ICAI requests extension of tax audit report filing deadline to 31st Dec 2025 due to operational challenges.
CBIC Chief Sanjay Kumar Agarwal urged tax officers to ensure proactive outreach as reduced GST rates on 375 items take effect from Sept 22, aiming to support traders, MSMEs, and households in adapting smoothly to the new 5% and 18% two-tier structure.
The Offset Printers Association has urged Finance Minister Nirmala Sitharaman to roll back the GST hike on paper from 12% to 18%, warning it will raise textbook prices by 15%, burden families, and push small printing units toward closure.
FAIDA has cautioned that recent GST rate cuts may not benefit consumers due to old MRPs, ITC blockages, and lack of clarity for distributors. The body urged the Finance Ministry to issue guidelines to prevent liquidity crises and ensure consumer welfare.
CGST Palghar arrested CA Ritesh Padamchand Burad for a Rs 11.72 crore fake GST ITC scam involving bogus invoices and shell firms. He allegedly controlled invoicing, bank transactions, and earned commissions per deal.
CBIC Chairman Sanjay Agarwal said GST rate cuts could drive higher consumption and offset an estimated Rs 48,000 crore revenue loss if industries pass benefits to consumers.
Finance Minister Nirmala Sitharaman said the GST slab rationalisation, reducing slabs to two and exempting health and life insurance, was 18 months in the making, not a reaction to US tariffs.
CBIC Chairman Sanjay Kumar Agarwal confirmed no GST cuts on sin goods, but hinted at future reforms toward a single standard GST rate.
ICAI has postponed the CA Final and Intermediate exams scheduled for September 11–15, 2025, in Kathmandu due to protests. Revised dates will be announced soon. Other exam centres remain unaffected.
A dhaba cook from Bhind, Madhya Pradesh, earning just Rs 10,000 a month, has been hit with a shocking Rs 46 crore income tax notice after being duped into opening a bank account linked to fraudulent transactions.
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