Advisory : Introduction of Import of Goods details in IMS Oct 30th, 2025 The Invoice Management System (IMS) was introduced on the GST portal from the October 2024 tax period. It enables recipient taxpayers to accept, reject, or keep pending their individual records uploaded by their suppliers through GSTR-1/1A/IFF. To further enhance the taxpayer convenience,… 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 »
Absence of Document Identification Number (DIN) in GST Orders Makes It Invalid, But Not Void Issue: Whether a notice, order, or any other communication issued by the Goods and Services Tax (GST) authorities without the mandatory Document Identification Number (DIN) is rendered completely void (non-existent in law), or merely invalid, meaning it can be rectified… Read More »
Issuance of a Single Show Cause Notice or Assessment Order for Multiple Financial Years under the GST Act is Prohibited Issue: Whether a single, composite Show Cause Notice (SCN) or assessment order issued by tax authorities, which covers demands for multiple, distinct financial years, is legally valid and permissible under the Goods and Services Tax… Read More »
Advisory to file pending returns before expiry of three years Oct 29th, 2025 As per the Finance Act,2023 (8 of 2023), dt. 31-03-2023, implemented w.e.f 01-10-2023 vide Notification No. 28/2023 – Central Tax dated 31th July, 2023, the taxpayers shall not be allowed file their GST returns after the expiry of a period of three… 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 »