12 Jun, 2025
What Is the Universal KYC System? India’s financial regulators, led by the Finance Minister (FM), are working on a Universal KYC system to simplify onboarding across the entire financial ecosystem—banks, NBFCs, mutual funds, insurers, and stock brokers. The goal is simple: No more repeating the same KYC process multiple times. This was one of the […]
Read More12 Jun, 2025
ASEAN FTA Duty Misuse What Copper Importers Need to Know Over 1,000 copper importers in India are now under the scanner for misusing ASEAN FTA duty exemptions, triggering a wave of investigations and demand notices by Indian Customs. This blog breaks down what went wrong, the legal basis of this crackdown, and how importers can […]
Read More12 Jun, 2025
New GST Rule from May 2025 Separate B2B and B2C Sales in GSTR-1 Starting May 2025, taxpayers filing GSTR-1 must clearly distinguish between B2B (Business-to-Business) and B2C (Business-to-Consumer) outward supplies. This change is aimed at improving data accuracy for e-invoicing, input tax credit matching, and auto-population of GSTR-2B. This update aligns with the government’s broader […]
Read More12 Jun, 2025
₹5 Crore GST Scam Unearthed in Guwahati’s Fancy Bazar Focus keyphrase: Fancy Bazar tax evasion In a major crackdown on tax evasion, the GST Intelligence wing in Guwahati has busted a ₹5 crore scam involving fake invoices and non-existent firms operating in Fancy Bazar. One individual has been arrested, exposing a deep-rooted racket that could […]
Read More12 Jun, 2025
Govt Slashes Basic Customs Duty on Crude Edible Oils from 20% to 10% In a significant policy step aimed at cooling inflation and supporting the domestic supply chain, the Government of India has reduced the Basic Customs Duty (BCD) on crude edible oils from 20% to 10% with immediate effect. This move directly impacts importers, […]
Read More12 Jun, 2025
Task Force on Textile Exports Government Moves to Build Unified Support Platform In a key development for India’s textile sector, the first meeting of the Task Force on Textile Exports was convened under the chairmanship of Commerce Secretary Shri Sunil Barthwal. The primary agenda: creating a unified platform to streamline export facilitation, resolve sectoral bottlenecks, […]
Read More12 Jun, 2025
Writ Petition Not Maintainable Legal Clarity on Pending Rectification When a taxpayer disagrees with a tax assessment or order, one of the available remedies is to file a writ petition under Article 226 of the Constitution. But what if a rectification application is already pending before the same authority? Can a writ still be entertained? […]
Read More12 Jun, 2025
Refund of ITC in GST on Business Closure What You Must Know If a registered taxpayer shuts down their business, they can claim a refund of unutilized Input Tax Credit (ITC) under GST. Legal Provision for ITC Refund on Closure Who Can Claim ITC Refund After Closure? The refund is permitted for any registered person […]
Read More12 Jun, 2025
Can You Claim ITC Refund After Closing Your Business? Sikkim HC Says Yes In a major relief to businesses, the Sikkim High Court has ruled that refund of unutilised Input Tax Credit (ITC) is permissible even after the closure of business. This landmark decision came in the case of SICPA India Pvt. Ltd., where the […]
Read More12 Jun, 2025
Iron Trader Held for ₹26 Cr GST Fraud What It Means for Businesses In a major enforcement action, GST authorities have arrested an iron trader for orchestrating a ₹26 crore tax fraud through fake invoicing and bogus Input Tax Credit (ITC) claims. The case reveals the increasing vigilance of tax departments and the serious consequences […]
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