The government is planning to slash GST on insurance premiums from 18% to 5% or even zero under its proposed GST 2.0 reforms, while restructuring slabs into 5%, 18%, and a 40% sin tax for luxury goods like tobacco and alcohol.
The Finance Ministry told Parliament there is no proposal to impose fees on UPI transactions, easing concerns after RBI Governor Sanjay Malhotra's comments sparked speculation about charges on UPI transactions.
CAG reports that the income tax department recovered Rs 3,588.79 crore after rectifying audit-flagged errors but left 59,352 cases unsettled, with pending tax effects of Rs 6,252.06 crore.
The commerce and industry ministry is drafting a 100-day reforms agenda that may include liberalising FDI rules, easing investments from neighbouring countries, tax benefits for startups, relaxed environmental norms
The New IT Bill, 2025, simplifies corporate taxation by addressing dividend double taxation, clarifying AMT rules for LLPs, restoring inter-corporate dividend deductions, and refining ‘beneficial ownership’ provisions to reduce litigation
Businesses will soon get GST registration within 3 days, with 95% of applications cleared in the new timeframe. Automated refunds for ITC and inverted duty structures will further ease compliance and improve cash flows.
CCS Hyderabad police arrested the Managing Partner of Ambika Steel for alleged GST fraud involving fake invoices and e-way bills. Vehicle numbers were misused to claim ITC without moving goods.
While sin goods like cigarettes and gutka will remain under high tax slabs, the Centre is considering lowering GST on man-made fabrics from 12% to 5% to boost the textile sector.
The CBI has arrested a Superintendent of Customs posted at Mumbai's Air Cargo Complex, Sahar, for demanding and accepting a Rs 10.2 lakh bribe from a Customs House Agent to clear consignments.
The Centre plans sweeping GST reforms, restructuring automobile taxes from the current 28% plus cess to a simplified two-slab system. The move aims to resolve classification disputes and make cars more affordable for consumers.
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