Page 4 - Monika Yadav

GST 2.0 promises relief on many fronts, but unfinished agenda persists

Despite the sweeping rate and slab reductions, several issues remain unresolved and need to be tackled in the next round of reforms to make GST more viable for businesses, say experts

Govt notifies revised CGST rate schedules, effective September 22

The Finance Ministry has notified revised CGST schedules covering seven categories of goods, effective September 22, with States set to issue matching SGST notifications

CBDT issues SOP to track capital gains from JDAs, reports due Oct 31

CBDT has issued an SOP for field officers to track capital gains from JDAs using RERA data, cross-checking with ITRs and requiring reports to be submitted by October 31, 2025

No need to relabel existing medicine stock: FinMin on new GST rates

Finance Ministry clarified that medicines released before Sept 22 need not be recalled or relabelled under GST 2.0, with compliance ensured via revised price lists at retail level

Jane Street case: CBDT investigating misuse of India-Singapore treaty

Jane Street has been under the spotlight since July, when the Securities and Exchange Board of India (Sebi) barred the firm from trading in domestic markets over alleged manipulative practices

Explainer: Difference between Section 44AD and Section 44ADA of I-T Act

The confusion usually arises because both sections are about presumptive taxation, but their applicability is different

CBIC clarifies GST on post-sale discounts, no ITC reversal for buyers

The circular also stated that post-sale discounts given by manufacturers to dealers would not be treated as consideration for services

Govt seeks monthly reports on pricing after GST rate cuts from Sep 22

In the circular, which is seen by Business Standard, the CBIC directed principal chief commissioners to compile commodity-wise price data from trade associations

Finance ministry, consumer affairs department review MRP circular

Businesses say they may find it difficult to reduce prices to the full extent of GST reduction because they may have paid higher input taxes on stocks lying with them. For that they won't be refunded.

Govt clears MRP fixes for unsold FMCG inventory after GST rate change

Allows price revisions until December 31

E-way bill tally hit 129 million in August, second only to July record

Experts credit the sustained momentum to the imposition of 50 per cent US tariffs, which came into effect on August 27, and to domestic demand powered by the festival season

PwC India launches GenAI Navigate Tax Hub to modernise tax functions

PwC India's Navigate Tax Hub, powered by generative AI, integrates tax expertise and secure document management to boost efficiency, accuracy and value for tax teams

Officials explore input tax credit fixes for smooth GST transition

Suggest allowing unused ITC for SGST payments, Customs duty offsets, or tradable scrips

Cabinet Secretariat, ministries to meet Monday on smooth GST rollout

According to another official, Finance Ministry is eager to re-examine certain sectoral issues if directed by the Prime Minister's Office

3-day registration for GST, 90% provisional refunds from November 1

CBIC Chairman Sanjay Kumar Agarwal said the scheme will cover both central and state jurisdictions, and apply in cases where applicants are assessed to be low-risk

Experts welcome GST Council move to ease post-sale discount disputes

GST Council amends rules on post-sale discounts to allow credit notes without invoice linkage, a change experts say will reduce litigation and benefit businesses

Sin goods to face extra levy over 40% GST: CBIC chief Sanjay Kumar Agarwal

CBIC chief says repayment of compensation cess loan likely to be completed by Dec-end

Will talk to industry bodies if lower rates not passed on: CBIC Chairman

Sanjay Agarwal says CBIC will flag cases with industry bodies if firms fail to pass on GST relief

Festival cheer: Two-rate GST structure approved; new rates from Sep 22

New tax slabs of 5% & 18%; 40% levy on sin & super luxury goods; Personal health, life insurance policies exempted

GST Council meeting on Sep 3-4: Exemption on cards for cancer drugs

Garments and apparel as well as footwear priced above ₹2,500 are likely to attract 18 per cent GST, while those below this threshold are expected to be taxed at 5 per cent, sources said