Advisory to file pending returns before expiry of three years Oct 29th, 2025 As per the Finance Act,2023 (8 of 2023), dt. 31-03-2023, implemented w.e.f 01-10-2023 vide Notification No. 28/2023 – Central Tax dated 31th July, 2023, the taxpayers shall not be allowed file their GST returns after the expiry of a period of three… Read More »
ITR Date extension AY 2025-26 for whom date not extended to 10th Dec 2025 we will analyze press release from the Central Board of Direct Taxes (CBDT). Based o Press Release dated October 29, 2025 , here is the analysis of the Income Tax Return (ITR) and Tax Audit due date extensions for the Assessment… Read More »
ITR Filing Date extended AY 2025-26 I Income Tax Audit Date extended AY 2025-26 The Central Board of Direct Taxes (CBDT) has decided to extend the due date of furnishing of Return of Income under sub-Section (1) of Section 139 of the Act for the Assessment Year 2025-26, which is 31st October 2025 in the… Read More »
DGFT’s Pilot Launch of Bharat Aayat Niryat Lab-Setu (BANYALS) Issue: To strengthen India’s trade facilitation ecosystem and reduce delays in testing and certification by integrating accredited testing and inspection agencies under a single, paperless digital platform for importers and exporters. Facts: The Directorate General of Foreign Trade (DGFT) is initiating the pilot phase of… Read More »
CBIC Issues Letter on New Comprehensive Customs Notification No. 45/2025-Customs, Effective from November 01, 2025 Issue: To simplify and consolidate the complex structure of various Customs Duty rates and exemptions that were spread across numerous previous notifications, the Central Board of Indirect Taxes and Customs (CBIC) is introducing a single, comprehensive master notification. Facts: Prior… Read More »
FADA Approaches Supreme Court Over ₹2,500 Crore Compensation Cess Loss Issue: Whether the Central Government is legally liable to provide compensation or allow a grace period for automobile dealers to offset the substantial inventory loss—estimated at ₹2,500 crore—incurred due to the sudden implementation of Goods and Services Tax (GST) rate cuts (GST 2.0) and… Read More »
CBIC Revises Duty Drawback Rates for Gold and Silver Jewellery Issue: To provide clarity and certainty to exporters in the diamond, gold, and silver jewelry sector, the Central Board of Indirect Taxes and Customs (CBIC) revised the fixed All Industry Rates (AIR) of Duty Drawback applicable to exported goods. Facts: The Duty Drawback scheme… Read More »
CBIC Circular: Assignment of Proper Officers and Monetary Limits for GST Actions Title: CBIC’s Important Circular: Assignment of Proper Officers and Monetary Limits under Sections 74A, 75(2), and 122 of the CGST Act, 2017 Issue: To ensure administrative clarity, uniformity, and effective jurisdiction under the Goods and Services Tax (GST) Act, the Central Board… Read More »
No Extra GST on Tobacco; Centre Plans New Levy as Cess Period Nears End Issue: With the expiry of the existing GST Compensation Cess, the Central Government needed a mechanism to maintain the high tax burden on demerit/sin goods like tobacco, thereby ensuring continuity of high revenue generation and public health deterrence, without destabilizing… Read More »
Finance Ministry: GST Cuts to Lift Demand, But Global Headwinds Cloud Outlook Issue: To summarize the Finance Ministry’s official assessment of the economic impact of the recent Goods and Services Tax (GST) rate rationalization (GST 2.0), highlighting the positive domestic stimulus while cautioning against persistent global economic challenges. Facts: The GST 2.0 reforms involved… Read More »