@mudraforge/statutory 2.11.0 → 2.12.1

package/okf/indirect_tax_gst/rcm_liability_sec9_3/circulars/cbic_notification_07_2025_composition_rent_exclusion.md

@@ -0,0 +1,41 @@
+---
+id: cbic_notification_07_2025_composition_rent_exclusion
+title: "CBIC Notification No. 07/2025-Central Tax (Rate) - Exclusion of Composition Taxpayers from Commercial Immovable Property Renting RCM"
+authority: Central Board of Indirect Taxes and Customs (CBIC)
+date: 2025-01-16
+statutory_section: Section 9(3)
+valid_from: 2025-01-16
+valid_to: OPEN_ENDED
+temporal_status: ACTIVE
+official_url: https://gstcouncil.gov.in/072025-central-tax-rate
+---
+
+# CBIC Notification No. 07/2025-Central Tax (Rate) (Dated 16 January 2025)
+
+## 1. Statutory Context & Legislative Background
+Following the recommendations of the 55th GST Council meeting, the Central Government amended Notification No. 13/2017-Central Tax (Rate) dated 28 June 2017 to rectify an unintended compliance burden placed on small taxpayers operating under the composition levy.
+
+Earlier, Notification No. 09/2024-Central Tax (Rate) (effective 10 October 2024) inserted Entry 5AB, bringing the renting of any commercial immovable property (other than residential dwellings) by an unregistered supplier to *any registered person* under the Reverse Charge Mechanism (RCM).
+
+Because Entry 5AB applied broadly to "any registered person", small enterprises registered under the Section 10 Composition Levy were forced to generate Self-Invoices (Section 31(3)(f)), issue Payment Vouchers (Section 31(3)(g)), and pay 18% GST in cash under GSTR-3B Table 3.1(d) without any entitlement to input tax credit (Section 10(4)).
+
+## 2. Text of the Statutory Amendment
+In Notification No. 13/2017-Central Tax (Rate), in the Table, against serial number 5AB, in column (4), for the words **"any registered person"**, the words:
+> **"any registered person, other than a person who has opted to pay tax under section 10"**
+
+shall be substituted with effect from the **16th day of January, 2025**.
+
+## 3. Legal Consequences for Accounts Payable (AP) Accounting
+1. **Regular Registered Recipients (Section 9)**:
+   - For regular GST-registered entities, Entry 5AB RCM remains fully active.
+   - Rent paid to an unregistered landlord requires cash tax payment under Table 3.1(d) and credit availment under Table 4(A)(3).
+
+2. **Composition Taxpayers (Section 10)**:
+   - With effect from **16 January 2025**, composition taxpayers leasing commercial property from unregistered landlords are statutorily **EXCLUDED** from RCM liability.
+   - The transaction falls out of reverse charge into forward charge / unregistered exempt territory.
+   - Composition taxpayers have zero RCM payment liability and zero self-invoicing requirement under Entry 5AB.
+
+3. **Temporal Application**:
+   - *Prior to 10 October 2024*: No RCM on commercial rent by unregistered persons.
+   - *10 October 2024 to 15 January 2025*: RCM attached to all registered recipients (both regular and composition).
+   - *On or after 16 January 2025*: RCM attaches strictly to regular registered persons; composition taxpayers are excluded.

package/okf/indirect_tax_gst/rcm_liability_sec9_3/circulars/cbic_notification_09_2024_renting_rcm.md

@@ -0,0 +1,37 @@
+---
+id: cbic_notification_09_2024_renting_rcm
+title: CBIC Notification 09/2024-Central Tax (Rate): Reverse Charge on Renting of Commercial Property by Unregistered Persons
+authority: Central Board of Indirect Taxes and Customs (CBIC)
+date: 2024-10-08
+statutory_section: Section 9(3) of CGST Act, 2017 read with Notification No. 13/2017-Central Tax (Rate)
+valid_from: 2024-10-10
+valid_to: OPEN_ENDED
+temporal_status: ACTIVE
+official_url: https://taxinformation.cbic.gov.in/view-pdf/1010183/ENG/Notifications
+---
+
+# CBIC Notification No. 09/2024-Central Tax (Rate): Reverse Charge on Commercial Property Renting
+
+## 1. Statutory Background & Amendment
+Exercising the powers conferred by Section 9(3) of the Central Goods and Services Tax Act, 2017, the Central Government, on the recommendations of the GST Council (54th Meeting), notified **Notification No. 09/2024-Central Tax (Rate)** dated 8 October 2024, taking effect on **10 October 2024**.
+
+This notification amends principal Notification No. 13/2017-Central Tax (Rate) by inserting entry **5AB** into the Table of reverse charge services.
+
+## 2. Scope of Reverse Charge Levy (Entry 5AB)
+- **Category of Supply**: Service by way of renting of any property, other than residential dwelling, provided by any unregistered person to any registered person.
+- **Supplier of Service**: Any person not registered under the CGST Act (unregistered landlord / property owner).
+- **Recipient of Service**: Any person registered under the CGST Act (corporate entity, enterprise tenant, or registered business).
+- **Tax Payment Liability**: The registered recipient is statutory liable to pay the GST (18%) under the **Reverse Charge Mechanism (RCM)**.
+
+## 3. Impact on Accounts Payable (AP) & Rent Disbursement
+1. **Unregistered Landlord Leases**:
+   Where a registered enterprise leases office spaces, retail outlets, warehouses, or commercial premises from an unregistered landlord:
+   - The landlord will not charge GST on the rental bill.
+   - The recipient enterprise MUST NOT treat the rental transaction as exempt or non-taxable.
+   - The recipient must self-assess 18% GST under Section 9(3) and discharge it via cash in **GSTR-3B Table 3.1(d)**.
+2. **Self-Invoicing & Payment Vouchers**:
+   Under Section 31(3)(f), the recipient must generate a **Self-Invoice** for each rental accrual period. Under Section 31(3)(g), a **Payment Voucher** must be issued upon disbursing rental consideration to the landlord.
+3. **Electronic Cash Ledger Discharge**:
+   In accordance with Section 49(4) read with Section 9(3), RCM rental tax liability cannot be offset against balance in the Electronic Credit Ledger; it must be paid strictly in cash through the Electronic Cash Ledger.
+4. **Input Tax Credit Claim**:
+   Once discharged in cash, the tax paid under RCM is fully eligible for input tax credit under Section 16(2) in the same tax period, reported under **GSTR-3B Table 4(A)(3)**, provided the commercial property is used for furtherance of business.

package/okf/indirect_tax_gst/rcm_liability_sec9_3/circulars/gst_council_55th_meeting_renting_rcm_regularization.md

@@ -0,0 +1,31 @@
+---
+id: gst_council_55th_meeting_renting_rcm_regularization
+title: "55th GST Council Meeting Recommendations - As Is Where Is Regularization for Commercial Rent RCM on Composition Taxpayers"
+authority: Goods and Services Tax Council (GST Council)
+date: 2024-12-21
+statutory_section: Section 9(3) read with Section 10
+valid_from: 2024-10-10
+valid_to: 2025-01-15
+temporal_status: ACTIVE
+official_url: https://cbic-gst.gov.in/pdf/Press-Release%20-55-GST-Council.pdf
+---
+
+# 55th GST Council Meeting: Regularization of Commercial Renting RCM for Composition Taxpayers (21 December 2024)
+
+## 1. Executive Context & Legislative History
+At its 55th meeting held on 21 December 2024 at Jaisalmer, Rajasthan, under the chairpersonship of the Union Minister for Finance and Corporate Affairs, the GST Council addressed representations regarding the adverse impact of Notification No. 09/2024-Central Tax (Rate) dated 8 October 2024.
+
+Notification No. 09/2024-Central Tax (Rate) inserted Entry 5AB in Notification No. 13/2017-Central Tax (Rate), mandating reverse charge liability on renting of commercial immovable property by unregistered persons to *any registered person* effective 10 October 2024. This unintentionally imposed a non-creditable cash tax burden on small traders and manufacturers registered under the Section 10 composition scheme who could not claim input tax credit under Section 10(4).
+
+## 2. Recommendation on Past Intervening Period (10 October 2024 to 15 January 2025)
+To eliminate hardship and retrospective compliance disputes, the GST Council recommended:
+1. **Prospective Amendment**: Amend Entry 5AB of Notification No. 13/2017-Central Tax (Rate) to expressly exclude persons opting for the composition levy under Section 10 (effectuated via Notification No. 07/2025-Central Tax (Rate) w.e.f. 16 January 2025).
+2. **"As Is Where Is" Basis Regularization**: For the intervening period from 10 October 2024 to 15 January 2025, past transactions are regularized on an *as is where is* basis:
+   - **No Refund for Tax Already Paid**: If a composition taxpayer has already discharged GST under reverse charge mechanism in cash, no refund shall be granted. The discharged tax constitutes a permanent business expense.
+   - **No Demand or Recovery for Unpaid Tax**: If a composition taxpayer has not discharged reverse charge tax on commercial rent during this intervening window, tax authorities shall not initiate retrospective recovery, demand notices, or penal proceedings.
+
+## 3. Statutory Accounting & Audit Treatment
+In statutory accounts payable reconciliation:
+- Intervening bills where RCM was historically discharged: Classify as `RCM_COMPOSITION_INTERVENING_REGULARIZED_PAID`.
+- Intervening bills where RCM was not discharged: Classify as `RCM_COMPOSITION_INTERVENING_REGULARIZED_UNPAID`, with zero cash tax liability and full consideration expensed to P&L.
+- Indeterminate discharge status: Classify as `REQUIRES_HUMAN_VERIFICATION`.

package/okf/indirect_tax_gst/rcm_liability_sec9_3/section.json

@@ -28,7 +28,8 @@
       "Legal services provided by individual advocates / firms of advocates",
       "Services provided by a Director of a company/body corporate to the company",
       "Services by way of sponsorship to any body corporate or partnership firm",
-      "Services provided by way of supply of security personnel to a registered person"
+      "Services provided by way of supply of security personnel to a registered person",
+      "Service by way of renting of any commercial property (other than residential dwelling) by any unregistered person to any registered person other than a composition taxpayer under Section 10 (Notification No. 09/2024-Central Tax (Rate) w.e.f. 10 October 2024 as amended by Notification No. 07/2025-Central Tax (Rate) w.e.f. 16 January 2025)"
     ],
     "mandatoryCashPaymentRule": "RCM liability CANNOT be adjusted against Electronic Credit Ledger (ITC); must strictly be discharged via Electronic Cash Ledger under Section 49(4)",
     "selfInvoiceMandate": "Section 31(3)(f): Recipient liable to pay tax under Section 9(3) or 9(4) must issue a self-invoice within 30 days of receiving supply from unregistered supplier",
@@ -53,15 +54,36 @@
       "instrument": "Circular No. 102/21/2019-GST dated 28 June 2019",
       "subject": "Clarification regarding applicability of GST on additional/penal interest and RCM applicability",
       "officialUrl": "https://cbic-gst.gov.in/pdf/circular-cgst-102.pdf"
+    },
+    {
+      "authority": "Central Board of Indirect Taxes and Customs (CBIC)",
+      "instrument": "Notification No. 09/2024-Central Tax (Rate) dated 8 October 2024",
+      "subject": "Mandatory reverse charge on renting of commercial immovable property by an unregistered supplier to a registered recipient w.e.f. 10 October 2024",
+      "officialUrl": "https://taxinformation.cbic.gov.in/view-pdf/1010183/ENG/Notifications"
+    },
+    {
+      "authority": "Central Board of Indirect Taxes and Customs (CBIC)",
+      "instrument": "Notification No. 07/2025-Central Tax (Rate) dated 16 January 2025",
+      "subject": "Exclusion of composition taxpayers paying tax under Section 10 from reverse charge liability on commercial property renting w.e.f. 16 January 2025",
+      "officialUrl": "https://gstcouncil.gov.in/072025-central-tax-rate"
+    },
+    {
+      "authority": "Goods and Services Tax Council (GST Council)",
+      "instrument": "55th GST Council Meeting Recommendations dated 21 December 2024",
+      "subject": "Regularization of past intervening period (10 October 2024 to 15 January 2025) on as is where is basis for composition taxpayers leasing commercial property",
+      "officialUrl": "https://cbic-gst.gov.in/pdf/Press-Release%20-55-GST-Council.pdf"
     }
   ],
   "requiredDocumentChecklist": [
     "Supplier consignment note (Bilty) for GTA or engagement letter for legal / director services",
+    "Commercial lease agreement confirming unregistered status of landlord for commercial rent RCM",
+    "Recipient GST registration scheme verification (Regular taxpayer liable under Entry 5AB vs Section 10 Composition taxpayer excluded w.e.f. 16 January 2025)",
+    "Historical cash discharge audit for intervening period (10 Oct 2024 - 15 Jan 2025) to confirm as-is-where-is regularization status",
     "Self-Invoice generated by recipient under Section 31(3)(f)",
     "Payment Voucher issued under Section 31(3)(g) at the time of disbursement",
     "Electronic Cash Ledger debit entry confirming cash discharge of RCM liability in GSTR-3B Table 3.1(d)",
     "GSTR-3B Table 4(A)(3) ITC claim reconciliation for RCM tax paid"
   ],
   "tier": "PUBLIC_COMMONS_FREE",
-  "version": "2.4.0"
+  "version": "2.9.0"
 }

package/okf/international_tax/financial_instruments_ecl_indas_109/circulars/mca_notification_indas_109_financial_instruments.md

@@ -0,0 +1,43 @@
+---
+id: mca_notification_indas_109_financial_instruments
+title: Ministry of Corporate Affairs Notification on Ind AS 109 Financial Instruments and Expected Credit Loss Framework
+authority: Ministry of Corporate Affairs (MCA)
+date: 2015-02-16
+statutory_section: Ind AS 109 read with Companies Act 2013 Section 133
+valid_from: 2018-04-01
+valid_to: OPEN_ENDED
+temporal_status: ACTIVE
+official_url: https://www.mca.gov.in/content/mca/global/en/acts-rules/ebooks/accounting-standards.html
+---
+
+# MCA Notification: Companies (Indian Accounting Standards) Rules, 2015 — Ind AS 109 Financial Instruments
+
+## 1. Executive Summary & Statutory Background
+Ind AS 109 establishes principles for recognizing, measuring, and reporting financial assets and financial liabilities. It fundamentally replaces the incurred loss impairment model of predecessor Ind AS 39 with a forward-looking Expected Credit Loss (ECL) model, harmonized with International Financial Reporting Standard 9 (IFRS 9).
+
+## 2. Mandatory 3-Stage Impairment Model
+1. **Stage 1 (Performing)**:
+   - Financial instruments with no significant increase in credit risk (SICR) since initial recognition.
+   - Loss allowance measured at an amount equal to **12-month expected credit losses**.
+   - Interest revenue calculated on gross carrying amount.
+
+2. **Stage 2 (Under-Performing)**:
+   - Instruments that have experienced SICR since initial recognition but are not credit-impaired (typically past due > 30 days).
+   - Loss allowance measured at an amount equal to **lifetime expected credit losses**.
+   - Interest revenue calculated on gross carrying amount.
+
+3. **Stage 3 (Credit-Impaired / Non-Performing)**:
+   - Financial assets that have objective evidence of impairment (typically past due > 90 days or default events).
+   - Loss allowance measured at **lifetime expected credit losses**.
+   - Interest revenue calculated on net carrying amount (gross minus loss allowance).
+
+## 3. Simplified Approach for Trade Receivables
+For trade receivables, contract assets, and lease receivables without a significant financing component:
+- The entity is permitted/mandated to measure loss allowance at an amount equal to lifetime ECL at all times.
+- A **Provision Matrix** based on historical credit loss experience across defined aging buckets (e.g. Current, 1-30, 31-60, 61-90, >90 days overdue) is utilized, adjusted for forward-looking macroeconomic conditions.
+
+## 4. Indian Direct Tax Treatment (Section 36(1)(vii) vs Ind AS 109)
+An ECL impairment provision charged to the Statement of Profit and Loss under Ind AS 109 is **disallowable as a contingent provision** under Indian Income Tax law:
+- Under Section 36(1)(vii) read with the Explanation, deduction is allowable ONLY when the debt is actually written off as irrecoverable in the accounts.
+- Under Section 40A(9), general provisions for liabilities are disallowed.
+- Entities must track a temporary difference and recognize a **Deferred Tax Asset (DTA)** under Ind AS 12 for the disallowed ECL provision until the fiscal year of actual write-off.

package/okf/international_tax/financial_instruments_ecl_indas_109/forms/indas_109_ecl_provision_matrix_schedule.json

@@ -0,0 +1,43 @@
+{
+  "$schema": "https://json-schema.org/draft/2020-12/schema",
+  "title": "Ind AS 109 / IFRS 9 Expected Credit Loss (ECL) Provision Matrix Schedule",
+  "description": "Calculates lifetime expected credit loss allowance on trade receivables under the simplified approach using aging brackets and forward-looking default rates.",
+  "type": "object",
+  "required": [
+    "reportingDate",
+    "grossReceivablesInr",
+    "agingBrackets"
+  ],
+  "properties": {
+    "reportingDate": {
+      "type": "string",
+      "format": "date",
+      "description": "Financial reporting date YYYY-MM-DD"
+    },
+    "grossReceivablesInr": {
+      "type": "number",
+      "minimum": 0,
+      "description": "Total gross trade receivables before loss allowance"
+    },
+    "macroeconomicAdjustmentFactor": {
+      "type": "number",
+      "default": 1.0,
+      "description": "Forward-looking economic adjustment overlay (e.g. 1.05 for 5% stress)"
+    },
+    "agingBrackets": {
+      "type": "array",
+      "items": {
+        "type": "object",
+        "required": ["bracketName", "grossAmountInr", "historicalLossRatePercent"],
+        "properties": {
+          "bracketName": {
+            "type": "string",
+            "enum": ["CURRENT_NOT_DUE", "DAYS_1_30", "DAYS_31_60", "DAYS_61_90", "DAYS_91_180", "DAYS_OVER_180"]
+          },
+          "grossAmountInr": { "type": "number", "minimum": 0 },
+          "historicalLossRatePercent": { "type": "number", "minimum": 0, "maximum": 100 }
+        }
+      }
+    }
+  }
+}

package/okf/international_tax/financial_instruments_ecl_indas_109/section.json

@@ -0,0 +1,62 @@
+{
+  "sectionId": "INDAS_109_IFRS_9_ECL_IMPAIRMENT",
+  "sectionCode": "INDAS-109-IFRS-9",
+  "aliases": [
+    "Ind AS 109",
+    "IFRS 9",
+    "ASC 326",
+    "CECL",
+    "expected credit loss",
+    "ECL provision",
+    "simplified approach",
+    "provision matrix",
+    "trade receivables impairment",
+    "SICR",
+    "stage 1 2 3 impairment",
+    "financial instruments"
+  ],
+  "governingStatute": "Companies (Indian Accounting Standards) Rules, 2015 read with Section 133 of Companies Act, 2013 and US GAAP FASB Accounting Standards Codification Topic 326 (Financial Instruments - Credit Losses / CECL)",
+  "statutorySection": "Ind AS 109 (Financial Instruments: Recognition, Measurement, and Impairment) converged with IFRS 9 and aligned with US GAAP ASC 326",
+  "successorStatute": "Companies Act, 2013 (Indian Accounting Standards)",
+  "successorSection": "Ind AS 109",
+  "title": "Financial Instruments: Classification, Measurement & Expected Credit Loss (ECL) Impairment",
+  "effectivePeriod": {
+    "validFrom": "2018-04-01",
+    "validTo": "OPEN_ENDED",
+    "annualReset": "Continuous credit loss matrix review, transition between Stage 1, 2, and 3, and forward-looking macroeconomic recalibration at quarterly and annual reporting dates",
+    "sunsetNotes": "Mandatory standard notified via MCA G.S.R. 365(E) effective FY 2018-19 onwards."
+  },
+  "plainTextSummary": "Under Ind AS 109 (converged with IFRS 9 and conceptually aligned with US GAAP ASC 326 CECL), financial assets are classified based on the entity's business model for managing them and their contractual cash flow characteristics into three measurement categories: Amortised Cost, Fair Value through Other Comprehensive Income (FVTOCI), and Fair Value through Profit or Loss (FVTPL). The standard enforces a forward-looking Expected Credit Loss (ECL) impairment model that replaces the incurred loss model of legacy Ind AS 39. For general financial assets, a 3-stage model applies: Stage 1 (12-month ECL for assets with no Significant Increase in Credit Risk / SICR since origination), Stage 2 (Lifetime ECL for assets experiencing SICR), and Stage 3 (Lifetime ECL for credit-impaired assets). For trade receivables, contract assets, and lease receivables without a significant financing component, Ind AS 109 mandates or permits a Simplified Approach using a Provision Matrix, where lifetime expected credit losses are computed across aging brackets using historical default rates adjusted for current and forward-looking economic forecasts. Under Indian Income Tax law, an ECL provision recognized in books under Ind AS 109 is a non-deductible contingent provision disallowed under Section 36(1)(vii) read with Section 40A(9) until actual irrecoverable write-off, creating a mandatory deferred tax asset (DTA) under Ind AS 12.",
+  "keyStatutoryThresholds": {
+    "stagingModelCategories": 3,
+    "simplifiedApproachPermitted": true,
+    "tradeReceivablesNoFinancingComponentSimplifiedMandatory": true,
+    "forwardLookingMacroAdjustmentMandatory": true,
+    "incomeTaxDeductibleOnProvision": false,
+    "incomeTaxDeductibleOnWriteOff": true,
+    "lossAllowanceBalanceSheetOffset": "CONTRA_ASSET_REDUCING_GROSS_RECEIVABLES"
+  },
+  "officialCitations": [
+    {
+      "authority": "Ministry of Corporate Affairs (MCA)",
+      "instrument": "Companies (Indian Accounting Standards) Rules, 2015 (G.S.R. 365(E))",
+      "subject": "Notification of Ind AS 109 Financial Instruments and Expected Credit Loss Framework",
+      "officialUrl": "https://www.mca.gov.in/content/mca/global/en/acts-rules/ebooks/accounting-standards.html"
+    },
+    {
+      "authority": "Institute of Chartered Accountants of India (ICAI)",
+      "instrument": "ICAI Educational Material on Indian Accounting Standard (Ind AS) 109 Financial Instruments",
+      "subject": "Detailed practical guidance on simplified provision matrix, SICR assessment, and staging criteria",
+      "officialUrl": "https://www.icai.org/post.html?post_id=14323"
+    }
+  ],
+  "requiredDocumentChecklist": [
+    "Aged Trade Receivables Register segmented by billing intervals",
+    "Historical Loss Rate Computation (3-5 year observation period)",
+    "Macroeconomic Forward-Looking Calibration Note (GDP, interest rate, industry default overlay)",
+    "Credit Risk Policy & Staging Transition Criteria Documentation",
+    "Deferred Tax Asset (DTA) Reconciliation Schedule under Ind AS 12 bridging P&L provision to Section 36(1)(vii) tax add-back"
+  ],
+  "tier": "PUBLIC_COMMONS_FREE",
+  "version": "2.11.0"
+}

package/okf/manifest.json

@@ -1,18 +1,22 @@
 {
   "okfVersion": "2.9.0",
-  "publishedAt": "2026-10-29T07:01:13.976Z",
-  "rootHash": "sha256-feb1555f10c9f5c70de18ef340e0ba6cf1f060fb19cae866aa36240345c46f3a",
-  "totalSections": 37,
-  "totalFiles": 112,
+  "publishedAt": "2026-11-06T18:36:47.091Z",
+  "rootHash": "sha256-318004673a779499e82fd7316c7a6728f3bcdaf449bb4a557b6bd685b899dee3",
+  "totalSections": 46,
+  "totalFiles": 145,
   "changelog": "Expanded statutory commons with 5 Corporate Finance Domains: Corporate Tax MAT vs 115BAA, Place of Supply & Zero-Rated Export LUT, Transfer Pricing ALP & Rule 10CA, Section 79 Loss Continuity, and Ind AS 21 & 109 FX Revaluation.",
   "domains": {
     "corporate_ma_restructuring": [
+      "INDAS-103-IFRS-3",
+      "INDAS-36-IAS-36",
       "ITA-SEC-79",
+      "INDAS-102-ASC-718",
       "50B",
       "281"
     ],
     "direct_tax": [
       "115BAA-115JB",
+      "INDAS-12-ASC-740",
       "206AB",
       "43B",
       "206C(1H)",
@@ -31,6 +35,7 @@
     ],
     "indirect_tax_gst": [
       "17(5)",
+      "RULE-42-43",
       "8",
       "10",
       "34",
@@ -43,6 +48,7 @@
     ],
     "international_tax": [
       "195",
+      "INDAS-109-IFRS-9",
       "INDAS-21-109-FX",
       "IRC-901-904",
       "ITA-SEC-92C-RULE-10CA"
@@ -50,15 +56,22 @@
     "msme_commercial": [
       "MSMED-15-16",
       "MSMED-SEC-7",
+      "INDAS-116-ASC-842",
       "MCA-MSME-1",
+      "INDAS-37-ASC-450",
+      "INDAS-115-ASC-606",
       "MSMED-SEC-22"
     ]
   },
   "sections": [
+    "INDAS-103-IFRS-3",
+    "INDAS-36-IAS-36",
     "ITA-SEC-79",
+    "INDAS-102-ASC-718",
     "50B",
     "281",
     "115BAA-115JB",
+    "INDAS-12-ASC-740",
     "206AB",
     "43B",
     "206C(1H)",
@@ -75,6 +88,7 @@
     "194-IB",
     "194J",
     "17(5)",
+    "RULE-42-43",
     "8",
     "10",
     "34",
@@ -85,18 +99,31 @@
     "RULE-37-37A",
     "9(3)",
     "195",
+    "INDAS-109-IFRS-9",
     "INDAS-21-109-FX",
     "IRC-901-904",
     "ITA-SEC-92C-RULE-10CA",
     "MSMED-15-16",
     "MSMED-SEC-7",
+    "INDAS-116-ASC-842",
     "MCA-MSME-1",
+    "INDAS-37-ASC-450",
+    "INDAS-115-ASC-606",
     "MSMED-SEC-22"
   ],
   "files": {
+    "corporate_ma_restructuring/business_combinations_indas_103/circulars/mca_notification_indas_103_business_combinations.md": "1691e5c220de023aa4312ac19883b8588821404886303def351927be2ecbeaa9",
+    "corporate_ma_restructuring/business_combinations_indas_103/forms/purchase_price_allocation_schedule.json": "901d807f525d29050dabe65a7389d4293cc4becf1d7a5fc16b6712c5d2a25144",
+    "corporate_ma_restructuring/business_combinations_indas_103/section.json": "a50d23fcd84e6692da6d26a2d746020f7df3ce244a19291a2ffb76682cd4c7b0",
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package/okf/msme_commercial/lease_accounting_indas_116/circulars/mca_notification_indas_116_leases.md

@@ -0,0 +1,48 @@
+---
+id: mca_notification_indas_116_leases
+title: MCA Notification G.S.R. 273(E): Companies (Indian Accounting Standards) Amendment Rules, 2019 notifying Ind AS 116
+authority: Ministry of Corporate Affairs (MCA), Government of India
+date: 2019-03-30
+statutory_section: Ind AS 116 read with Section 133 of Companies Act, 2013
+valid_from: 2019-04-01
+valid_to: OPEN_ENDED
+temporal_status: ACTIVE
+official_url: https://www.mca.gov.in/content/mca/global/en/acts-rules/ebooks/accounting-standards.html
+---
+
+# Ministry of Corporate Affairs — Notification G.S.R. 273(E)
+
+## Companies (Indian Accounting Standards) Amendment Rules, 2019: Ind AS 116 Leases
+
+**Authority**: Ministry of Corporate Affairs, New Delhi  
+**Effective Date**: 1st April, 2019  
+**Applicability**: Mandatory for all companies governed by Ind AS under Section 133 of the Companies Act, 2013  
+
+### Statutory Objective
+The Central Government notified the **Indian Accounting Standard (Ind AS) 116: Leases**, converging verbatim with **IFRS 16** and aligning with **US GAAP ASC Topic 842**. Ind AS 116 supersedes **Ind AS 17 (Leases)**, eliminating the distinction between operating leases and finance leases for lessees. All leases must now be recognized directly on the entity's balance sheet as a Right-of-Use (ROU) Asset and Lease Liability.
+
+### Core Provisions & Balance Sheet Mandate
+
+1. **Definition of a Lease**
+   - A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.
+   - Control requires both:
+     a) The right to obtain substantially all of the economic benefits from use of the identified asset.
+     b) The right to direct the use of the identified asset.
+
+2. **Single On-Balance-Sheet Lessee Model**
+   - At lease commencement, the lessee recognizes:
+     a) **Lease Liability**: Measured at the present value of the remaining lease payments, discounted using the interest rate implicit in the lease, or the lessee's Incremental Borrowing Rate (IBR).
+     b) **Right-of-Use (ROU) Asset**: Measured at cost, comprising initial lease liability + prepayments made at or before commencement + initial direct costs + dismantling/restoration provision - lease incentives received.
+
+3. **Subsequent Measurement & Front-Loaded Expense Profile**
+   - **ROU Asset**: Depreciated on a straight-line basis over the shorter of the lease term or useful life.
+   - **Lease Liability**: Accreted over time by applying the effective interest rate method (recognizing interest expense in finance costs) and reduced by cash lease payments disbursed.
+   - This replaces straight-line operating rent expense with a **front-loaded expense profile** (higher total expense in early lease years due to higher interest on unamortized liability).
+
+4. **Statutory Practical Expedients & Exemptions**
+   - **Short-Term Leases**: Leases with a term of 12 months or less with no purchase option may elect to recognize lease payments as an operating expense on a straight-line basis.
+   - **Low-Value Assets**: Leases where the underlying asset when new has a value of approximately USD 5,000 / INR 4 Lakhs or less (e.g. personal laptops, office furniture) may elect operating expense treatment.
+
+### Dual-Reporting & Corporate Tax Reconciliation
+- **US GAAP ASC 842 Interplay**: While Ind AS 116 and IFRS 16 treat all leases as finance-type (separate interest and depreciation), US GAAP ASC 842 maintains a dual-classification model where operating leases reflect a single straight-line lease cost in operating expenses. Dual-reporting corporate groups must generate parallel reconciliation ledgers.
+- **Indian Income Tax (Section 32/37)**: Indian direct tax law does not recognize Ind AS 116 ROU asset depreciation or lease liability interest. Taxpayers claim actual contractual lease rentals under Section 37(1). This divergence generates temporary timing differences requiring **Deferred Tax Accounting under Ind AS 12 / ASC 740**.