Page 13 - Monika Yadav

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

I-T Bill may not impact revenue collection: MoS finance Pankaj Chaudhary

The Bill retains existing technological reforms, including initiatives such as pre-filled income tax returns (ITRs), the Annual Information Statement, and faceless proceedings

Can GST rate rationalisation make India's tax system truly simple?

The Union government plans to propose GST rate and slab cuts to the GST Council. Can this reform make India's indirect tax system truly simple?

CBDT campaign leads to disclosure of over Rs 29,000 crore foreign assets

As a result of this campaign, 6,734 taxpayers also revised their residential status from resident to non-resident

No recovery proceedings on donuts GST dispute, says Bombay High Court

The court also allowed the petitioner to seek a stay in case it receives any recovery notice from the revenue department

Govt may ease norms to allow 2-month window for ITC on credit notes

Move would give taxpayers flexibility and preclude a financial burden

North Block to Sebi's hot seat: Market's new watchman Tuhin Kanta Pandey

Pandey's tenure as the DIPAM secretary also saw the public listing of Life Insurance Corporation of India and the government moving away from disclosing disinvestment targets