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 »
Major Changes in GST Invoice Management System (IMS) from October 2025 Tax Period Issue: To simplify reporting, enhance reconciliation, and improve the management of Credit Notes and Input Tax Credit (ITC) reversal, the GST Network (GSTN) has introduced major updates to the Invoice Management System (IMS), effective from the October 2025 tax period. Facts: The… 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 »
CRISIL Ratings: Acquisition Cost of Fleet Operators to Decline After GST Reduction Issue: To summarize the analysis by CRISIL Ratings regarding the direct financial benefits for road logistics and fleet operators resulting from the recent Goods and Services Tax (GST) rate rationalization on commercial vehicles. Facts: The GST 2.0 reforms included rate rationalization, resulting… Read More »