Bombay High Court Clarifies Tax Exemption Eligibility for Venture Capital Funds

 In a significant ruling, the Bombay High Court has reaffirmed that a Venture Capital Fund (VCF) registered with SEBI is entitled to claim exemption under Section 10(23FB) of the Income-tax Act without requiring separate SEBI registration for each individual scheme operated by the fund. 

P&H HC holds exporter eligible for refund of interest paid under Rule 96A on subsequent realisation of export proceeds

 This Tax Alert summarizes a recent ruling of the Punjab & Haryana High Court (HC)¹ on the validity of paragraph 4.6 of Circular No. 197/09/2023-GST dated 17 July 2023, which denies refund of interest paid under Rule 96A of Central Goods and Services Tax Rules, 2017 (CGST Rules) where export proceeds are realized after the prescribed period.

The key observations of the HC are:

57th GST Council Meeting Outcomes

 The 57th GST Council met in New Delhi on 8 October 2026. Its recommendations focus on registration, returns, refunds and disputes: withdrawal of GST arrest powers, a higher prosecution threshold, wider input tax credit (ITC), automated refunds, easier e-commerce registration and fewer low-value proceedings. 

P&H HC provides guidelines for invoking Section 16(2)(c) while upholding its constitutional validity

 This Tax Alert summarizes a recent ruling of the Punjab & Haryana High Court (HC) ^[1] on the constitutionality of Section 16(2)(c) of the Central Goods and Services Tax Act, 2017 (CGST Act), which imposes condition of supplier making payment of tax to the Government for eligibility of input tax credit (ITC) in the hands of recipient.

The key observations of the HC are:

Recent GSTAT and Advance Ruling Developments: Key Takeaways for Taxpayers

 Recent decisions of the GST Appellate Tribunal (GSTAT) and Advance Ruling Authorities provide important guidance on input tax credit (ITC), interest liability, and tax treatment of capital-raising expenses. These rulings clarify several contentious issues while also highlighting areas where litigation is likely to continue.