specified cases, principally zero rated supplies and inverted duty structure. Courts have differed on whether unused credit can be refunded in other circumstances. In the SICPA case, a Sikkim High Court single judge allowed a refund of ₹4.37 crore after closure. The division bench later reversed that decision. The larger issue is whether Section 49(6) independently permits a refund or whether Section 54 exhaustively governs the available routes. An unused ITC balance is not automatically a refundable asset. The reason it remains unused, the applicable statutory provision and the relevant judicial ruling all matter. #GST #InputTaxCredit #GSTRefund #IndirectTax
The GST Council has recommended removing arrest powers under Section 69. But that's not the only big change. The 57th GST Council meeting on 8 October brought proposals on penalties, refunds, ITC and compliance. Some could ease the pressure on businesses. Others bring tighter checks.🧵👇🏼 #GST #GSTCouncil #GSTCompliance #IndirectTax
Absolutely loving the US getting served it's own medicine in the form of Ambani & Elon 🙌🤙
₹5 lakh of Bitcoin became ₹6.69 crore. An ITAT ruling then allowed a ₹4.95 crore Section 54F exemption. But this is not a current crypto tax loophole. The case involved a 2020-21 sale, before India’s 30% VDA tax regime. The taxpayer had bought Bitcoin for about ₹5.05 lakh in 2015-16 and held it for years. Today, VDA gains are taxed at 30%, with only the cost of acquisition deductible. Section 54F cannot shelter current VDA gains. So the important distinction is: Pre April 2022 tax treatment ≠ today’s crypto tax regime. A 2024 ITAT ruling should not be presented as a 2026 tax strategy. #Bitcoin #CryptoTax #ITAT #IncomeTax
You don’t need to pick one stock to invest in India’s biggest companies. An ETF can let you buy a basket of them in one go. That sounds simple. But there are a few things people often misunderstand about ETFs.🧵👇🏻 #ETF #Investing #StockMarket #PersonalFinance https://t.co/EjAUz7OGVr