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Starting April 1, 2025, new financial rules will introduce changes to GST, income tax, and banking. Below are the complete details. New Feature to Strengthen GST Security The Goods and Services Tax (GST) structure will undergo updated modifications, and the new security feature, Multi-Factor Authentication (MFA), will become mandatory for taxpayers accessing the GST portal. […]
In recent months, the Central Goods and Services Tax (CGST) officials have scrutinized more than 2 dozen textile manufacturing companies in the nation concerning misclassifying textile processing activities and subsequently paying lesser tax. As per the officials, the CGST department has noted that various textile manufacturers are recording activities that involve ‘changing the nature of […]
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 […]
The Income-tax Act, 2025, in India, which replaces the decades-old Income-tax Act, 1961, was passed by Parliament in August 2025 and received the President’s assent. The government has confirmed that it will come into force from 1 April 2026. Latest Updates Current Tax Law Challenges New Income Tax Act 2025 The Income Tax Act, 2025, […]
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 indirect tax structure in India has been streamlined by the Goods and Services Tax (GST) however, the making of the GST rate list has provided complexities for companies and individuals alike. The GST rate list cites the tax fees for special items and services, varying from 0 to 28 per cent. The SAG Infotech […]
The decision of the Goods and Services Tax (GST) Council to charge an 18% tax on the resale of used electric vehicles (EVs) has made confusion. The explanation Finance Minister Nirmala Sitharaman who directed a tax on the margin value of resales has recommended that individuals selling their used cars shall be obligated to tax. […]
On the GST rate rationalization, the GoM suggested lowering the tax rates on 20-litre packaged drinking water bottles, bicycles, and practice notebooks to 5%, however, it recommended raising the taxes on high-end wristwatches and shoes, as per the official. According to officials, GoM’s decision on the rate rejig on the GST rate rationalization under Bihar […]
The 54th GST Council meeting, chaired by Union Finance Minister Nirmala Sitharaman and attended by state finance ministers and tax officials, concluded with several key recommendations. Additionally, the GST rate on small digital transactions (PAs) is to be discussed at the next meeting. Additionally, the current 18 per cent GST rate on life and health […]
