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New Delhi, Apr 1 (UNI) The PHD Chamber of Commerce and Industry (PHDCCI) has proposed a series of risk-based regulatory reforms aimed at easing compliance burdens in India's heavy industries sector, highlighting multiple structural bottlenecks that impact efficiency and growth. In its recommendations to the competent authority, the chamber pointed out that companies currently face duplication in corporate filings, with multiple annual forms such as MGT-7 and AOC-4 requiring overlapping disclosu ...Read More >
Police in Meerut said the Crime Branch uncovered a GST fraud linked to fake firms and invoices used to claim illegal input tax credit. One accused, Pramod Kumar, was arrested after an investigation tied to a Ganganaagar police station case. Officials estimate an INR 3 crore loss, with the total potentially higher. Meerut's crime branch has detected a Goods and Services Tax GST fraud worth crores. Police said one person was arrested in the case on Wednesday. The alleged scam surfaced while offic ...Read More >
Meerut (UP), Apr 1 (PTI) The crime branch unit in Meerut has unearthed a Goods and Services Tax (GST) fraud involving crores of rupees and arrested one accused in connection with the case, police said on Wednesday. The incident came to light during the investigation of a case registered at Ganganaagar police station. During the probe, it was found that Pramod Kumar (56), a resident of Pratap Vihar Colony in Brahmpuri, along with his associate Sarvang Jain and others, had created a network of f ...Read More >
Vijayawada: Andhra Pradesh has registered a 10 per cent growth in net Goods and Services Tax (GST) collections in March 2026. "This reflects fiscal resilience despite rate cuts and structural challenges under GST 2.0 reforms," chief commissioner state taxes, Babu A stated on Wednesday. He said Andhra Pradesh outperformed several southern states with a 5.71 per cent annual GST growth, surpassing Karnataka, Telangana, Tamil Nadu, and Kerala. Net GST collections for March stood at ₹3,316 crore -- t ...Read More >
New Delhi, March 31 (UNI) India will roll out the Income-tax Act, 2025, from April 1, Wednesday, replacing the six-decade-old Income-tax Act, 1961, in a major reform aimed at simplifying the country's tax framework while retaining the existing tax structure. The government has clarified that the new law does not introduce any new taxes or increase the tax burden, but focuses on making the system clearer, more transparent and easier to comply with. The reform is being positioned as a complete s ...Read More >
Mumbai: The recent exemption of retail health insurance from the goods and services tax regime has helped reduce premiums. But that alone is not enough to drive growth as the industry continues to battle issues such as high medical inflation, inadequate coverage, differentiated healthcare and claims experience, insurers said in a panel discussion at Mint's BFSI Conclave 2025. "The premiums have come down by 18%. Does it mean that everyone is going to take insurance? No, that's not going to happ ...Read More >
New Delhi [India], December 16 (ANI): In Financial Year 2027, the monetary easing is set to drive the above-trend growth of 7.5% amid the expectations of continuous fiscal tightening, said India Market Outlook 2026 Report by Axis Capital on Tuesday. "We expect the monetary easing to drive above-trend growth of 7.5%. Fiscal tightening is expected to continue, though it would be much slower at 20 bps, but the revival in credit growth in response to much easier monetary conditions is a significant ...Read More >
India's economic future depends on strong investment. The Confederation of Indian Industry (CII) proposes the Union Budget 2026-27 boost public spending and private sector investment. CII suggests tax credits and easier compliance for businesses. They also recommend attracting foreign capital through an NRI Investment Promotion Fund. Simpler borrowing rules and a single-window system for foreign investments are also key. India's next phase of economic growth will depend on steady and strong inv ...Read More >
New Delhi, Dec 14 (PTI) Industry lobby CII has proposed a comprehensive set of reforms for the forthcoming Union Budget 2026-27 to drive sustained investment growth spanning public, private, and foreign investments and maintain India's momentum as one of the world's fastest-growing major economies. The Confederation of Indian Industry (CII) suggested increasing central capital expenditure by 12 per cent and capex support to states by 10 per cent in FY27; launching a Rs 150 lakh crore National I ...Read More >
New Delhi [India], October 19 (ANI): The Central Board of Indirect Taxes and Customs has extended the GSTR-3B filing deadline to October 25, 2025, for both monthly filers (September 2025) and quarterly filers. This extension by CBIC was announced via Notification No. 17/2025 - Central Tax, dated 18.10.2025. Also Read | Rachel Zegler To Star in Biopic of Cuban-American Singer-Songwriter and Actress Gloria Estefan. GSTR-3B is a monthly self-declared summary return that taxpayers must file under ...Read More >
Mumbai, Oct 7 (SocialNews.XYZ) Workspace solutions provider WeWork India Management Limited is facing a muted investor response for its Rs 3,000-crore initial public offering (IPO), amid concerns raised by governance advisory firm InGovern Research Services Private over its weak financials, legal troubles involving promoters, and heavy reliance on the WeWork Global brand. According to NSE data, the IPO -- which closes for subscription today -- has been subscribed only 16 per cent while writing ...Read More >
Kolkata: The government's recent circular has brought clarity on trade discounts and credit notes under the GST regime, but has shifted compliance obligation and cash-flow pressure onto FMCG distributors, experts said. Indirect Tax Expert at LexVed Vedika Agrawal said the GST circular 251 makes it clear that financial or commercial credit notes - those issued without GST - do not require distributors to reverse their input tax credit (ITC). Input tax credit is the tax a business unit pays on i ...Read More >
NEW DELHI: The GST Council is likely to address the inverted duty structure on notebooks and textbooks in its upcoming meeting, as the issue has been diminishing the benefits of recent tax cuts. Notebook and textbook prices may remain high, despite them being exempted from Goods and Services Tax (GST), because 18 per cent GST is charged on the paper used to produce them, which manufacturers cannot claim as an input tax credit. This anomaly raises cost and pushes up final prices, sources familia ...Read More >
LITTLETON, Colorado, Sept 23 (Reuters) - Global shipments of thermal coal - used for power generation - climbed to their highest levels since late 2024 in August on the back of strong import orders by China, Japan and South Korea. The jump in coal purchases came after nine straight months of year-over-year declines in monthly coal exports, which had raised expectations that 2025 may mark the first full-year contraction in global coal trade since 2020. A combination of reduced domestic coal pro ...Read More >
New Delhi, Sep 16 (PTI) Insurance companies will not be able to claim input tax credit on GST paid on inputs like commissions and brokerages for individual health and life insurance policies with effect from September 22, the CBIC said on Tuesday. The Central Board of Indirect Taxes and Customs (CBIC) has issued a set of FAQs clarifying on the taxation of various goods and services when the new GST slabs kick in from September 22. The GST Council in its meeting on September 3 had decided to ex ...Read More >
New Delhi: The Finance Ministry on Tuesday issued a list of frequently asked questions (FAQs) to provide a more detailed explanation on the tax rate cuts that have been announced as part of the GST 2.0 reforms. Q1. Is it required to recall and re-label MRP on medicines already in the supply chain before 22nd September, 2025? How will the re-labelling be implemented? Answer: The National Pharmaceutical Pricing Authority (NPPA) vide OMs dated 12.9.2025 and13.9.2025 have clarified the following: ...Read More >
The CBIC has clarified that businesses receiving post-sale discounts via credit notes without tax adjustments don't need to reverse input tax credit (ITC). This circular aims to reduce uncertainty and disputes regarding post-sale discounts under GST. GST will only apply to promotional activities with separate agreements and defined consideration, providing clarity on ITC entitlement and tax liability. Businesses receiving post-sale discounts in the form of financial or commercial credit notes w ...Read More >
Notebook manufacturers are appealing to the GST Council to move notebooks from the 'nil' GST rate to the 5% bracket. They argue that the increased GST on paper, a key input, from 12% to 18%, while the final product remains 'nil'-rated, prevents them from claiming input tax credit. Notebook manufacturers have appealed to the GST Council to take off their product from the "nil" GST rate and place it under the 5% bracket insisting that the latest rate change will make student notebooks costlier. ...Read More >
New Delhi, Aug 21 (SocialNews.XYZ) As the Centre prepares to revamp GST rates, the Federation of Hotel & Restaurant Associations of India (FHRAI) has urged Finance Minister Nirmala Sitharaman to implement a uniform 5 per cent GST rate with input tax credit to make tourism affordable. The FHRAI argued that India's GST rates are higher than Asian peers like Thailand and Singapore, where rates are as low as 6 to 10 per cent. India's higher GST structure reduces affordability and weakens its appeal ...Read More >
New Delhi, Jul 20 (PTI) GST officers have uncovered fake input tax credit (ITC) claims of Rs 15,851 crore in the April-June quarter of current fiscal, a 29 per cent jump over the year-ago period, even though the number of fake firms detection was less Y-o-Y, officials said. The total number of fake firms detected by central and state GST officers during the first quarter of FY26 stood at 3,558, less than 3,840 such entities detected in the same quarter of FY25. panel of state finance ministers ...Read More >
New Delhi, Jul 20 (PTI) GST officers have uncovered fake input tax credit (ITC) claims of ₹15,851 crore in the April-June quarter of current fiscal, a 29 per cent jump over the year-ago period, even though the number of fake firms detection was less Y-o-Y, officials said. The total number of fake firms detected by central and state GST officers during the first quarter of FY26 stood at 3,558, less than 3,840 such entities detected in the same quarter of FY25. panel of state finance ministers, ...Read More >
NEW DELHI: The US embassy in India has warned that "committing assault, theft, or burglary in the United States won't just cause you legal issues -- it could lead to your visa being revoked and make you ineligible for future US visas". The warning was issued days after a video of an Indian woman who tried to leave a store with a cart full of items without paying went viral. This also prompted the embassy to say, "The US values law and order and expects foreign visitors to follow all US laws."Res ...Read More >
Akola: In a major crackdown on GST fraud, the Maharashtra State GST Department on Wednesday arrested Pratik Tiwari, a trader from Akola, for allegedly availing bogus Input Tax Credit (ITC) worth Rs9.97 crore through fake invoices without actual sale or purchase of goods. He was produced before a magistrate court and has been remanded to 7 days of judicial custody.Tiwari had registered his business under the names "Swami Sarth Kirana" and "Mahalaxmi Sales" from Dabki Road, Akola, dealing in cemen ...Read More >
Bengaluru: Small businesses across Karnataka -- including tea stalls, bakeries, salons, and local eateries -- have raised concerns after receiving GST notices based on their UPI transaction volumes. The Commercial Tax Department has issued these notices to entities whose annual digital receipts exceeded ₹40 lakh for goods or ₹20 lakh for services, even if they are not GST-registered. Tax consultants are urging affected traders to respond to the notices within the stipulated deadline to avoid pe ...Read More >
Kolkata: Luxmi Group, owner of the iconic Makaibari Tea Estate, has acquired a majority stake in UK-based Brew Tea Co. Brew Tea deals exclusively with orthodox tea and has both an online and offline presence in the UK.Luxmi Group acquired an 80% stake in the company, while the remaining 20% remains with the existing promoters. After Tetley and Typhoo, this acquisition marks another British tea company being acquired by an Indian corporate, though it may not be of the same magnitude.Brew Tea Co w ...Read More >
New Delhi: After a dramatic all-night session and a nail-biting 50-50 Senate split, President Donald Trump's signature "One Big Beautiful Bill Act", a sweeping package of tax breaks and spending cuts, has cleared the Senate thanks to Vice President JD Vance's tie-breaking vote. The bill, which now heads back to the House, represents the biggest overhaul of tax and social spending policy in years. Here's a detailed look at what will change if the legislation becomes law. The bill makes Trump's ...Read More >
Jammu, July 01: The Goods and Services Tax (GST), introduced across India on July 1, 2017, marked a transformative shift in the country's indirect tax regime, replacing a complex web of central and state taxes with a unified, consumption-based tax system.In Jammu and Kashmir, the implementation of GST faced distinct challenges but has since played a pivotal role in fostering economic integration and growth.Unlike other states, J&K required specific legislative measures to adopt the Central Goods ...Read More >
New Delhi, Jul 1 (PTI) The focus of the Goods and Services Tax (GST), which completes eighth year on Tuesday, will now be on promoting ease of doing business, ensuring stronger compliance and fostering broader economic inclusion, the finance ministry said. The GST, which was implemented from July 1, 2017, has unified 17 taxes and 13 cesses, creating a seamless national market by simplifying compliance and digitising tax systems. It has also expanded the taxpayer base and strengthened cooperativ ...Read More >
New Delhi: US President Donald Trump claimed that Elon Musk received "more subsidies than any human being in history" and without them, Musk might have to close shop and return to South Africa, as the feud between the duo escalated over the proposed tax and spending bill. Trump's fiery remarks came after Musk renewed his criticism of Trump's 'Big, Beautiful Bill' and threatened to launch a new political outfit if it was passed. "Elon may get more subsidy than any human being in history, by far ...Read More >
New Delhi: With 15 million registered taxpayers and robust growth in the revenue receipts, the Goods and Services Tax (GST) ecosystem is continuing to evolve with a focus on ease of doing business, better compliance and wider economic participation, the finance ministry said on Monday as the indirect tax system completed eight years. Annual revenue from GST, introduced on 1 July 2017, has doubled to ₹22.08 trillion in FY25 from five years ago and micro, small and medium enterprises are finding ...Read More >
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