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Before the 56th meeting of the Goods and Services Tax Council, the Industry body CII aimed early conclusion of the rate rationalisation process in a meeting with Finance Minister Nirmala Sitharaman. In the additional GST reforms, the industry body recommended considering all petroleum products under GST, relaxations in the ITC to facilitate the working capital […]
Since the notification of income tax return forms and the necessary filing utilities have been delayed, the Goa Chamber of Commerce and Industry (GCCI) has written to Finance Minister Nirmala Sitharaman, requesting an extension of the deadline for individuals to file their returns. The current due date for filing ITR for salaried and non-audit taxpayers […]
Union Finance Minister Nirmala Sitharaman stated that a proposal to reduce the GST on agricultural equipment and inputs is currently being reviewed by a Group of Ministers (GoM). Sitharaman answering the queries on the Finance Bill, 2025 mentioned that a proposal to reduce the GST on farm inputs, including tractors, drip irrigation systems, fertilisers, and pesticides, to […]
Finance Minister Nirmala Sitharaman said that the government can ‘realistically’ achieve personal income tax collection targets even after proposing a huge tax relief while responding to the debate on the budget in the Lok Sabha. The House passed the Finance Bill 2025, the piece of legislation that furnishes legal backing to the tax proposals and […]
Punjab Finance Minister Harpal Singh Cheema articulated that the Excise and Taxation department has conducted targeted Goods and Service Tax (GST) registration drives to widen the GST base, consequence in the addition of 46,338 new taxpayers in 2023-24 and approximately 33,000 new taxpayers up to December 2024. To educate taxpayers on filing procedures, and compliance […]
Concerning the new income tax bill 2025, the central government has received more than 60,000 inputs from citizens, as per the Union Finance Minister Nirmala Sitharaman. The Finance Minister addressing an after-budget event has mentioned the review of the Income Tax Act 1961 is an influential element of Prime Minister Narendra Modi’s principle of ‘Jan […]
Finance Minister Nirmala Sitharaman dismissed concerns about any rise in Goods and Services Tax (GST) rates, asserting that not even one item has seen a rise since the introduction of the GST regime. While addressing the question hour in the Rajya Sabha, she mentioned that the GST rates have been lessened, drawing the average rate […]
Finance Minister Nirmala Sitharaman mentioned that the GST Council will proceed with the decision to have fewer and lower rates, as the review work is on track for completion. Goods and Services Tax (GST) is a four-tier tax structure with slabs at 5, 12, 18 and 28 per cent. Luxury and demerit goods are levied […]
The Union Minister for Finance and Corporate Affairs, Smt Nirmala Sitharaman in the Parliament addresses the Union Budget 2025-26. Amendments to the GST laws have been proposed under the budget to ensure trade facilitation. These proposed changes are- Such amendment shall come into force from a notified date in coordination with states, under the suggestions […]
