11 Jun, 2025
GST on Medicines and Tractors The 12% Slab Debate India’s long-awaited GST slab rationalisation faces new hurdles—this time from essential sectors. While there’s consensus on trimming the current four-rate structure, medicines and tractors have emerged as bottlenecks to scrapping the 12% GST slab altogether. Let’s decode what’s happening and what it means for Indian taxpayers […]
Read More11 Jun, 2025
SEZ Land Norms Relaxed for Semiconductor & Electronics Parks In a major push for ‘Make in India’ and electronics manufacturing, the Indian government has notified key SEZ land reforms aimed at easing entry barriers for semiconductor and electronics units. As per the latest amendment to SEZ Rules, 2006 (via Notification No. GSR 383(E) dated 7th […]
Read More11 Jun, 2025
Massive DRI Customs Seizure in Manipur Drugs and Cash Worth ₹55.52 Crore In a major crackdown on illegal trafficking, a joint team of DRI, Customs, Assam Rifles, and Manipur Police seized drugs and cash worth ₹55.52 crore during a coordinated operation in Manipur. The high-value seizure marks one of the biggest enforcement actions in the […]
Read More11 Jun, 2025
NPA Interest Tax Relief What Are Banks Proposing? Banks have urged the government to reconsider the taxability of interest income on NPAs (Non-Performing Assets), which is currently taxed on an accrual basis in many cases—despite no actual receipt. This proposal, reportedly under CBDT review in June 2025, could ease the tax burden on banks and […]
Read More10 Jun, 2025
FTA Clarifies VAT on Imported Services What Indian Exporters Must Know Introduction For Indian exporters and service providers operating across borders, this clarification provides clarity on when VAT becomes applicable and who must account for it under the reverse charge mechanism. Here’s a simplified breakdown of the key takeaways and compliance implications. What Does the […]
Read More10 Jun, 2025
Timing of Income Recognition Clause 278 vs. Section 145B The timing of income recognition has always been a critical issue, especially for compensation, subsidies, or incentives. Clause 278 of the Income Tax Bill, 2025 introduces a refined provision to replace the existing Section 145B of the Income-tax Act, 1961, aiming to reduce disputes and align […]
Read More10 Jun, 2025
GST Refund Filing for QRMP Taxpayers What’s Changing? QRMP taxpayers (Quarterly Return Monthly Payment scheme) are now subject to new system validations when filing GST refund applications on the portal. This move aims to streamline refund processing and reduce mismatch errors. If you’re a QRMP filer, here’s what you need to know to avoid rejection. […]
Read More10 Jun, 2025
ITAT Restores 80G Application of Assessee Rejection Held Premature and in Violation of Natural Justice Focus keyphrase: 80G application rejection A recent ITAT ruling shines a spotlight on the importance of procedural fairness in tax administration. The Tribunal set aside the rejection of an assessee’s 80G application, citing violation of natural justice and premature decision-making. […]
Read More10 Jun, 2025
Can SCN Allegations Extend GST Limitation Period? Yes — according to a recent High Court ruling, allegations of bogus supplies and tax evasion mentioned in a Show Cause Notice (SCN) are sufficient to invoke the extended limitation period under Section 74 of the CGST Act. This landmark ruling offers critical guidance to businesses under scrutiny […]
Read More10 Jun, 2025
Summary CBDT has extended the timeline for processing ITRs filed for AY 2023–24 under Section 143(1) till 30th June 2025. This move excludes returns flagged for potential fraud, data mismatch, or refund issues. Taxpayers expecting refunds should track Form 26AS and AIS for faster processing. Introduction CBDT extends ITR processing deadline for AY 2023–24 under […]
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