CAclubindia News

Smartphone Industry Seeks GST Cut to 5% for Boosting Demand and Affordability

21 August 2025 at 08:54

Smartphone makers, led by ICEA, have urged the government to cut GST on mobile phones from 18% to 5% to boost demand, reduce prices, and strengthen India’s manufacturing competitiveness.

Posted in GST | 294 Views

CBIC Extends GSTR-3B Due Date Filing for July 2025 in Select Maharashtra Districts

21 August 2025 at 08:48

CBIC has extended the due date for filing GSTR-3B of July 2025 till August 27, 2025 for taxpayers in Mumbai, Thane, Raigad, and Palghar districts. Know the details of GST compliance relief.

Posted in GST | 3348 Views

CBDT Notifies New Salary & Income Thresholds Under Section 17 of Income Tax Act

20 August 2025 at 09:23

CBDT notifies new rules under Section 17 of the Income-tax Act, 1961. Salary income capped at Rs 4 lakh and gross total income at Rs 8 lakh for specified provisions.

Posted in Income Tax | 8256 Views

GST 2.0 Overhaul: Govt Considers Reducing GST on Insurance from 18% to 5% or Nil

20 August 2025 at 09:17

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.

Posted in GST | 1986 Views

No Proposal to Impose Fees on UPI: Finance Ministry Reaffirms in Lok Sabha

20 August 2025 at 09:10

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.

Posted in Community & General | 1197 Views

Income Tax Department Recovers Rs 3,588 Crore, But 59,352 Audit Cases Remain Unsettled: CAG

20 August 2025 at 09:05

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.

Posted in Income Tax | 2304 Views

Commerce Ministry Prepares 100-Day Reforms Agenda to Boost FDI, Startups and Exports

20 August 2025 at 08:59

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

Posted in Corporate Law | 231 Views

New Income Tax Bill, 2025: Major Corporate Tax Reforms to Simplify Compliance and Boost Certainty

20 August 2025 at 08:56

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

Posted in Income Tax | 4992 Views

GST Registration to Be Cleared in Just 3 Days, Refunds to Be Automated Under Upcoming Reforms

19 August 2025 at 09:24

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.

Posted in GST | 1 comments | 10515 Views

GST Fraud: Ambika Steel Partner Arrested in Hyderabad for Bogus ITC Claims

19 August 2025 at 09:17

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.

Posted in GST | 912 Views