Month: August 2025
India Becomes Ukraine’s Top Diesel Supplier Amid US Tariffs Over Russian Crude: Report
India has become Ukraine’s largest diesel supplier, despite facing a 50 per cent tariff from the US, according to a report on Saturday.
US court rules many of Trump’s global tariffs are illegal
A US appeals court has ruled that most tariffs issued by US President Donald Trump are illegal, setting up a potential legal showdown that could upend his foreign policy agenda.
Extend ITR and tax audit deadlines due to tax portal glitch, data mismatch in AIS and Form 26AS, new ICAI format, says CCTAX
The Chandigarh Chartered Accountants Taxation Association (CCATAX) has sent a representation to the Central Board of Direct Taxes (CBDT) asking for an extension on the income tax return (ITR) and tax audit deadline for AY 2025-26.
GSTN has done this change in GST portal for hassle free tax refund claims
GSTN in an advisory dated August 28, 2025 said that the GST system has been enhanced to allow for claiming Goods and Services Tax (GST) refunds when individual components (minor heads) of a GST demand column showed negative balances and the overall cumulative balance was zero or positive.
Govt to hold pre‐budget meetings from October 9, 2025
The Department of Economic Affairs (DEA) on Friday announced that the pre-budget meetings will be commencing from October 9, 2025 and continue till mid-November.
India’s GST cuts at risk of delay as states wrangle over future revenues
Prime Minister Narendra Modi’s plans for sweeping tax cuts are at risk of facing a delay as states governed by key opposition parties have sought compensation for any revenue loss from the planned changes.
Has the promised zero penalty privilege for small taxpayers been taken away in the New Tax Act 2025? Here’s what experts say
On July 21, 2025, the Lok Sabha Select Committee had suggested that the tax law shouldn’t compel a person to file an ITR just to avoid penalties for non-filing of an ITR.
GST Council likely to continue Nil GST on handloom products, raw silk; recommends status quo
The Group of Ministers (GoM) on GST rate rationalisation has recommended that the exemption on handloom products and raw silk should continue, providing relief to artisans and small weavers across the country.
Butter, condensed milk, dates, nuts, jams, mushrooms, namkeens to now get cheaper under GST 2.0
Consumers may soon feel relief in their household expenses as the GST Council considers lowering the tax on several popular food items.