INTRODUCTION In a significant development for taxpayers and the industrial sector, the Hon'ble Supreme Court has put an end to the long-standing controversy egarding the levy of Goods and Services Tax (GST) on the assignment of long-term leasehold rights in industrial plots allotted by the Gujarat Industrial Development Corporation (GIDC). By its Order dated 21 July 2026 in…
OVERVIEW
Service tax in India evolved from having no Siatutory levy before 1994 to becoming a comprehensive tax on all services until its subsumption into GST. Since the Constitution did not specifically provide for taxing services, Parliament relied on its residuary powers under Article 248 read with Entry 97. Based on the Tax Reforms Committee’s recommendations, service tax was introduced through the Finance Act, 1994,…
OVERVIEWGST replaced multiple taxes with a single, unified tax on goods and services across India to simplify the system and reduce tax-on-tax. However, GST was more than a tax reform. It reshaped our federal structure. The 101st Constitutional Amendment empowered both Parliament and States to levy GST under Article 246A, assigned interstate trade to Article…
Transferable Development Right (TDR) is compensation in the form of Floor Price Index (FSI) or Development Rights, which shall entitle the owner to construction of a built-up area. This FSI is issued in a certificate, which shall be called a ‘Development Right Certificate.’ A Development Rights Certificate (DRC) shall be issued by the municipal commissioner…
IntroductionVirtual currencies, the most popular of them being ‘bitcoin’, have taken the world by a storm in this last decade. Currently, there are over 1600 virtual currencies being circulated. This number is growing. Unlike money, which is legal tender, virtual currencies are decentralized, unregulated and uninhibited. Cryptoassets, and virtual currencies in particular, are in rapid…
INTRODUCTIONAs was being promoted, Goods and Services Tax (GST) was touted to be the single biggest tax reform to takeplace in India post-independence. It was intended to be a good and simple tax. It indeed is (pun intended). To this end, one laudable objective was to provide an authority for advance ruling (AAR) which would,…