CBDT Retains Transfer Pricing Tolerance Levels for AY 2025-26 Issue: To provide continuity and stability in the application of Transfer Pricing (TP) regulations, the Central Board of Direct Taxes (CBDT) formalized the tolerance range for assessing the difference between the actual price of a related-party transaction and the Arm’s Length Price (ALP) for the… Read More »
Price Relief Lags: Six Weeks After GST 2.0, Consumers Await Full Benefit on Essentials Issue: To assess the effectiveness of the GST 2.0 rate rationalization in translating into commensurate price reductions for consumers, particularly for daily necessities, six weeks after the revised rates came into effect. Facts: The GST Council lowered tax rates on… Read More »
Swift Uptake of Three-Day Simplified GST Registration Scheme Issue: To gauge the initial industry response and uptake of the recently launched fast-track, risk-based GST registration process, which promises to grant approval to eligible low-risk applicants within three working days. Facts: The fast-track registration route under the Goods and Services Tax (GST) regime went live… Read More »
GST Rate Cuts Offset US Tariff Impacts to Drive Manufacturing Growth Issue: To analyze how the strong domestic stimulus provided by the Goods and Services Tax (GST) rate rationalization helped insulate the Indian manufacturing sector from the negative financial impact of high US import tariffs, sustaining overall output growth. Facts: The GST rates were… Read More »
RBI Dividend Expected to Offset GST Revenue Shortfall in FY26 Issue: To assess the overall fiscal balance for the government in the current financial year (FY26), particularly how the anticipated revenue shortfall from Goods and Services Tax (GST) rate cuts will be managed and offset by higher-than-budgeted non-tax revenue. Facts: The recent GST rate… Read More »
RBI Dividend Expected to Offset GST Revenue Shortfall in FY26 Issue: To assess the overall fiscal balance for the government in the current financial year (FY26), particularly how the anticipated revenue shortfall from Goods and Services Tax (GST) rate cuts will be managed and offset by higher-than-budgeted non-tax revenue. Facts: The recent GST rate… Read More »
GST Team Sets Up Camp at Pushkar Fair for Tax Compliance Issue: To enforce tax compliance and collect the recently introduced Goods and Services Tax (GST) on high-value horse sales at the traditional Pushkar Fair in Rajasthan. Facts: The state GST department recently introduced a 5% GST on the sale of live horses. The… Read More »
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 »