Chartered Accountant Booked in ₹560 Crore Fake Billing Scam in Jamnagar A Chartered Accountant (CA) in Jamnagar has been formally booked by tax authorities for alleged involvement in a massive Goods and Services Tax (GST) fake billing and fraudulent Input Tax Credit (ITC) racket. Key Details of the Allegations Scam Amount: The fraud is estimated… Read More »
DGFT Issues Corrigendum for SION C888: Circular Reference Removed The Directorate General of Foreign Trade (DGFT) issued a corrigendum (correction) regarding the Standard Input Output Norms (SION) entry C888 for exports. Key Correction Circular Reference Removed: The corrigendum amends SION Entry C888 by removing the reference to a specific circular (presumably related to the export… Read More »
DGFT Amends Import Policy for Sulfadiazine API: Key Update for Pharma Sector The Directorate General of Foreign Trade (DGFT) issued a notification amending the import policy for the Active Pharmaceutical Ingredient (API) Sulfadiazine, marking a crucial update for the domestic pharmaceutical industry. Key Policy Change Policy Shift: The import policy for Sulfadiazine API has been… Read More »
DGFT Notifies New SION to Streamline Mobile Phone Exports The Directorate General of Foreign Trade (DGFT) has notified a new Standard Input Output Norms (SION) specifically for the export of mobile phones. This amendment is aimed at making the Advance Authorisation (AA) process more efficient for mobile phone manufacturers and exporters. Key Impact of the… Read More »
Ministry of Textiles Notifies Major Amendments in PLI Scheme for Textiles to Boost MMF and Technical Textiles Sectors The amendments underscore the Government’s focus on fostering employment and driving India’s leadership in the global textile market PLI Scheme Application Portal Opened till 31st December, 2025 Posted On: 09 OCT 2025 4:10PM by PIB Delhi Ministry… Read More »
MINISTRY OF FINANCE (Department of Economic Affairs) NOTIFICATION New Delhi, the 10th October, 2025 F. No. 5(3)-B(PD)/2023.—It is hereby notified that the deposits made under the Special Deposit Scheme for Non-Government Provident, Superannuation and Gratuity Funds, announced in the Ministry of Finance (Department of Economic Affairs) Notification No.F.16(1)-PD/75 dated 30th June, 1975, shall with effect… Read More »
Rule 86A cannot be used to block a taxpayer’s Input Tax Credit (ITC) ledger to create a “negative” balance; the power is strictly limited to the credit that is actually available in the ledger at the time of the blocking order. Issue Does Rule 86A of the CGST Rules, 2017, empower a tax officer to… Read More »
Judicial Backlog Crisis: ₹6.85 Lakh Crore Pending in Tax Tribunals Chief Justice B.R. Gavai revealed a massive crisis in tax litigation, stating that cases involving disputed tax demands totaling an estimated ₹6.85 lakh crore are currently pending resolution across various tax tribunals in India. Key Points of the CJI’s Statement Scale of the Pending Demand:… Read More »
Relief for Taxpayers: ITAT Quashes ₹1 Crore Tax Demand Based on TDS Mismatch The Income Tax Appellate Tribunal (ITAT), Mumbai Bench, ruled that a huge tax demand cannot be raised against a taxpayer merely because of a mismatch in the Tax Deducted at Source (TDS) reflected in Form 26AS if the taxpayer presents satisfactory evidence… Read More »
Infosys Contests ₹415 Crore DGGI Notice: No Tax Demand Raised Yet Infosys Ltd. clarified that the recent communication from the Directorate General of GST Intelligence (DGGI) concerning ₹415 crore is a Show Cause Notice (SCN), which is a proposal to raise a tax demand, not a final tax demand order itself. The company has taken… Read More »