GST Reforms Unlock Economic Potential in Jharkhand The article outlines how the recent GST rate rationalization, primarily through cuts from 12% to 5%, is set to boost Jharkhand’s economy by enhancing affordability, fostering industrial growth, and empowering tribal and rural livelihoods. Key Sectoral Gains from Rate Reductions Forest and Agro-Products (12% to 5%): GST cuts… Read More »
Enhanced Transparency in Income Tax Faceless Proceedings The Income Tax Department has released a new update aimed at enhancing transparency and streamlining the conduct of its faceless tax assessment and appeal proceedings. Key Features of the New Update Improved Communication and Interaction: The update focuses on simplifying the digital interface and communication channels used during… Read More »
Annual GST Compliance Opens: GSTR-9 and GSTR-9C Filing Now Live for FY 2024-25 The GST portal has officially enabled the functionality for filing the Annual Return (GSTR-9) and the Reconciliation Statement (GSTR-9C) for the Financial Year 2024-25. Key Deadlines and Applicability Filing Deadline: The last date to file both GSTR-9 and GSTR-9C is December 31,… Read More »
GST 2.0 on Housing: Simplification Doesn’t Guarantee Affordability for All Buyers A Chartered Accountant (CA) has issued a caution regarding the recent Goods and Services Tax (GST) 2.0 simplification measures for the housing sector, warning that while the new structure simplifies tax calculation, it does not automatically ensure affordability for all homebuyers. Key Concerns Highlighted… Read More »
NITI Aayog Advocates for Decriminalizing Tax Offenses for Business Confidence The article discusses how NITI Aayog, the Indian government’s public policy think tank, is strongly pushing for the decriminalization of minor tax offenses across various tax laws, including GST and Income Tax. Core Rationale for Decriminalization Fostering Compliance and Fairness: The primary objective is to… Read More »
Businessman Arrested in Assam for ₹12 Crore Fake ITC Scam Assam GST officials have arrested a businessman for his alleged involvement in a fraudulent scheme related to the Goods and Services Tax (GST) that resulted in the illegal claiming of Input Tax Credit (ITC). Key Details of the Allegation Scam Amount: The fraud is estimated… Read More »
GST Refunds to be Fast-Tracked via Mandated Risk-Based Approvals The Central Government has mandated a new system to fast-track Goods and Services Tax (GST) refunds, requiring tax authorities to adopt a risk-based approach for processing and approving claims. Key Features of the New System Risk-Based Approval: The new mechanism is designed to expedite refunds for… Read More »
New Import Regulations for Solar and Wind Energy Components Effective from November 1, 2025 The government has announced that new import regulations specifically targeting components used in the solar and wind energy sectors will come into effect from November 1, 2025. Key Focus of the Regulations Quality Control and Standards: The primary objective of these… Read More »
Delhi Clears GST Refund Backlog: ₹694 Crore Disbursed to Traders The Delhi government announced a massive clearance of outstanding Goods and Services Tax (GST) refunds, amounting to ₹694 crore, providing a significant “Diwali gift” to traders and businesses in the city. Key Highlights of the Initiative Total Amount Disbursed: The government disbursed approximately ₹694 crore… Read More »
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 »