DGFT Expands Eligibility for ‘Source from India’ E-Platform Issue: To enable a wider base of accomplished Indian exporters to showcase their products and credentials to international buyers, the Directorate General of Foreign Trade (DGFT) revised the eligibility criteria for the “Source from India” service on its Trade Connect ePlatform. Facts: The “Source from India” platform… Read More »
GSTN Expands Digital Payment Options: UPI Facility Available in 27 States and UTs Issue: To simplify the process of making Goods and Services Tax (GST) payments for taxpayers, enhance compliance efficiency, and promote digital transactions, the GST Network (GSTN) has significantly expanded the availability of the Unified Payments Interface (UPI) facility across most states and… Read More »
CBDT’s Circular on Extension of Timelines for Filing of Various Reports of Audit and Income Tax Returns (ITRs) for the Assessment Year 2025-26 Issue: To provide necessary relief to assessees and tax professionals and address the statutory compliance pressure, the Central Board of Direct Taxes (CBDT) formally utilized its authority under Section 119 of the… Read More »
Jewellery Worth Over ₹90 Lakh Seized by Income Tax Department Vanishes from Bank Locker; High Court Orders Taxpayer to Be Compensated Issue: Whether the Income Tax Department is liable to compensate a taxpayer for the loss of gold and jewelry worth over ₹90 lakh that was seized during a search operation and subsequently vanished or… Read More »
FinMin Seeks Industry Suggestions on Tax Changes Expected in FY27 Budget Issue: The Ministry of Finance (FinMin) has commenced the preparatory process for drafting the Union Budget for the Financial Year (FY) 2026-27 and has formally invited suggestions and proposals from industry associations and trade bodies regarding anticipated changes to the nation’s direct and indirect… Read More »
Global Uncertainties Present Downside Risks to Growth Outlook; GST Rate Cut Reforms to Mitigate Impact, Says Finance Ministry Issue: To summarize the Finance Ministry’s official assessment of the current economic environment, acknowledging the persistent threats from global uncertainties while highlighting how the recent Goods and Services Tax (GST) rate rationalization acts as a deliberate policy… Read More »
GST Reset Likely to Boost Demand Outlook: Finance Ministry Report Issue: To summarize the findings of a Finance Ministry report assessing the impact of the Goods and Services Tax (GST) rate rationalization (GST 2.0) on the domestic economy and providing an outlook on future consumer demand. Facts: The GST 2.0 reforms involved simplifying tax slabs… Read More »
Tax Audit Due Date Extended to November 10, 2025, and Due Date of ITR Extended to December 10, 2025 Issue: To provide relief to assessees and tax professionals from compliance burdens, the Central Board of Direct Taxes (CBDT) extended the statutory deadlines for filing both the Tax Audit Report (TAR) and the corresponding Income Tax… Read More »
12th Pass Jharkhand Man Poses as Income Tax Officer, Defrauds Woman of ₹9 Lakh Issue: To report on a criminal case where an individual, by impersonating an Income Tax officer, used deception to defraud a woman of a significant sum of money. Facts: A man from Jharkhand, who had only completed his 12th grade education,… Read More »
GST Relief Fuels India’s Car Upgrade Wave, EV Optimism, Says Study Issue: To summarize the findings of a new study regarding the impact of the Goods and Services Tax (GST) rate rationalization on the automotive sector, focusing on consumer behavior (upgrading vehicles) and the outlook for Electric Vehicles (EVs). Facts: The GST 2.0 reforms included… Read More »