GST Exemption to be a Drag on Life Insurers’ Q2 FY26 Profitability The article reports that the recent government decision to grant a Goods and Services Tax (GST) exemption on individual life insurance premiums is expected to have an adverse impact on the profitability of life insurers for the second quarter of the fiscal year… Read More »
Tax Authorities Conduct Joint Raids on UP Meat Traders The Income Tax (IT) Department and the Goods and Services Tax (GST) teams conducted coordinated, joint search and survey operations on prominent meat traders and exporters across three districts of Uttar Pradesh (UP). Key Details of the Joint Operation Agencies Involved: The operation was a collaborative… Read More »
Landmark Relief: SC Upholds ITC Benefit Despite Supplier’s Tax Default The Supreme Court of India dismissed the Revenue Department’s Special Leave Petition (SLP), effectively upholding the principle that a purchasing dealer cannot be denied Input Tax Credit (ITC) merely because the selling dealer failed to deposit the collected tax to the government exchequer. Key Points… Read More »
GST Reforms to Boost Goa’s Economy: From Shacks to SHGs The article outlines how the recent Goods and Services Tax (GST) rate rationalisation, primarily through cuts on essential goods and tourism services, is poised to stimulate Goa’s economy, supporting its core sectors like hospitality, fisheries, and local industries. Key Sectoral Gains from Rate Reductions Tourism… Read More »
GST Rationalisation: Cultivating Growth and Prosperity in Mizoram The article details how the recent Goods and Services Tax (GST) rate rationalisation, primarily featuring cuts from 12% to 5% on local products, is set to boost Mizoram’s economy by improving affordability, market access, and supporting traditional livelihoods. Key Sectoral Gains from Rate Reductions Handicrafts and Handlooms… Read More »
Electronic Cash Ledger Deposit is Equivalent to Government Deposit for Bail The Gujarat High Court ruled that an amount debited by a taxpayer to their Electronic Cash Ledger (ECL) under the Goods and Services Tax (GST) system is considered a valid deposit to the government exchequer, satisfying a bail condition. Crucially, the court held that… Read More »
CBI Orders Vigilance Probe into Chennai Customs Bribery Allegations The Central Board of Indirect Taxes and Customs (CBIC) has initiated a vigilance inquiry into serious bribery claims made against officials of the Chennai Customs department by an importer, Wintrack Inc. Key Allegations and Action Taken Importer’s Claim: The importer, Wintrack Inc., alleged that Chennai Customs… Read More »
India’s Net Direct Tax Collection Rises 6% to ₹11.89 Trillion The article reports that India’s net direct tax collection saw a healthy increase, rising by 6% to reach ₹11.89 trillion (₹11.89 lakh crore). This growth was primarily driven by higher corporate tax gains. Key Collection Highlights Total Collection: Net direct tax collections stood at ₹11.89… Read More »
Supreme Court Issues Notice to Adani Enterprises in ₹50 Crore Duty Fraud Case The Supreme Court of India has issued a notice to Adani Enterprises Ltd. (AEL) in response to a plea filed by the Customs Department, which alleged that the company caused a loss of ₹50 crore in customs duty through the duty-free import… Read More »
Retail Inflation Expected to Drop Below 2% in September Due to GST Cuts The article reports that retail inflation is likely to drop significantly, falling below 2% in September, primarily due to the recent Goods and Services Tax (GST) rate cuts and the easing of vegetable prices. Key Factors Driving the Inflation Dip Impact of… Read More »