Chandigarh Audit Flags Major Irregularities in Streetlight Project A recent audit report on a streetlight project in Chandigarh has flagged significant financial and procedural irregularities, highlighting both a massive cost escalation and issues related to unverified Goods and Services Tax (GST) payments made to the contractor. Key Findings of the Audit Massive Cost Escalation: The… Read More »
CBDT authorises ‘CPC Bengaluru’ to rectify mistakes & issue consequential demand notices in respect of all incomes MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 27th October, 2025 S.O. 4901(E).— In exercise of the powers conferred by sub-sections (1) and (2) of section 120 of the Incometax Act,… Read More »
CBDT Directs Strict Verification of Expenses in Entertainment Sector The Central Board of Direct Taxes (CBDT) issued a letter addressing the findings of the Comptroller and Auditor General’s (C&AG) Performance Audit Report on the assessment of assessees in the entertainment sector. The CBDT’s instructions mandate that Assessing Officers (AOs) ensure uniformity and strict adherence to… Read More »
₹21.64 Crore GST Evasion Uncovered in Karnataka, One Arrested The article reports that Goods and Services Tax (GST) enforcement authorities in Karnataka successfully uncovered a major tax evasion racket involving fraudulent transactions and illegal Input Tax Credit (ITC) claims. Key Details of the Allegation and Action Evasion Amount: The fraud is estimated to involve the… Read More »
GST Cuts Spur Consumption, Expected to Reflect in GDP Growth The government anticipates that the successful transmission of benefits from the recent Goods and Services Tax (GST) rate rationalization, combined with increased consumer spending, will be reflected in a significant boost to Gross Domestic Product (GDP) growth. Key Factors for Anticipated GDP Growth Full Price… Read More »
₹5 Crore Tax Evasion Case in Telangana Traced to Identity Theft The article reports that a Goods and Services Tax (GST) fraud case involving an evasion of ₹5 crore in tax benefits in Telangana was unearthed, with the fraudulent scheme traced back to an act of identity theft. Key Details of the Fraud Fraud Amount:… Read More »
Tyre Maker CEAT Expects GST Rate Cut Benefits Soon The article reports that the tyre manufacturer CEAT anticipates that the benefits resulting from the recent GST rate rationalization are expected to be realized and passed on to consumers in the near future. Key Expectations Benefit Transmission: CEAT is likely preparing to pass on the cost… Read More »
FMCG Firms Set Ambitious Targets as GST Reforms Spur Consumer Spending The article reports that Fast-Moving Consumer Goods (FMCG) companies are setting ambitious sales and volume growth targets, driven by the positive market momentum created by the recent Goods and Services Tax (GST) rate rationalization. Key Factors Driving Optimism Boost to Affordability: The GST rate… Read More »
₹7 Crore GST Fraud Unearthed in UP’s Bhadohi, Trader Booked The article reports that a Goods and Services Tax (GST) fraud racket, involving an evasion of ₹7 crore, was successfully unearthed in the Bhadohi district of Uttar Pradesh (UP), leading to the cancellation of a firm’s registration and the booking of the involved trader. Key… Read More »
All GST Cut Benefits Passed On for 54 Daily Use Items: FM Sitharaman Finance Minister Nirmala Sitharaman announced that the government’s rigorous monitoring confirmed that the benefits of the Goods and Services Tax (GST) rate reduction have been fully passed on to consumers for all 54 daily use items that saw a tax cut. Key… Read More »