CAclubindia News
GoM Backs Two-Slab GST Structure, Proposes 40% Rate on Luxury and Sin Goods
23 August 2025 at 08:53GoM accepts Centre's proposal for two GST slabs of 5% and 18%, with a new 40% rate on luxury and sin goods; states seek extra cess to protect revenue.
GST Rate Cut Proposal Raises Centre-State Tensions Over Revenue
23 August 2025 at 08:47PM Modi's plan to cut GST rates may cost states Rs 1.8 lakh crore annually, sparking fiscal tensions ahead of Diwali and Bihar elections.
GST Fraud Worth Rs 47.32 Crore Unearthed in Thane
23 August 2025 at 08:47Thane GST officials arrest man in Rs 47.32 crore ITC fraud; incriminating evidence seized, probe underway to identify more suspects.
President Gives Assent to The Income Tax Bill 2025 and The Taxation Laws (Amendment) Bill 2025
22 August 2025 at 09:26The President has given assent to the Income Tax Bill 2025 and the Taxation Laws (Amendment) Bill 2025, marking a major step in India's direct tax reforms aimed at simplifying compliance and strengthening tax administration.
CBDT Notifies Key Changes to Rule 21AIA with Section 10(4D) of Income Tax Act
22 August 2025 at 09:04CBDT notifies the Income-tax (Twenty-Fourth Amendment) Rules, 2025, revising Rule 21AIA on specified funds by omitting sub-rule (4) and redefining the term in line with Section 10(4D) of the Income Tax Act.
Centre Proposes GST Exemption on Life and Health Insurance Premiums
22 August 2025 at 08:58The Centre has proposed exempting individual life and health insurance policies from 18% GST, a move expected to make insurance more affordable. The GST Council will take the final decision based on the GoM's report.
Excel Utility of ITR-7 for AY 2025-26 Released by Income Tax Department
22 August 2025 at 08:52The Income Tax Department has released the Excel Utility of ITR-7 for Assessment Year (AY) 2025-26, enabling taxpayers falling under this category to file their income tax returns seamlessly.
ICAI Releases Updated Handbook on Inspection, Search, Seizure and Arrest under GST
22 August 2025 at 08:40ICAI releases the revised Handbook on Inspection, Search, Seizure, and Arrest under GST (July 2025), offering detailed guidance, case laws and updated procedures to help professionals and taxpayers navigate GST enforcement and compliance.
GST Reform 2025: Two-Slab Structure Likely as GoM Clears Proposal
22 August 2025 at 08:35States 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.
CBDT Raises Exemption Limit from Rs 5 Lakh to Rs 20 Lakh for Undisclosed Foreign Assets
22 August 2025 at 08:35CBDT 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.
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