In a significant development for India’s GST framework, the Central Board of Indirect Taxes and Customs (CBIC) has issued clear guidelines on the appeal, review, and revision process for Orders-in-Original (O-I-Os) passed by Common Adjudicating Authorities (CAAs) in cases investigated by the Directorate General of GST …
Advocate, Associate Arrested for Running Fake GST Firms and Issuing Bogus Bills New Delhi, June 2025: In a major crackdown on GST fraud, the Delhi Police have arrested two individuals, including an advocate, for allegedly operating a racket of fake GST-registered …
In a landmark decision, the Rajasthan High Court has strongly criticized the arbitrary freezing of bank accounts by investigating agencies, stating that such actions are increasingly causing severe financial distress to businesses and individuals across the country. The ruling came in the case titled Smt. …
The Indian Income Tax Department (ITD) has intensified its crackdown on undisclosed cryptocurrency income, sending out notices to thousands of investors who failed to report earnings from Virtual Digital Assets (VDAs) such as cryptocurrencies and NFTs. With the implementation of …
The Reserve Bank of India (RBI) has released new draft guidelines to regulate gold loans amid a sharp rise in gold prices and growing non-performing assets (NPAs) in this segment. The central bank aims to improve transparency, reduce risks, and protect …
The Reserve Bank of India (RBI) is set to introduce a unified interest rate framework for Non-Banking Financial Companies (NBFCs), aligning them more closely with the norms followed by banks. This move aims to improve the transmission of monetary policy …
As the Income Tax Return (ITR) filing season for Assessment Year (AY) 2025–26 kicks off, tax experts are urging taxpayers—especially businesses and professionals—to pay close attention to the reconciliation of their Goods and Services Tax (GST) returns with income tax …
The Income Tax Department of India has officially released the Excel utilities for ITR-1 and ITR-4 for the Assessment Year (AY) 2025-26 (pertaining to Financial Year 2024-25). This announcement was made on May 30, 2025, through a post on its official social media platform X (formerly Twitter). The …
In a major development for the financial sector, non-banking financial companies (NBFCs) and banks have reached a consensus to levy 18% Goods and Services Tax (GST) on service charges arising from co-lending arrangements. This GST will likely apply to 0.5%–1% of the total …
In a significant move towards tax reform, Finance Minister Nirmala Sitharaman is scheduled to meet representatives from India Inc on May 27 to deliberate on the upcoming GST 2.0 reforms. The high-level meeting aims to accelerate efforts to streamline the Goods and Services Tax …
The Central Board of Direct Taxes (CBDT) is proactively gearing up for the rollout of the new Income Tax Bill, which is currently under review by a Parliamentary Select Committee. The bill, expected to be cleared during the Monsoon Session of Parliament, aims to simplify …
Solapur, Maharashtra (India): In a significant breakthrough in the fight against GST fraud, the Directorate General of GST Intelligence (DGGI) has arrested a Solapur-based lawyer, Sajid Ahmed Sheikh, for orchestrating a large-scale fake GST invoice scam worth over Rs. 100 crore. This high-profile case has …
A recent World Bank study has revealed that Pakistan’s General Sales Tax (GST) is the largest marginal contributor to the country’s increasing poverty levels. The report, titled “The Effects of Taxes and Transfers on Inequality and Poverty in Pakistan”, underscores how …
In a major move toward formalizing India’s vast informal economy, the Government of India has launched a nationwide campaign to bring street food vendors, local shops, and other small-scale businesses under the Goods and Services Tax (GST) regime. Government Pushes …
The Income Tax Department has officially notified all seven Income Tax Return (ITR) forms for Assessment Year (AY) 2025-26. However, taxpayers are currently unable to file their returns as the corresponding e-filing utilities have not yet been made available on …
The upcoming GST Council meeting, expected to take place in New Delhi, is set to address significant issues such as GST rate rationalisation and the future of the compensation cess, according to top government sources. The meeting, anticipated in the coming weeks, is …
The Goods and Services Tax Network (GSTN) has recently issued a crucial advisory highlighting mandatory reporting of payment voucher details in GSTR-1, effective from the return period of May 2025. This update brings renewed focus on Reverse Charge Mechanism (RCM) compliance and the …
Generally, you cannot file an FIR (First Information Report) at a police station solely for the recovery of money. Police are not equipped to handle civil matters like debt recovery, and the legal framework doesn’t authorize them to act as …
Home loan interest is a significant tax-saving tool under Section 24(b) of the Income Tax Act, 1961. Understanding the deduction limits, eligibility criteria, and how to claim them can help taxpayers maximize their savings. This guide covers everything you need to know …
Filing a summary suit offers several advantages for money recovery, including expedited legal proceedings, faster resolutions, and streamlined procedures. It’s a fast-track mechanism designed for cases involving clear debt or liquidated demands arising from written contracts, enabling quicker recovery compared …