Page 19 - Monika Yadav

CBIC issues new rules to simplify GST registration, curb official overreach

The revised guidelines aim to curb discretionary demands for extraneous documents, a frequent complaint among taxpayers who have reported harassment and inconsistency in the registration process

Arvind Shrivastava named revenue secretary in major FinMin rejig

With the appointment of four new secretaries, the Finance Ministry has, in recent months, witnessed an unusually high frequency of changes at the top bureaucratic level

Recognised startups spared Section 68 scrutiny, others under watch: CBDT

The clarification comes amid income-tax notices issued to startups for foreign funding routed via Singapore

3 Shemaroo Entertainment staffers get Bombay HC relief in GST case

The dispute originated from an input tax credit (ITC) issue involving Rs 70 crore, which tax authorities alleged Shemaroo had falsely claimed

Startups face I-T department heat over funding through Singapore

Showcause notices issued to startups under Section 68 for capital raised over the past five years, demanding documentation on foreign investments

India, Nepal to boost border infra, data sharing to curb smuggling

Recognising that effective border management is important in fight against smuggling, discussions also included upgrade of border infrastructure and automation and digitisation of transit processes

Fake invoices: I-T dept reopening hundreds of old assessment cases

Businesses that may have claimed fake purchases in taxman's crosshairs

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