30 May, 2025
Adar Poonawalla Eyes Billion-Dollar Capital Raise to Boost NBFC Operations Serum Institute of India CEO Adar Poonawalla is shifting focus to the finance sector. His Non-Banking Financial Company (NBFC), Poonawalla Fincorp, is planning a billion-dollar capital raise to scale operations, diversify lending products, and compete with top private lenders. This strategic move could reshape the […]
Read More30 May, 2025
Intro Paragraph:ITC reversal delay has led many businesses to receive demand notices, but can the department raise a fresh demand merely because the reversal happened late? Let’s simplify what the law says and why delays don’t always justify penal action. What Is ITC Reversal and Why Timing Matters Under GST, if a taxpayer wrongly avails […]
Read More30 May, 2025
Summary The Income Tax Department has released the Excel-based utilities and schema for ITR-1 and ITR-4 for AY 2025–26. Prefilled data download is enabled. The return filing deadline is extended to 15 September 2025. Start early and avoid last-minute glitches. Excel Utility for ITR-1 and ITR-4 Released What You Need to Know The Excel utility […]
Read More30 May, 2025
Fake Biodiesel Racket SGST Uncovers Major Tax Fraud in Kerala In a significant enforcement move, the State GST department has launched massive raids across Kerala, exposing a fake biodiesel racket operating under the guise of “biorefineries.” This illegal network recycled industrial waste oils, added chemicals, and sold the concoction as biodiesel — causing revenue losses […]
Read More30 May, 2025
Are Manufacturer Discounts to Retailers Taxable Under GST? When a manufacturer offers a post-sale discount to a retailer, is it treated as a payment for promoting the product? This question has created confusion for taxpayers and auditors alike. Here’s the good news: not all discounts are taxable as services. The Central Board of Indirect Taxes […]
Read More30 May, 2025
Punjab GST Collection Misses Target by 10% in FY 2024–25 Punjab’s GST revenue fell short by nearly ₹2,200 crore in FY 2024–25, marking a 10% gap from the projected target. This shortfall has reignited conversations around tax compliance, administrative inefficiencies, and the need for reform in the state’s indirect tax ecosystem. What Was the Target […]
Read More30 May, 2025
Income Tax Refund Scam ₹100 Crore Fraud Busted In a shocking revelation, the Income Tax Department has uncovered a ₹100 crore refund scam involving the misuse of PAN data and ITR filing systems. What’s even more alarming? The involvement of government employees and intermediaries who exploited the system from within. Let’s break this down in […]
Read More30 May, 2025
Why Disallowing Input Tax Credit for Leased Commercial Development is a Flaw This policy, while legally framed under the CGST Act, raises serious concerns for the commercial real estate sector, especially when India is trying to attract global investments and boost infrastructure. Let’s break this down and see why this ITC restriction doesn’t align with […]
Read More29 May, 2025
GST on Co-Lending Charges What NBFCs and Banks Need to Know The GST on co-lending charges has been a grey area for years. With different interpretations and tax positions taken by NBFCs and banks, confusion around GST applicability in co-lending arrangements persisted. Now, both parties have reached a consensus, aligning with the GST law and […]
Read More29 May, 2025
GST Rate Rationalisation CII Urges FM for Early Simplification The Confederation of Indian Industry (CII) has formally urged the Finance Minister to expedite GST rate rationalisation and reduce compliance burden, citing challenges faced by Indian businesses due to the current complex tax structure. This move comes ahead of the expected 47th GST Council meeting, where […]
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