CAclubindia News

GST Reform 2025: Two-Slab Structure Likely as GoM Clears Proposal

22 August 2025 at 08:35

States back Centre's GST reform; four tax slabs to be reduced to two - 5% and 18%, with 40% on sin goods. Final decision awaits GST Council.

Posted in GST | 1926 Views

CBDT Raises Exemption Limit from Rs 5 Lakh to Rs 20 Lakh for Undisclosed Foreign Assets

22 August 2025 at 08:35

CBDT has directed that prosecution under sections 49 and 50 of BMA, 2015, will not be initiated in cases where penalties under sections 42 and 43 are not attracted in respect of assets (excluding immovable property) valued up to Rs 20 lakh.

Posted in Income Tax | 32439 Views

CBDT Notifies Revised Form 10CCF for IFSC Insurance Businesses

21 August 2025 at 09:21

CBDT notifies the Income-tax (23rd Amendment) Rules, 2025, revising Form 10CCF to clarify income reporting for IFSC Insurance Offices under Section 80LA.

Posted in Income Tax | 342 Views

CBDT Seeks Industry Feedback on Crypto Tax Rules, Signals Possible New VDA Law

21 August 2025 at 09:12

CBDT has sought feedback from crypto stakeholders on India's tax regime, 1% TDS, and the need for a new VDA law. The move signals possible regulatory reforms as investors migrate offshore due to high taxes and uncertainty.

Posted in Income Tax | 1359 Views

Centre Plans Shift of Goods from 12% to 5% GST Slab, Revenue Loss Pegged at Rs 80,000 Crore

21 August 2025 at 09:07

The Centre plans to shift most goods from the 12% to 5% GST slab, impacting items like food products, mobiles, and tractors. The move may cost Rs 80,000 crore in revenue, partly offset by retaining a 40% rate on sin and luxury goods.

Posted in GST | 2061 Views

Online Gaming Bill 2025 Tabled in Lok Sabha: Ban on Money Games, Push for E-Sports & Social Gaming

21 August 2025 at 09:02

The Online Gaming Bill 2025, tabled in Lok Sabha, proposes a ban on online money games while promoting e-sports, social and educational gaming. It also seeks to set up a national authority for regulation, innovation and player safety.

Posted in Community & General | 1353 Views

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 | 333 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 | 3366 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 | 8328 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 | 2025 Views