Page 5 - Monika Yadav

Petchem import duty waiver to cost govt ₹1,800 crore in 3 months

The exemption on a wide range of critical petrochemical products till June 30, 2026, is a temporary and targeted relief to shield domestic manufacturers from disruptions caused by the Iran war

Tiger Global ruling concerns: CBDT exempts pre-FY18 investments from Gaar

CBDT clarifies GAAR provisions to exempt pre-2017 investments from scrutiny, aiming to boost investor confidence and ensure tax certainty

Gross GST growth in FY26 least since Covid-hit 2020-21, net up 7.1%

Net GST collections rose 8.2 per cent year-on-year to ₹1.78 trillion in March, supported by strong import growth, steady compliance, and rising domestic consumption trends

Bombay High Court halts GST action on 18% hotel restaurant levy

Court continues interim relief, stays show-cause notice in case challenging 18% GST rate on restaurants in high-tariff hotels, with hearing slated for June

CBIC removes ₹10 lakh cap on courier exports to boost e-commerce trade

Move to boost e-commerce exports and ease logistics as CBIC rolls out wider reforms, including faster clearances and simplified return mechanisms

CBDT issues revised DIN norms, replaces 2019 circular on tax notices

New guidelines introduce flexibility in quoting DIN in tax communications while ensuring traceability and reducing litigation over procedural lapses

FY26 marks sweeping tax overhaul with new income tax law, GST reforms

Union Budget-driven changes introduce new Income Tax Act, GST 2.0 rationalisation, and compliance reforms aimed at simplifying taxation and boosting transparency

FM Nirmala Sitharaman scotches rumours of lockdown like Pakistan

"...The government is taking burden, making sure oil marketing companies (OMCs) will ensure buying more and doing supply, and keeping the supply uninterrupted," she said

West Asia conflict: Govt steps in to shield OMCs via big duty cuts

Move to cost exchequer ₹1.3 trn in FY27; export duty reimposed

Finance Bill 2026 cleared; limit buyback tax to domestic entities

Amendments raise start-up tax threshold, remove arrest provisions and introduce safeguards in reassessment, aiming to ease compliance and reduce litigation

GST reforms have boosted economy, says FM Sitharaman in Lok Sabha

Sitharaman says rise in auto sales, tractors and cement output shows GST rate cuts supported demand, even as concerns remain over uneven price transmission

E-way bill system reform to ease logistics, push trust-based compliance

Economic Survey 2025-26 outlines a shift in the GST e-way bill system from enforcement to a trust-based, technology-driven framework aimed at improving logistics efficiency and easing compliance

Govt collects ₹9,516 crore tax on undisclosed foreign assets in 3 years

Parliament informed that tax collections under the Black Money Act rose sharply, while probes into global leaks have led to over ₹41,000 crore in tax and penalty demand

No formal study on GST rate rationalisation's inflation impact: Govt

Government says no formal study has assessed GST rate rationalisation's inflation impact; GST revenue rose 8.1% in February, with rural consumption showing strong gains

New Income-Tax rules: Registration to become simpler for charitable trusts

New Income-tax Rules, 2026 introduce a single registration form and cut record retention to six years, reducing compliance burden for charitable trusts and non-profits

New I-T rules notified; new Act to ease compliance, cut litigation, says FM

New rules expand HRA benefits to more cities, clarify EV taxation, tighten reporting norms and streamline transfer pricing and foreign tax credit processes

New I-T Act to ease compliance for small taxpayers: FM Nirmala Sitharaman

Finance Minister says expanded presumptive taxation and simplified provisions under the new law will reduce compliance burden and litigation for small businesses and professionals

GST cuts cooled prices of durables, not of essentials: NIPFP Study

Study finds weak tax pass-through in food and household goods, while consumer durables such as cars and air conditioners show clearer price declines

HCs tighten scrutiny of GST enforcement actions amid due process concerns

High courts are tightening scrutiny of GST enforcement actions, emphasising due process and procedural fairness in cases involving registration suspensions and bank account attachments

Parliamentary committee flags rising delays in income tax refunds

Finance panel notes rising delays in income tax refunds beyond the 90-day norm and flags a surge in outstanding direct tax arrears