Page 5 - Monika Yadav

Simpler tax rules, quicker dispute resolution among key Budget demands

CII, Ficci, Assocham and PHDCCI have made common recommendations for Budget 2026-27, seeking predictable tax rules, rationalised TDS slabs, and faster resolution of pending appeals

GST net revenues inch up 0.6% in October; refunds jump nearly 40%

Muted domestic mop-up reflects rate-cut impact, festive deferment; import GST boost cushions growth

Fast-track high-value tax disputes, revamp TDS rules: CII to govt

CII noted that tax litigation continues to burden businesses, with more than five lakh appeals involving nearly ₹18 lakh crore pending before the commissioner (appeals)

CBIC issues rules allowing voluntary correction of Customs entries

The Board amended the Levy of Fees (Customs Documents) Regulations, 1970 to introduce a ₹1,000 fee for each electronic application filed under the new voluntary revision mechanism

Assocham for easing direct tax measures to spur investor confidence

Chamber urges fiscal clarity for global data players, IBC loan waiver relief, and revival of the 15 per cent corporate tax rate to attract new investments

PHDCCI bats for concessional 15% tax rate for new manufacturing units

PHDCCI urges revival of concessional tax for new manufacturing units, reinstatement of R&D incentives, and GST reforms to ease compliance and boost India's competitiveness

CBDT extends return filing deadline for audit cases to December 10

Tax experts pointed out that the press release appears to have missed granting relief to taxpayers covered under transfer pricing (TP) provisions

Overhaul of GST processes in works for easier compliance, faster refunds

The government is finalising a major GST overhaul with automated refunds, pre-filled returns, and analytics-based scrutiny to simplify compliance and boost liquidity for MSMEs

Pre-Budget meeting: Ficci seeks faster resolution of tax disputes

Industry body calls for clearing ₹18 trillion in pending tax appeals, TDS rationalisation and tax neutrality for fast-track demergers ahead of Union Budget 2026

Simplified registration under GST 2.0 from Nov 1, says FM Sitharaman

The new GST 2.0 system promises faster registration, reduced human interface, and automated processes to simplify compliance and strengthen taxpayer trust

A big reforms push for small biz: PMO, ministries readying major MSME plan

PMO, finance, and MSME ministries working on cluster-to-national reform roadmap with focus on jobs, cost control, legal ease, and innovation in small business sector

GST reforms drive record festive demand, says FM Nirmala Sitharaman

She said this marginal deviation was due to cases where input taxes remained higher than output rates, leading to small adjustments before products reach consumers

After hotels, online travel portals come under GST department lens

After probing hotels for GST underpayment, authorities now seek booking-level data from online travel portals to check possible double taxation

Net direct tax haul jumps 6% to ₹11.89 trillion on personal tax filings

Higher personal income tax inflows and expanding non-corporate taxpayer base drive the rise in direct tax collections, reflecting robust domestic demand and compliance

Govt working on mechanism to allow refund of ITC on capital goods

An inverted duty structure arises when the tax rate on inputs is higher than that on finished goods, leading to accumulation of unutilised ITC

AI impact may affect 2 million jobs in India's tech sector: NITI Aayog

To turn disruption into opportunity, the NITI Aayog has recommended the launch of a National AI Talent Mission as a nationally coordinated effort to make India the AI workforce capital of the world

NITI Aayog calls for pruning tax offences from 35 to six in new paper

The new paper proposes a three-tier approach to decriminalise minor tax offences and retain criminal liability only for wilful and high-value evasion

E-way bill generation hits record high in September, shows GSTN data

According to experts, the surge in e-way bill volumes reflects a pick-up in goods movement ahead of the festive season

GST revamp: Firms can raise grammage, and not cut prices, despite HC ruling

However, one of the officials said the judgment is based on the earlier anti-profiteering framework, which is not applicable under GST 2.0, rolled out on September 22

CBIC rolls out automated approval system for IFSC code registration

According to CBIC, the initiative will ensure swift processing of bank account and IFSC code approval requests, simplify registration across different ports