The Goods and Services Tax (“GST”) regime was introduced with the promise of a seamless, technology-driven tax system aimed at reducing cascading effects and ensuring smooth compliance. However, after seven years of its introduction, businesses and taxpayers have found themselves
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AMT: Does It Impose Additional Taxes Under Income Tax Bill, 2025?
Background
The Alternate Minimum Tax (“AMT”) has its genesis in the Minimum Alternate Tax (“MAT”), which was introduced to ensure that taxes were paid by even those companies that intended to avoid payment of taxes by engaging in ingenuous tax…
Revolutionising Import Clearance: The 2025 Customs (On-Arrival Movement for Storage and Clearance at Authorised Importer Premises) Regulations, 2025
Background
The government has implemented various measures to promote the growth of India’s manufacturing sector, such as the Production Linked Incentive schemes that were announced for the electronic industry under the Make in India initiative. It has also taken several…
GST liability on the benefits arising out of land: The conundrum continues
The applicability of Goods and Services Tax (“GST”) on various land-related rights has been a subject of ongoing debate, leading to uncertainty for businesses, developers, and policymakers. While the GST framework seeks to tax the supply of goods and services,…
Legal debate at tipping point over Notification extending GST deadline
By S.R. Patnaik & Shivam Garg
The legal validity of the contentious CGST Notification No. 56/2023 (“Notification”), is facing challenges across multiple High Courts in India. The Notification, issued by the Central Board of Indirect Taxes and Customs (CBIC), extended the timeline for passing orders under…
Crypto Sales Prior to AY 2022–23: Taxable as Capital Gains?
The Raunaq Prakash Jain v. Income Tax Officer case addresses a significant cryptocurrency transaction-related taxation issue in India, i.e., whether gains arising from cryptocurrency sales should be taxed as “capital gains” or “income from other sources”. This decision is particularly…
Tax reassessment proceedings: Supreme Court puts TOLA controversy to rest
The Supreme Court (“SC”) recently addressed the validity of reassessment notices in Rajeev Bansal[1], issued under Section 148 of the Income Tax Act, 1961 (“IT Act”), from April 1, 2021, to June 30, 2021, even though the reassessment…
Delhi High Court rules on taxability of a PE’s profits despite global loss
By S.R. Patnaik & Rhea Prasad
In a landmark ruling, the Hon’ble Delhi High Court (“Delhi HC”) has held that profits generated by a Permanent Establishment (PE) in India shall be liable to tax in India, even if the parent enterprise has incurred losses on a…
Delhi High Court grants tax-treaty benefits to Tiger Global’s Flipkart exit
The India–Mauritius Double Tax Avoidance Agreement (“DTAA”), entered into in 1983, has since been the subject matter of contentious litigations. The well-drafted and reasoned ruling of the Delhi High Court (“Delhi HC”), which explains the availability of benefits to a…
Union Budget boost to GIFT IFSC: Looking at a golden future
With numerous legislative reforms, the government has demonstrated a sincere commitment towards achieving Viksit Bharat, or ‘Developed India’ by 2047. While presenting the Union Budget for financial year 2024-25, on July 23, 2024, Finance Minister Nirmala Sitharaman introduced significant changes…