CAclubindia News

ITAT Patna Grants Tax Relief on Rs 4.5 Crore Property Sale Despite Filing Error

25 August 2025 at 09:10

ITAT Patna grants major relief to taxpayer, allowing Rs 4.5 crore property sale exemption despite the wrong section being claimed. Tribunal rules substance over form, citing CBDT's 1955 circular.

Posted in Income Tax | 1824 Views

Police Arrest Four for Impersonating Income Tax Officers, Extorting Citizen at Gunpoint

25 August 2025 at 09:03

Surendranagar police arrested four men posing as income tax officers for extorting valuables at gunpoint. Cash, gold, and SUVs worth over Rs 24 lakh seized; three accused still absconding.

Posted in Income Tax | 393 Views

GST Rationalisation: Real Estate Sector Poised for Major Boost

25 August 2025 at 08:54

The GoM on GST rationalisation has approved a two-slab structure of 5% and 18%, removing 12% and 28% rates. Experts say the move could cut housing costs, boost buyer sentiment, and improve transparency in India's real estate sector.

Posted in GST | 4002 Views

FMCG Distributors Seek Clarity from Finance Minister on GST Rate Transition

25 August 2025 at 08:49

FMCG distributors urge Finance Minister to issue guidelines on GST rate cuts, warning of supply chain disruption, margin pressure and ITC concerns during the transition.

Posted in GST | 1 comments | 6009 Views

GoM Endorses GST Reform: Proposal to Cut Slabs from 4 to 2 Moves Forward

25 August 2025 at 08:42

GoM backs Centre’s proposal to simplify GST slabs from four to two, retaining 5% and 18% with a special 40% slab for luxury goods. States seek clarity on revenue loss before GST Council’s final call

Posted in GST | 312 Views

Chartered Accountant arrested by ED in Rs 792 Crore Falcon Invoice Discounting Scam

25 August 2025 at 08:36

ED Hyderabad arrests CA Sharad Chandra Toshniwal in the Rs 792 crore Falcon invoice discounting scam for allegedly laundering funds. Probe reveals fake investment scheme, diversion of money and concealment of illicit assets

Posted in Community & General | 2589 Views

GST Rate Cuts to Cost Exchequer Rs 1.43 Lakh Crore, US Tariffs Threaten Growth

23 August 2025 at 09:37

HSBC warns that GST rate revisions could cost India Rs 1.43 lakh crore, while US tariffs of 25-50% may lower GDP growth by up to 70 basis points. States face fiscal strain under FRBM limits.

Posted in GST | 411 Views