Report Alleges Cement Firms Tried to Pocket GST Benefit Meant for Consumers A report suggests that several cement manufacturers may have been engaging in a strategic effort to retain the financial benefit resulting from the recent GST rate reduction, rather than passing the full savings on to the final consumers. Key Allegation Anti-Profiteering Conduct: The… Read More »
Bombay High Court Grants Interim Stay on 18% GST for Hotel-Based Restaurants The Bombay High Court has granted an interim stay on the retrospective levy and collection of 18% Goods and Services Tax (GST) on restaurants located within hotels. Key Details of the Stay Order Levy Challenged: The interim relief targets the retrospective application of… Read More »
Used Car Prices Cut to Match GST Reset for New Vehicles The used car market has witnessed a synchronized price correction, with prices being reduced to align with the new, lower GST rates implemented for new vehicles under the recent tax rationalization. Key Impact of the Price Correction Synchronization with New Car Market: The price… Read More »
J&K Chief Secretary Orders Strict Enforcement of GST Rate Cuts for Consumer Benefit The Chief Secretary of Jammu and Kashmir (J&K) has issued strict directives to all concerned government departments to ensure the immediate and complete enforcement of the recent GST rate rationalization so that the tax benefits are passed on to the final consumers.… Read More »
GST Exemption to be a Drag on Life Insurers’ Q2 FY26 Profitability The article reports that the recent government decision to grant a Goods and Services Tax (GST) exemption on individual life insurance premiums is expected to have an adverse impact on the profitability of life insurers for the second quarter of the fiscal year… Read More »
Tax Authorities Conduct Joint Raids on UP Meat Traders The Income Tax (IT) Department and the Goods and Services Tax (GST) teams conducted coordinated, joint search and survey operations on prominent meat traders and exporters across three districts of Uttar Pradesh (UP). Key Details of the Joint Operation Agencies Involved: The operation was a collaborative… Read More »
Landmark Relief: SC Upholds ITC Benefit Despite Supplier’s Tax Default The Supreme Court of India dismissed the Revenue Department’s Special Leave Petition (SLP), effectively upholding the principle that a purchasing dealer cannot be denied Input Tax Credit (ITC) merely because the selling dealer failed to deposit the collected tax to the government exchequer. Key Points… Read More »
India’s Net Direct Tax Collection Rises 6% to ₹11.89 Trillion The article reports that India’s net direct tax collection saw a healthy increase, rising by 6% to reach ₹11.89 trillion (₹11.89 lakh crore). This growth was primarily driven by higher corporate tax gains. Key Collection Highlights Total Collection: Net direct tax collections stood at ₹11.89… Read More »
Supreme Court Issues Notice to Adani Enterprises in ₹50 Crore Duty Fraud Case The Supreme Court of India has issued a notice to Adani Enterprises Ltd. (AEL) in response to a plea filed by the Customs Department, which alleged that the company caused a loss of ₹50 crore in customs duty through the duty-free import… Read More »
Retail Inflation Expected to Drop Below 2% in September Due to GST Cuts The article reports that retail inflation is likely to drop significantly, falling below 2% in September, primarily due to the recent Goods and Services Tax (GST) rate cuts and the easing of vegetable prices. Key Factors Driving the Inflation Dip Impact of… Read More »