CAclubindia News

FMCG Distributors Seek Relief as Aerated Beverages Move to 40% GST

16 September 2025 at 09:03

From Sept 22, aerated drinks face a flat 40% GST. Distributors warn of stranded ITC and blocked working capital, urging Finance Ministry intervention.

Posted in GST | 501 Views

CBDT Grants One-Day Extension for ITR Filing for AY 2025-26 to 16th September 2025

16 September 2025 at 05:39

CBDT has further extended the ITR filing due date for AY 2025-26. Returns, originally due on July 31 and then September 15, can now be filed till September 16, 2025.

Posted in Income Tax | 4227 Views

Income Tax Department Targets CAs in Rs 2000 Crore Political Funding Tax Evasion Case

16 September 2025 at 08:56

Jharkhand Income Tax Department seeks CBDT approval to cancel licences of chartered accountants involved in facilitating Rs 2000 crore political funding tax evasion.

Posted in Income Tax | 4188 Views

GST Chennai Busts Rs 11.90 Crore ITC Fraud in Ambur

16 September 2025 at 08:55

GST Chennai Outer Commissionerate arrests man from Ambur for masterminding a Rs 11.90 crore fraudulent ITC racket. Multiple dummy firms and bogus invoices were used to illegally claim input tax credit and action is underway against all involved.

Posted in GST | 489 Views

Insurance Amendment Bill 2025: 100% FDI and LIC Reforms Likely This Winter in Parliament

16 September 2025 at 08:55

The Insurance Amendment Bill 2025 may be introduced in the Winter Parliament session, allowing 100% FDI in India’s insurance sector and boosting policyholder protection, LIC reforms, and industry growth.

Posted in Community & General | 372 Views

FM Sitharaman Calls GST 2.0 a Victory for Every Citizen

16 September 2025 at 08:55

Union Finance Minister Nirmala Sitharaman said GST 2.0 is a victory for all citizens, reducing taxes on 99% of goods, resolving classification disputes, and simplifying compliance from September 22, 2025.

Posted in GST | 426 Views

Finance Minister Hails GST 2.0: Faster Refunds, Simpler Compliance, Lower Rates

16 September 2025 at 08:53

Finance Minister Nirmala Sitharaman said GST 2.0 has removed classification disputes, simplified rates, cut taxes on 300+ items and introduced faster refunds.

Posted in GST | 2877 Views

Paper Sector Demands 5% GST on Paper & Paperboard to Avoid Inverted Duty Structure

16 September 2025 at 08:53

FTPA has urged the government to rationalise GST on paper and paperboard to a uniform 5% slab, citing inverted duty structure and pressure on MSMEs.

Posted in GST | 483 Views

CBIC Clarifies No ITC Reversal on Post-Sale Financial or Commercial Credit Notes

16 September 2025 at 08:53

CBIC clarified that buyers will not need to reverse ITC on post-sale financial or commercial credit notes, easing GST compliance for manufacturers, dealers and distributors.

Posted in GST | 3612 Views

GST 2.0: CBIC Promises Quick Refunds to Address Inverted Duty Structure for Fertilizer Industry

16 September 2025 at 08:52

CBIC has assured IMMA and FAI that a speedy refund mechanism will be notified under GST 2.0 to ease the burden of the inverted duty structure faced by micronutrient manufacturers.

Posted in GST | 411 Views