Page 12 - Monika Yadav

Govt may fast-track food, medicines, farm trade under AEO framework

The AEO programme is implemented by the Central Board of Indirect Taxes and Customs (CBIC) under the aegis of the World Customs Organization's SAFE Framework

Govt sets April 30 deadline for filing declarations under Vivad se Vishwas

The scheme offers taxpayers the opportunity to settle disputed tax demands by paying the full disputed amount while availing a waiver on interest and penalties

Net GST collection surges by 7.3% to Rs 1.76 trillion in March 2025

The gross GST collection - the amount before adjusting for refunds - rose by 9.9 per cent in March to Rs 1.96 trillion

CBDT signs record 174 APAs in FY25, including India's 1st multilateral APA

An APA helps taxpayers and tax authorities agree on how to price transactions between related companies in different countries

New financial year set to bring key tax, pension, and MSME reforms

The new income tax slabs under the new tax regime have been modified to increase the basic exemption limit from ₹3 lakh to ₹4 lakh

Public Accounts Committee flags mismatches in GST worth Rs 16.6K cr in FY21

The PAC said the inconsistencies highlight serious inefficiencies in the GST system's data validation and reconciliation processes, as GSTR-9 is auto-populated from GSTR-3B

Customs duty cuts not linked to Trump's tariff war: FM Sitharaman

Replying in the Rajya Sabha to the debate on the Finance Bill, 2025, and the Appropriation Bill of the FY26 Budget, Sitharaman said the government will continue to simplify customs duties

5% GST for restaurants with non-specified premises: Finance Ministry

Option of 5% GST without ITC or 18% with ITC to be applicable on restaurant services provided at non-specified premises, clarifies FinMin

SC junks CBIC plea, says GST errors can be corrected even after deadline

The Supreme Court further emphasised that denying ITC due to human errors results in unfair double taxation, where businesses end up paying tax twice

GoM reviewing GST on farm equipment and inputs: FM Nirmala Sitharaman

Says existing provisions under I-T Act have gaps in addressing digital data

Li-ion batteries under safe harbour rules; threshold raised to Rs 300 cr

These changes for businesses engaged in international transactions will apply to assessment years 2025-26 and 2026-27

Govt seeks to drop 6% equalisation levy on online advertisements

Google, Meta, and X set to be among beneficiaries

Backlog baggage: Staff shortage delays advance pricing agreement process

Presently, there are five APA teams in the country with two teams in Delhi and one team each in Mumbai, Bengaluru and Gurgaon

Govt replaces 'certificate' with 'proof' in Rules of Origin regulations

The amendment, effective from March 18, modifies key rules governing the determination of the country of origin of imported goods - a crucial factor in availing duty benefits under FTAs)

GST Council meet: Uniform 5% rate on drones for business use on agenda

This could be a major relief to India's burgeoning drone industry, which consists of around 488 drone companies that have collectively secured $518 million in funding so far

Parl's Standing Committee on Finance calls for GST relief on MPLAD fund

A GST of up to 18 per cent is charged on the work done under the MPLAD scheme

Income-Tax Bill expands scope of AMT, increasing tax burden on LLPs

Special treatment of LTCG is proposed to be removed

Over Rs 11.8 trn locked in direct tax litigation, FM informs Rajya Sabha

For indirect taxes, 82,011 cases are pending, with a locked revenue of Rs 5.76 trillion as of January 31, 2025

Net direct tax collections rise 13% to Rs 21.3 trn till March 16 of FY25

Advance tax collections jump 14.6% during the period

Govt likely to bring back single tax return system for search cases

Single return may cover six years plus part-year when investigation is done