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Tax Laws
The Goods and Services Tax Network (GSTN) implemented significant procedural changes on May 8, 2025, to expedite and simplify the GST refund filing process for particular taxpayer types. This modification affects considered export transactions, supplies to SEZs, and registered businesses involved in exports. The modifications are intended to improve the accuracy and transparency of refund claims while cutting down on procedural delays
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In 2023, the Reserve Bank of India (RBI) strengthened the oversight and regulation of non-banking financial companies (NBFCs) by implementing the Scale-Based Regulation (SBR) framework. By classifying NBFCs into discrete layers according to their size and systemic significance, this progressive paradigm allows for regulatory scrutiny that is calibrated to the risks posed by various NBFC segments. In the quickly changing NBFC sector, the goal is to stimulate growth and innovation while enhancing financial stability, ensuring prudent risk management, and promoting transparency.
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All companies are required to prepare financial statements under Indian Accounting Standards (Ind AS) under the Companies Act, 2013.
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Vodafone Idea Ltd. v. Union of India & Ors. 2024 - This judgment clarifies that services rendered to overseas entities can qualify as exports even when the end consumer is located in India, as long as the contractual recipient is outside India and the consideration is received in convertible foreign exchange. It sets a precedent for similar cross-border B2B service structures.
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The Supreme Court's ruling in this case is a landmark decision that streamlines corporate compliance and promotes ease of doing business by preventing redundant financial impositions on companies expanding their capital base.
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On April 17, 2025, the Central Board of Indirect Taxes and Customs (CBIC) released Instruction No. 03/2025-GST in an effort to simplify and expedite the GST registration procedure. In response to general concerns about delays, inconsistent documentation practices, and needless questions asked during registration, this directive supersedes Instruction No. 03/2023-GST. The government stresses the need to remove procedural barriers in order to assist legitimate taxpayers, even as it attempts to reduce fraudulent GST registrations used for false Input Tax Credit (ITC) claims.
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In order to update and improve the regulatory structure governing Asset Reconstruction Companies (ARCs) in India, the Reserve Bank of India (RBI) released the Reserve Bank of India (Asset Reconstruction Companies) Directions, 2024. These revised guidelines are intended to ensure that ARCs effectively contribute to the resolution of stressed assets in the financial system by fostering improved governance, transparency, and operational efficiency within the industry.
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With a particular focus on the increasing importance of Environmental, Social, and Governance (ESG) ratings, the Securities and Exchange Board of India (SEBI) has introduced the Securities and Exchange Board of India (Credit Rating Agencies) (Second Amendment) Regulations, 2025, which seek to modernize and reinforce the regulatory framework for credit rating agencies (CRAs). These changes guarantee increased openness, governance, and efficiency in the Indian credit rating ecosystem by giving ESG rating providers a clearer, more organized way to operate.
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