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The Finance Ministry is inviting companies and trade bodies to share their suggestions on possible changes to tax rates and measures to simplify tax compliance. These inputs will be considered for the Union Budget for FY 2026-27, which will be presented on February 1, 2026. In a customary communication to trade and industry associations ahead […]
According to a finance ministry report, the lower GST rate might assist a positive demand outlook by lowering the tax burden on consumers and businesses. But they warned that global uncertainties pose downside risks to the growth outlook. The September economic report of the ministry cited robust performance in the industries and service sector, including […]
The Insurance Brokers Association of India (IBAI) has called upon the Ministry of Finance to implement further initiatives, beyond the recent revisions to the Goods and Services Tax (GST), aimed at increasing the penetration rates of health and life insurance across the nation. GST rate cut can exempt individual health insurance premiums to a specific […]
In a positive move for millions of UPI users, the Ministry of Finance has responded to the proposed imposition of GST on UPI payments exceeding a certain limit. In the Rajya Sabha, a query was raised by Congress MP Anil Kumar Yadav on July 22. The question is concerned with the proposal of the government […]
Quoting risks to the confidentiality of government data and documents the Finance Ministry has furnished a directive restricting the officers and staff from utilizing AI tools such as ChatGPT and DeepSeek on office computers. The Department of Expenditure in a note dated January 29, mentioned that, “It has been determined that AI tools and AI […]
The Ministry of Finance, through Notification No. 5063(E), has presented significant amendments to the jurisdiction of State Benches of the Goods and Services Tax Appellate Tribunal (GSTAT) under Section 109 of the CGST Act, 2017. A reorganization of district jurisdictions for efficiency in GST dispute resolution is been ensured from this update posted in the […]
The Finance Ministry has issued regulations outlining the procedures for appointing the president and members of GST appellate tribunals (GSTAT) in Tripura and six other northeastern states. Alongside Tripura, separate benches are set for establishment in Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, and Nagaland, as per a notification from the Finance Ministry. The Goods and […]
In a recent development, there is growing concern in Kerala and Lakshadweep over the allocation of GST Appellate Tribunal benches by the Union Finance Ministry. Despite earlier assurances to Kerala about the establishment of two benches, a recent notification has designated only one bench, leading to confusion and disappointment in the state. This decision has […]
To stop the bogus invoice activities beneath the GST the finance ministry is recognizing additional measures. Tax officials had found nearly 60 fake companies just in the national capital region that is engaged in providing bogus invoices over Rs 800 cr. Under section 132 of CGST act 2017, the issuance of the invoice or bill […]
