The Gujrat High Court in the case of Munjaal Manishbhai Bhatt v. Union of India C/SCA/1350/2021 dated 06.05.2022 held that in cases where the actual value of land or the undivided share in the land is not ascertainable, the deeming fiction of 1/3rd of the total land value will only be available at the option...
INTRODUCTION In the last few decades, the Information Technology (“IT”) Sector has emerged as one of the most booming sectors in the global economy, and its success is partially attributable to various existing and newly developed computer software. On the financial front, this had initially opened a pandora’s box when it came to the taxation...
INTRODUCTION India, being a rapidly developing country, has regularly faced the hurdle of tax evasion practices in key taxable transactions within the country. The Electronic Way Bill or E-Way Bill system is a modern digital innovation which is a crucial element of India’s Goods and Services Tax (“GST”) regime, and has undoubtedly caused a watershed...
INTRODUCTION The provisions of the Central Goods and Services Tax, Act 2017 have been time and again amended since the implementation of the Goods and Services Tax (GST) regime in 2017 with an aim to ease out the concept and the practical aspects of GST for the Taxpayers. The concept of ‘Suspension of GST Registration’ was...
INTRODUCTION Goods and Services Tax (“GST”) refers to a form of comprehensive indirect tax which aimed to unify the erstwhile complex and divided indirect tax regime of India. GST subsumed various indirect taxes and grouped them into a single, unified tax structure, making the indirect tax process much simpler for taxpayers. The provisions for GST...
INTRODUCTION Goods and Services Tax (GST) has been the greatest tax reform in India changing the tax structure of indirect taxes entirely. It has proved to be an effective system in shifting the approach from origin based to destination based taxation and subsuming the myriad taxes that were levied at different levels. Under the GST...
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