CBDT Grants Income Tax Exemption to Key Public Bodies The Central Board of Direct Taxes (CBDT) has issued notifications to grant income tax exemptions to several key public and governmental bodies, recognizing their objectives as non-profit and aligned with public welfare. Purpose of the Exemption Non-Taxable Income: The notifications formally declare that the income of… Read More »
Policy Challenges for Inverted Duty Structure (IDS) Refunds The article discusses the significant policy and legal challenges faced by manufacturers seeking refunds for accumulated Input Tax Credit (ITC) under the Inverted Duty Structure (IDS) in the GST regime, where the tax rate on inputs is higher than the tax rate on the final output product.… Read More »
DGFT Amends Import Policy for Various Items, Syncing with Finance Act 2025 The Directorate General of Foreign Trade (DGFT) issued a notification announcing amendments to the import policy for a wide range of goods to align with the changes introduced in the Finance Act 2025. Key Impact of the Amendments Policy Synchronization: The core objective… Read More »
Major Corruption Bust: CGST Superintendent Arrested for ₹5 Lakh Bribe in Nashik The Central Bureau of Investigation (CBI) conducted a major anti-corruption operation, arresting a high-ranking official of the Central Goods and Services Tax (CGST) department in Nashik. Key Details of the Incident Official Arrested: A Superintendent-level officer from the CGST department in Nashik was… Read More »
GST Price Watchdog DGAP Set to Wind Down The Directorate General of Anti-Profiteering (DGAP), the dedicated price monitoring and enforcement body under the Goods and Services Tax (GST) regime, is reportedly set to wind down operations. Key Details and Reason for Closure DGAP’s Role: The DGAP was initially established to investigate complaints and… Read More »
GST Rate Cuts to Directly Benefit Farmers: FM Sitharaman Finance Minister Nirmala Sitharaman stated that the recent Goods and Services Tax (GST) rate rationalization, which reduced taxes on numerous goods, is specifically intended to provide direct financial benefits to farmers. Key Benefits for the Farming Sector Cheaper Agricultural Inputs: The GST cuts… Read More »
Battery Recycling Firm Faces GST Probe in Uttar Pradesh The article reports that a battery recycling firm is facing a Goods and Services Tax (GST) investigation in Uttar Pradesh over allegations of tax irregularities. Key Details of the Probe Sector: The investigation targets a company operating in the battery recycling industry. Location: The probe is… Read More »
Declaration of computer resources related to the public financial management system application comprising of various modules MINISTRY OF FINANCE (Department of Expenditure) NOTIFICATION New Delhi, the 24th September, 2025 S.O. 4705(E).— In exercise of the powers conferred by sub-sections (1) and (2) of section 70 of the Information Technology Act, 2000 (21 of 2000) (hereinafter… Read More »
Publication of notification under the prevention of Money laundering Act 2002 MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 16th October, 2025. S.O. 4697(E).— In pursuance of sub-clause (ii) of clause (h) of sub-rule (2) of rule 9A of the Prevention of Money-laundering (Maintenance of Records) Rules, 2005, the Central Government in consultation… Read More »
GST Rate Cuts to Drive Growth and Livelihoods in Nagaland The recent Goods and Services Tax (GST) rate rationalisation, featuring cuts primarily from 12% to 5% on various local and essential products, is set to significantly boost Nagaland’s economy by improving affordability, enhancing market access, and empowering small enterprises. Key Sectoral Gains from Rate Reductions… Read More »