CAclubindia News

EV Industry Seeks GST Cut on Batteries & Infrastructure Status for Charging Stations in Upcoming Budget

20 January 2025 at 08:48

The Electric Vehicle (EV) industry is calling on the government to slash the GST on EV batteries from the current 18% to 5%, aligning it with the GST rate applied to electric vehicles.

Posted in Union Budget | 861 Views

DGGI Busts Rs 11 Crore GST Input Tax Credit Fraud

20 January 2025 at 08:48

In a significant breakthrough, the Directorate General of GST Intelligence (DGGI), Bhubaneswar Zone, has unearthed a massive GST fraud involving bogus input tax credit (ITC) transactions worth Rs 11 crore.

Posted in GST | 23508 Views

Budget 2025: New Income Tax Law and Expectations

20 January 2025 at 08:48

The upcoming Budget 2025 session of Parliament is set to witness the introduction of a brand-new Income Tax Bill, aimed at simplifying the decades-old Income Tax Act of 1961. A

Posted in Union Budget | 4059 Views

Income Tax Department Releases Updated Utility Excel-Based & JSON Schema for ITR-1 to ITR-7

18 January 2025 at 07:55

In a significant update aimed at streamlining the Income Tax Return (ITR) filing process, the Income Tax Department has released an updated version of the Excel-based Utility and JSON Schema for ITR forms 1 to 7. ITR 1For individuals being a resident

Posted in Income Tax | 930 Views

US-India Tax Forum Proposes Key Tax Reforms Ahead of Union Budget 2025

18 January 2025 at 07:55

Ahead of the Union Budget 2025, the US-India Tax Forum, under the US-India Strategic Partnership Forum (USISPF), has put forth recommendations aimed at simplifying India's tax framework and boosting investor confidence.

Posted in GST | 684 Views

CBIC Clarifies GST Rules on Pre-Packaged Goods and Gene Therapy

18 January 2025 at 07:55

In a significant update, the Central Board of Indirect Taxes and Customs (CBIC) issued Notification No. 02/2025-Central Tax (Rate) on January 16, 2025, amending the Central Goods and Services Tax Act, 2017 (CGST Act).

Posted in GST | 2205 Views

CBIC Amends Customs Duty Exemptions for LRSAM Equipment

18 January 2025 at 07:54

In a move to strengthen India's defense capabilities, the Central Government has issued Notification G.S.R. 64(E), making further amendments to the Notification No. 19/2019-Customs, dated July 6, 2019.

Posted in GST | 690 Views

CBIC Notifies GST Exemption for Exports at Concessional Rate of 0.1%

18 January 2025 at 07:54

In a significant move to boost exports, the Central Government has issued Notification G.S.R. 62(E) under the Central Goods and Services Tax Act, 2017, Goods and Services Tax (Compensation to States) Act, 2017,

Posted in GST | 1560 Views

CBIC Revises GST Rates for Key Supplies Under Public Interest Mandate

18 January 2025 at 07:54

In a major move aimed at aligning tax rates with public welfare initiatives, the Central Board of Indirect Taxes and Customs (CBIC) issued Notification No. 04/2025-Central Tax (Rate) on January 16, 2025.

Posted in GST | 687 Views

CBIC Issues Notification No. 06/2025: Key GST Rate Amendments for 2025

18 January 2025 at 07:54

IntroductionThe Central Board of Indirect Taxes and Customs (CBIC) issued Notification No. 06/2025 on January 16, 2025, introducing significant amendments to GST rates and provisions.

Posted in GST | 5355 Views