Laudable Legal Solutions

  World Tax News brings you the latest global tax developments. This week’s highlights: the OECD reports common errors in MNE Country-by-Country (CbC) reporting, Hong Kong implements BEPS 2.0 rules, and Denmark adopts DAC8 crypto tax measures. 🧾 OECD Reports Common Errors in CbC Reporting The OECD has issued a comprehensive report detailing frequent mistakes found in CbC reports filed by Multinational Enterprise (MNE) groups. 📄 Read the full OECD report (PDF) Key Issues Identified: Duplicate or missing Tax Identification Numbers (TINs) Using multiple currencies instead of one Mismatched related/unrelated party revenue totals Inappropriate inclusion of intra-group dividends in profit Omission of non-consolidated but reportable entities These errors can lead to audit triggers, penalties, and cross-border tax risks. 💼 Need help with your CbC compliance? Visit Laudable Legal Solutions for expert consultation on MNE tax reporting. 🇭🇰 Hong Kong Adopts ...

High Court: Retrospective GST Cancellation Invalid on Voluntary Surrender 🧾 High Court: Retrospective GST Cancellation Invalid on Voluntary Surrender In a series of significant judgments, Indian High Courts have reinforced the principle that retrospective cancellation of Goods and Services Tax (GST) registration is unjustified when a taxpayer has voluntarily applied for cancellation . These rulings uphold the values of procedural fairness, transparency, and natural justice within the GST regime. 📌 Legal Background: Section 29 of the CGST Act, 2017 Section 29(2) of the Central Goods and Services Tax (CGST) Act, 2017 allows the proper officer to cancel a GST registration, including with retrospective effect. However, the exercise of this power must be justified, proportional, and based on clear legal grounds—particularly where the cancellation is initiated by the taxpayer. ⚖️ Key High Court Judgments 1. Ashish Garg v. Assistant Commissioner of State ...

Starting a business in India requires more than just an innovative idea; it demands compliance with various legal and regulatory requirements. Ensuring that your startup adheres to these legal formalities can help prevent future legal troubles, secure investments, and enhance credibility. This guide covers the essential legal checklist for startups in India in 2025 , ensuring that your business operates smoothly and lawfully. 1. Business Structure & Registration Choosing the right business structure is the foundation of a legally sound startup. The most common structures in India include: Private Limited Company (Recommended for scalability and funding opportunities) Limited Liability Partnership (LLP) (Suitable for service-based businesses) One Person Company (OPC) (Ideal for solo entrepreneurs) Sole Proprietorship (Simple structure but lacks scalability) Register your startup with the Ministry of Corporate Affairs (MCA) via the MCA portal or get expert assistance from Laud...

 As the new financial year approaches, taxpayers in India need to stay updated on the latest Income Tax filing updates for 2025 . Filing your Income Tax Return (ITR) on time ensures compliance with tax laws and helps avoid penalties. This article covers the latest changes in income tax rules, key deadlines, and essential tips for a smooth filing process. Key Deadlines for Income Tax Filing in 2025 The Income Tax Department of India has announced important deadlines for the assessment year (AY) 2025-26 : July 31, 2025 : Due date for individuals and non-audit cases. October 31, 2025 : Due date for companies and taxpayers requiring an audit. November 30, 2025 : Due date for taxpayers required to furnish a transfer pricing report. December 31, 2025 : Last date to file a belated or revised return for AY 2025-26. Timely tax filing prevents late fees under Section 234F and ensures eligibility for tax refunds. Latest Updates in Income Tax Rules for 2025 1. Changes in Tax Slabs & Ne...

  Why MSME Registration is Important for Small Businesses Micro, Small, and Medium Enterprises (MSMEs) form the backbone of the Indian economy, contributing significantly to employment, industrial production, and exports. However, many small business owners overlook the importance of  MSME registration, missing out on various government benefits. In this article, we’ll explore why MSME registration is crucial for small businesses and how it can help in business growth and sustainability. What is MSME Registration? MSME registration is a government initiative that classifies businesses based on their investment and turnover. It allows small enterprises to avail of various benefits, including MSME schemes in India , MSME loan schemes , subsidies, financial assistance, and priority in government tenders. Businesses can register under three categories: Micro Enterprises: Investment up to ₹1 crore and turnover up to ₹5 crore. Small Enterprises: Investment up to ₹10 crore a...

Starting a business is an exciting journey, and choosing the right legal structure is one of the most important decisions you’ll make early on. Two of the most popular options in India are a Private Limited Company (Pvt Ltd) and a Limited Liability Partnership (LLP) . Both structures offer limited liability to their owners, but they come with different benefits, legal requirements, and operational flexibility. In this article, we’ll help you understand the key differences between a Pvt Ltd and an LLP, so you can decide which structure suits your business best. 1. Ownership and Structure Private Limited Company (Pvt Ltd): A Pvt Ltd company is a separate legal entity distinct from its shareholders and directors. A Pvt Ltd company can have between 2 to 200 members, and the owners are called shareholders. The company's management is controlled by directors, who may or may not be shareholders. While the company is owned by shareholders, it is managed by directors. Limited Liabilit...

  The Game-Changer: Goods and Services Tax (GST) in India A major tax reform in India, the Goods and Services Tax (GST) replaces various indirect taxes levied by the state and federal governments and unifies the tax system., which went into effect in July 2017, changed the tax environment in India with the goals of efficiency, simplicity, and transparency. However, it is still essential for both individuals and organizations to comprehend GST and its ramifications, especially with regard to registration.   What is GST? GST is a comprehensive indirect tax that is applied to the whole supply chain—from the producer to the customer—of goods and services in India. It has a destination-based consumption tax system, which means that the state where the goods or services are consumed rather than where they are produced is the one that collects the tax money. Central GST (CGST): Central GST or CGST is the tax incorporated by the central government. This tax is imposed on the movement...