Monika Yadav

ASSOCHAM seeks Customs amnesty scheme to settle ₹1.5 trillion disputes

In its pre-Budget memorandum, ASSOCHAM has proposed a one-time Customs amnesty scheme, tax incentives for manufacturers and lower long-term capital gains tax rates

Net GST collections rise 25.6% to ₹2.03 trillion, fastest growth in FY27

Gross GST mopup too recorded its fastest growth in 2026-27, rising 22.9 per cent annually to Rs 2.31 trillion

Retail e-invoicing pilot likely from April 2027 to improve GST compliance

GST authorities plan to test electronic recording of consumer invoices in select sectors from April 2027, aiming to track retail sales, improve compliance and curb tax evasion

CII hails GST Council's decriminalisation move as landmark tax reform

Industry body says proposed removal of GST arrest powers, higher prosecution thresholds and stronger taxpayer safeguards mark a major shift towards trust-based governance

Govt extends customs duty exemption on cotton imports till December 31

The two-month extension aims to improve cotton availability, ease input costs for textile and apparel manufacturers, and provide relief to small and medium enterprises

PHDCCI seeks abolition of LTCG tax on listed equities, lower STCG rate

The industry body has proposed scrapping LTCG tax, cutting STCG tax to 10 per cent or lowering STT, arguing that a lighter tax burden could support investment and retail participation

GST officers told to split multi-yr tax notices, substantiate fraud claims

CBIC's new circulars seek greater clarity in GST notices and adjudication, while easing registration requirements, export payment rules and input tax credit distribution

Looking beyond GST 2.0: Why compliance reforms are the next big test

The next phase of GST reforms, promises simpler registration, quicker refunds and wider input tax credit, but businesses say deeper structural and administrative changes are needed

Foreign assets disclosure scheme gets 1,100 declarations as deadline nears

The Income Tax Department is stepping up outreach to UAE property owners and other taxpayers as around 1,100 declarations have been filed under FAST-DS ahead of the December 31 deadline.

GST registration for small e-commerce sellers to begin from November 1

The simplified GST registration facility will allow small e-commerce sellers to expand across states without setting up physical offices, with detailed notifications expected soon

GSTN adds two e-invoicing categories for reverse charge purchases

The new RCM-DOM and RCM-IMP categories will allow eligible businesses to generate e-invoices for specified domestic purchases and imported services under reverse charge rules

India, New Zealand sign pact for electronic exchange of trade origin data

The agreement will enable advance electronic exchange of origin data, improve customs cooperation and help businesses access tariff concessions under the India-New Zealand FTA

CBDT notifies new form for tax exemption claims on govt securities

The new Form 173A requires eligible foreign investors and BIS to disclose security holdings, interest income and capital gains to claim exemptions under the Income-tax Act, 2025

Centre's net direct tax collection rises 13.2% to ₹13.38 trn till Oct 14

Gross direct tax collections stood at ₹16.03 trillion during the period, registering an annual growth of 14.89 per cent

India tightens Mauritius tax treaty, adds test to deny tax-driven benefits

The amended India-Mauritius tax treaty introduces a principal purpose test, allowing authorities to deny benefits where securing a tax advantage is a main purpose of a transaction

CBDT nudges 12,000 tax professionals to file audit reports by October 21

Under its SAKSHAM NUDGE initiative, the Income Tax Department has contacted professionals who have filed fewer than half the audit reports they submitted in the previous year

Two-thirds of MSMEs use AI tools, but only 21% deploy biz software: Study

A CII-ISB study finds 65.8 per cent of surveyed MSMEs use AI tools, but just 21 per cent deploy ERP or customised software, highlighting gaps in technology adoption and productivity.

Fisme urges SME Growth Fund aid for MSMEs with SMA-2, NPA loan accounts

Fisme wants the ₹10,000-crore SME Growth Fund to support financially stressed MSMEs with SMA-2 or NPA accounts, provided they have credible plans to revive their businesses

No automatic GST refund if earlier claim under appeal, says FinMin

GST refunds under the fast-track route will require officer scrutiny if an earlier refund order is under dispute, potentially delaying working capital relief for businesses

September e-way bill generation rises 7.2% to a new record 141.53 million

September e-way bill generation rose 1.75 per cent from August to a record 141.53 million, as the GST Council proposed curbs on routine checks of goods moving by road.