Latest update 06.02.2025
1. Update
Gross and Net GST revenue collections for the month of Jan, 2025
The gross and net GST revenue collections for the month of January, 2025 is published herewith.
GSTN is enhancing services on the GST Portal on 06.02.2025 onwards. The portal will not be available until 06:30 AM 6th Feb 25.
DGFT-Public Notice No. 45/2024-25 dated 04.02.2025
DGFT issued Public Notice No. 45/2024-25 dated 04.02.2025 regarding Amendment in 4.59 of Handbook of Procedures, 2023 and modification in Standard Input Output Norms (SION) M-1 to M-8 for export of jewellery.
DGFT Notif. 56/2024-25 dt 04.02.2025
DGFT issued Notification No. 56/2024-25 dated 04.02.2025 regarding Amendment in Export Policy of De-Oiled Rice Bran.
B. Article
Budget 2025 : Changes under Customs, Excise & Service Tax
The Finance Minister introduced the Finance Bill, 2025 in Lok Sabha on 1st February 2025. Key changes in Customs, Central Excise and rates have been proposed through the Finance Bill, 2025.
Key changes under the Income Tax Law -Budget 2025
Taxation Reforms are one of the key reforms to realize the vision of Viksit Bharat. In the words of the Hon’ble FM, the country aims to ensure that the new income-tax bill will carry forward the spirit of “Nyaya”. The new bill will be clear and direct in text with close to half of the present law, in terms of both chapters and words. It will be simple to understand for taxpayers and tax administration, leading to tax certainty and reduced litigation.
C. Media
GST Council to soon take decision on rates, number of slabs: FM Sitharaman
The GST Council will soon take a decision on having fewer and lower rates as the review work is almost complete, Finance Minister Nirmala Sitharaman said on Tuesday. Currently, Goods and Services Tax (GST) is a four-tier tax structure with slabs at 5, 12, 18 and 28 per cent. Luxury and demerit goods are taxed at the highest bracket of 28 per cent, while packed food and essential items are in the lowest 5 per cent slab.
Govt issues notice to Kia for $155 mn tax evasion, company denies charges
India has accused South Korea’s Kia of evading taxes of $155 million by misclassifying component imports but the carmaker has denied wrongdoing, the latest fight by a foreign automaker with New Delhi over tariffs, according to a document and two sources.
If your salary is just above Rs 12 lakh, do you pay full tax of Rs 61,500?
Budget 2025 has proposed to make normal income up to Rs 12 lakh tax-free under the new tax regime for fiscal year 2025-26. This has become possible due to revised tax slabs and an enhanced rebate of Rs 60,000 under section 87A. However, ever since the announcement of revised tax slabs and rates under the new tax regime for FY 2025-26, there has been a lot of confusion about tax on incomes slightly above Rs 12 lakh. For example, what happens when a person is earning Rs 12.1 lakh or Rs 12.5 lakh?
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