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.
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.
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.
CBIC notifies Customs (Finalisation of Provisional Assessment) Regulations, 2025, introducing strict timelines, compliance rules, and streamlined procedures for duty finalisation.
Agriculture industry flags ITC blockage and tax inversion after GST cuts on fertilisers; CBIC assures possible relief to ensure benefits reach farmers.
CBIC clarifies GST on post-sale discounts: routine trade discounts won't attract GST, while dealer-linked promotional services under agreements will be taxable...
ED probe into a multi-crore fake ITC racket reveals MNC beneficiaries, bogus invoicing, and GST misuse across states; assets seized and probe ongoing.
GST rate cuts deliver a boost to automobiles and consumer durables, with analysts expecting revived demand, lower prices and stronger festive season sales.
CBIC clarifies GST on post-sale discounts: routine trade discounts to dealers won’t attract GST, but promotional service-linked discounts will. The move reduces disputes, eases compliance, and aligns GST rules with commercial practices.
The Ministry of Corporate Affairs has expanded the scope of Fast Track Mergers under Section 233 of the Companies Act, 2013.
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