Supreme Court Ruling on Input Tax Credit for Construction of Commercial Properties
In the landmark case of Safari Retreats Pvt. Ltd, the Apex Court provided crucial clarity on the applicability of Input Tax Credit under GST for businesses engaged in constructing commercial properties such as shopping malls, warehouses, and office buildings. The ruling addresses whether ITC can be claimed on goods and services used for construction when these properties are subsequently leased or rented, offering significant implications for tax planning and compliance for businesses in the real estate and commercial leasing sectors. This article presents a comprehensive analysis of the judgement and its broader impact.
The Union Budget 2024 Amendments
The 54th GST Council Meeting, held on September 9th, introduced crucial updates that could significantly impact businesses under the GST regime. Our Partner in Indirect Tax, Amitabh Khemka, has carefully analyzed these key recommendations, offering valuable insights into how they may affect your business operations.
The Conundrum of Tax Clearance Certificates – Navigating Domicile Dilemma!
The issue of economic offenders having large tax liabilities fleeing the country over the past several years has added undue pressure to the exchequer’s coffers. To curb this menace several measures have been undertaken including the requirement to obtain an Income Tax Clearance Certificate (‘ITCC’) before leaving the country.
Recently, the Finance (No. 2) Act, 2024 sought to extend the requirement to obtain an ITCC by a person domiciled in India to cover liabilities under the Black Money Act. However, it has raised some pertinent questions around the provision itself including who really constitutes to be a ‘person domiciled in India’. In an article published on Taxsutra, Ritesh Thakkar, Director – Direct Tax, and Mansi Parikh, Articled Assistant – Direct Tax, provide their thoughts around the Tax Clearance conundrum!
The Union Budget 2024 Amendments
The latest amendments to the Union Budget 2024, as detailed in the Finance Bill (No.2) 2024, represent a significant shift toward greater transparency and compliance within our tax system. These changes introduce a more flexible tax structure for resident taxpayers while imposing stricter regulations on non-residents. This evolution in the tax structure aims to improve clarity and accountability, ensuring that all parties adhere to updated standards.
Here’s the comprehensive analysis in this document that offers a breakdown of these amendments, elucidating their impact on taxpayers and the broader tax environment.
The Union Budget 2024 Expert Analysis
The India Union Budget 2024 is clear evidence of India’s forward momentum towards “Amrit Kaal,” marking a pivotal step towards achieving ‘Viksit Bharat.’ This budget presents a detailed and strategic roadmap, highlighting a robust commitment to nine key priorities.
Here, we provide a concise overview of the Finance Bill’s provisions, encompassing direct tax, indirect tax, and transfer pricing measures. Our analysis highlights the key aspects and implications of these provisions, offering valuable insights for businesses and individuals alike.
Explore our comprehensive breakdown to understand how the Union Budget 2024 is steering India towards a prosperous future.
