Commerce Ministry Clarifies SOFTEX Filing for SEZ and DTA Transactions The Ministry of Commerce and Industry issued a clarification regarding the mandatory filing of SOFTEX Forms (Software Export Declaration) for transactions involving Special Economic Zone (SEZ) units and Domestic Tariff Area (DTA) units. Key Points of the Clarification SEZ to SEZ Transactions (Not Required): The… Read More »
FMCG Strategy Post-GST: Quantity Hike Over Price Cut, Amidst Ambiguity The article discusses the strategy adopted by Fast-Moving Consumer Goods (FMCG) companies following the GST 2.0 rate rationalization: increasing the product quantity (grammage) in smaller packs rather than reducing the Maximum Retail Price (MRP). However, this strategy faces legal ambiguity. The FMCG Strategy: Quantity… Read More »
Infosys Receives ₹415 Crore GST Show Cause Notice for Ineligible ITC Refunds The Directorate General of GST Intelligence (DGGI) has issued a massive Show Cause Notice (SCN) to Infosys Ltd. proposing a demand of over ₹415 crore for the alleged wrongful utilization or refund of Input Tax Credit (ITC). Key Details of the Demand Company… Read More »
Government Must Look Beyond GST to Deepen Insurance Penetration: IBA-I The Insurance Brokers Association of India (IBA-I) has urged the government to implement additional reforms beyond the recent GST rate rationalization to truly expand and deepen insurance penetration across the country. IBA-I’s Core Argument Limited Impact of GST Cuts: While the removal of GST on… Read More »
CBI Arrests Two CGST Officers for Accepting ₹25,000 Bribe in Mumbai The Central Bureau of Investigation (CBI) in Mumbai arrested two officers from the Central Goods and Services Tax (CGST) department for allegedly accepting a bribe to clear a GST registration. Key Details of the Incident Officers Arrested: Two CGST officials were apprehended… Read More »
Pharma Market Grows Despite Distributor Hesitation Post-GST Revision The Indian Pharmaceutical Market (IPM) recorded robust growth in September, even as a section of distributors temporarily curtailed purchases following the government’s GST rate revisions. Key Growth and Market Dynamics Overall Market Growth: The Indian Pharma Market registered a growth of 7.3% in September 2025. GST Impact… Read More »
Data Breach Alert: Security Flaw Exposed Taxpayer Bank and Aadhaar Details The article reports a serious security flaw found in the Income Tax Department’s official e-filing website that allegedly exposed the sensitive personal and financial data of Indian taxpayers. Key Details of the Security Flaw Vulnerability: A vulnerability was discovered in the… Read More »
Taxpayers Risk Paying Twice: Expert Flags TDS Credit Anomalies in New Income Tax Act The article highlights expert concerns regarding anomalies in the new Income Tax Act that could force taxpayers to pay tax twice due to systemic failures in claiming Tax Deducted at Source (TDS) credit. Key Issues Flagged by Experts TDS… Read More »
Festive Boost: Nuts and Dried Fruits Consumption Expected to Rise After GST Cut to 5% The consumption of nuts and dried fruits is anticipated to surge during the current festival season following the government’s decision to cut the Goods and Services Tax (GST) rate on these items from 12% to 5%. Key Impact and Benefits… Read More »
Multi-line Insurers See Muted Growth Post-GST Waiver on Health Policies The article reports that multi-line general and health insurance companies have recorded subdued or muted growth following the government’s major GST rate rationalization, which included an exemption on individual life and health insurance premiums. Reasons for Muted Growth Impact on New Business: While the GST… Read More »