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The Income Tax Department (ITD) has cited that recent communications sent to taxpayers for the specific transactions are advisory in nature and have the motive to ease the voluntary compliance. As per the department, such notices are furnished merely in cases where there is a significant gap between disclosures in the ITR and the data […]
On readymade garments and clothing accessories priced exceeding Rs 2,500 per piece, the Central Government, following recommendations of the 56th GST Council meeting, has increased the Goods and Services Tax (GST) rate to 18% from 12%. W.e.f September 22, 2025, the revised rates shall come into force, the Ministry of Finance informed the Lok Sabha. […]
The Ministry of Corporate Affairs (MCA), for the objective of facilitating compliance burden for businesses and promoting the growth of India’s micro and small enterprises, has officially notified the Companies (Specification of Definition Details) Amendment Rules, 2025. The revisions surge the financial limits that specify a small company under the Companies Act, 2013. Recommended: Important […]
The Income Tax Department has rolled out new tools to enhance transparency and compliance in recent years. These include the Annual Information Statement (AIS) and the Taxpayer Information Summary (TIS). While they are useful for reducing mismatches between taxpayer disclosures and third-party data, they have their own issues. Taxpayers often face confusion from the mismatched […]
The All India Notebook Manufacturers Association (AINMA) has raised noteworthy problems about an inverted duty structure after the recent GST rate rationalisation. On books and notebooks, the GST rate was already cut to zero by the 56th GST council meeting, and the tax on paper and paper boards was increased to 18%. According to the […]
GST-related 3000 complaints have been received by the National Consumer Helpline since the inception of the revised rates. For additional action, some of these complaints are being sent to the Central Board of Indirect Taxes and Customs (CBIC). Consumer Affairs Secretary Nidhi Khare stated, “Every day, we are receiving complaints. So far, we have received […]
An important clarification has been issued by the Central Board of Indirect Taxes and Customs (CBIC) on the Goods and Services Tax (GST) rates and classification for several products, including pepper, raisins, ready-to-eat popcorn, autoclaved aerated concrete (AAC) blocks, and amendments associated to vehicle ground clearance. Based on the 55th meeting of the GST Council […]
Union Finance Minister Nirmala Sitharaman, to decrease the tax load on people earning Rs 1 lakh per month the government has surged the income tax exemption from ₹7 lakh to ₹12 lakh. FM also mentioned that the government was reducing the income tax slab rates and broadening the tax brackets to provide relief to taxpayers […]
It was cited by Patna High court that the Appellate authority has a obligation to analyse the grounds that the taxpayer has raised in the memorandum of plea and wished to issue on merits if the plea is filed ex parte. The Bench including Chief Justice K. Vinod Chandran and Justice Partha Sarthy, cited that […]
