GoM proposes GST exemption on health & life insurance premiums. Experts warn of input tax credit challenges; final call with GST Council.
CAPSI urges PM Modi to review 18% GST on private security services, citing RCM disparity that impacts MSMEs and over 8.5 million workers.
GST Council to hold its 56th meeting on Sept 3-4, 2025, in New Delhi. Key tax policy discussions expected; agenda details to follow.
GoM 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.
PM 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.
Thane GST officials arrest man in Rs 47.32 crore ITC fraud; incriminating evidence seized, probe underway to identify more suspects.
The 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 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.
The 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.
The 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.
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