ICAI Proposes Optional Joint Taxation for Married Couples Issue: As part of its pre-Budget 2026-27 recommendations, the Institute of Chartered Accountants of India (ICAI) proposed the introduction of an optional joint taxation scheme for married couples to reduce compliance complexity and provide potential tax savings for households. Facts: The ICAI submitted a set of… Read More »
GST and Festive Demand Drive Double-Digit Growth in Vehicle Sales in October Issue: To report on the comprehensive recovery and growth across all major vehicle segments in October 2025, driven by the festive buying spree and the consumer stimulus provided by the revised Goods and Services Tax (GST) rates. Facts: The GST rate rationalization… Read More »
Dear Professional Colleague, Your kind attention is drawn to Phase IV of the Peer Review Mandate which is as follows: Peer Review Mandate – Phase IV: Practice Units which propose to undertake audits of branches of Public Sector banks: For these Practice Units, there is a pre-requisite of having Peer Review Certificate OR Practice… Read More »
Deadline Alert: PAN Deactivation Looms on January 1, 2026 Issue: To warn taxpayers about the mandatory requirement set by the Central Board of Direct Taxes (CBDT) to link their Permanent Account Number (PAN) with their Aadhaar number to prevent the deactivation of their PAN. Facts: The Permanent Account Number (PAN) is a crucial identifier… Read More »
Karnataka and Telangana Lead Large States in GST Revenue Growth Post-Rate Cut Issue: To analyze the Goods and Services Tax (GST) revenue performance of major states in October 2025, specifically determining which large states effectively countered the revenue drag from the recent GST rate rationalization (GST 2.0). Facts: The GST rate rationalization initiative, which… Read More »
GJEPC Calls for Customs Overhaul and Concessional Credit to Boost Exports Issue: To address global competition and the impact of trade barriers, the Gem and Jewellery Export Promotion Council (GJEPC) submitted key policy recommendations to the government, focusing on modernizing the Customs regime and providing financial support to enhance India’s competitiveness in the global… Read More »
NITI Aayog Proposes Presumptive Tax for MNCs to Reduce Transfer Pricing Disputes Issue: To provide a practical solution to the persistent and mounting tax litigation problem faced by Multinational Corporations (MNCs) in India, particularly disputes arising from the complex application of Transfer Pricing (TP) and Permanent Establishment (PE) rules. Facts: Transfer pricing and PE… Read More »
DGFT Appeals for Minimum ₹300 Contribution to Armed Forces Flag Day Fund Issue: To observe the annual Armed Forces Flag Day (AFFD) and appeal for voluntary financial contributions from Central Government officials and staff for the benefit of the Armed Forces Flag Day Fund (AFFDF), which supports battle casualties and ex-servicemen welfare. Facts: The… Read More »
DGFT Notifies Annual Export Quota for Artificially Propagated Red Sanders Issue: To regulate and permit the export of Red Sanders wood (a highly valued and CITES-regulated species) in log and root form derived exclusively from cultivation on private land, while ensuring compliance with sustainability norms and international treaties. Facts: Red Sanders (Pterocarpus Santalinus) is… Read More »
CBIC: Separate GST Registration Mandatory for Out-of-State Warehouses Issue: To clarify the requirement for obtaining separate Goods and Services Tax (GST) registration in a different state when an importer’s principal place of business is in one state (e.g., Delhi) but they utilize third-party warehouses or cold storage facilities in another state (e.g., Haryana) to… Read More »