Latest Regulatory Bulletins & Statutory Circulars | H A V N & COMPANY

Legislative tracking, CBDT notifications, CBIC circulars, MCA amendments, and statutory compliance updates curated by our Chartered Accountants.

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*Updates are general information as at their date of publication and are not professional advice.

Waiver of Late Fee for FORM GSTR-9C Filing Under Section 47 of CGST Act

UPDATE2025

GST & Indirect Tax

CBIC • Ministry of Finance23 Jan, 2025

Waiver of Late Fee for FORM GSTR-9C Filing Under Section 47 of CGST Act

The Central Board of Indirect Taxes and Customs (CBIC) has notified an unconditional waiver of late fees payable under Section 47 of the Central Goods and Services Tax Act, 2017, for delayed submission of the annual reconciliation statement in FORM GSTR-9C for Financial Years 2017-18 through 2022-23. The relief ended on 31 March 2025.

Statutory Relief Highlights:

✓Unconditional waiver of Section 47 late fees for FY 2017-18 to 2022-23
✓Major financial leniency for MSMEs and corporate taxpayers facing legacy disputes
✓Allows pending GSTR-9C reconciliations to be regularized without penalty

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Gazette Notifications & Practice Circulars

Showing 6 updates

GST & Indirect Tax

CBIC Notification

23 Jan, 20254 min read

CBIC Notification No. 08/2025: FORM GSTR-9C Late Fee Waiver for Past Financial Years

Taxpayers who missed the deadline for filing GSTR-9C reconciliation statements between FY 2017-18 and 2022-23 could file by 31 March 2025 without the excess late fee under Section 47. This relief has ended.

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Section 194T: 10% TDS on Partner Salary, Remuneration & Interest

Direct Tax & CBDT

Finance (No. 2) Act, 2024

12 Mar, 20256 min read

Section 194T: 10% TDS on Partner Salary, Remuneration & Interest

Effective April 1, 2025, Partnership Firms and LLPs must deduct 10% TDS under Section 194T of the Income-tax Act, 1961 on any salary, bonus, commission, or interest paid to partners exceeding Rs 20,000 annually.

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MCA Streamlines Corporate Structuring: SPICe+ Integration and Demat Compliance Rules

Corporate Law & MCA

MCA Gazette

15 Apr, 20258 min read

MCA Streamlines Corporate Structuring: SPICe+ Integration and Demat Compliance Rules

Comprehensive review of legal liability, statutory audit exemptions, and compliance burden comparing Private Limited Companies, LLPs, and One Person Companies under amended MCA guidelines.

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F&O Derivative Trading Tax Audit: Revised Turnover Rules and ITR-3 AIS Reconciliation

Audit & ICAI

Income Tax & SEBI

28 Jan, 20257 min read

F&O Derivative Trading Tax Audit: Revised Turnover Rules and ITR-3 AIS Reconciliation

CBDT clarifies non-speculative business classification for futures and options trading, strict turnover computation under Section 44AD / 63, and mandatory tax audit thresholds.

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Budget 2025 Fiscal Strategy: Optimization Between New vs Old Tax Regimes and Sec 115BAA

Direct Tax & CBDT

Finance Act 2025

20 Jan, 20255 min read

Budget 2025 Fiscal Strategy: Optimization Between New vs Old Tax Regimes and Sec 115BAA

Comparative fiscal roadmap detailing corporate tax concession rate of 22% under Section 115BAA, revised rebate thresholds, and individual deduction maximization.

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Mandatory E-Invoicing Expansion and Digital General Ledger Reconciliation Standards

GST & Indirect Tax

ICAI Guidance

22 Jan, 20255 min read

Mandatory E-Invoicing Expansion and Digital General Ledger Reconciliation Standards

Standard operating procedures for small businesses navigating two-factor authentication on the GST portal, e-way bill generation, and cash flow governance.

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