Recap of Latest updates posted on 12.08.2026
Parliament clears taxation bill: FM Sitharaman says UPI will remain free; no framework on MDR yet
Parliament passed the Taxation and Other Laws (Amendment) Bill, 2026, on Monday (10 August), with Union Finance Minister Nirmala Sitharaman reiterating that the legislation does not impose a tax or transaction charge on UPI payments.
Business halts at Sowcarpet as traders allege harassment by GST officials
Wholesale traders and shops across Chennai’s Sowcarpet and parts of Broadway remained shut on Saturday as merchants observed a bandh to protest against alleged harassment by officials of the Goods and Services Tax (GST) department.
DGFT Trade Notice 20/2026-27 dt 12.08.2026
DGFT issued Trade Notice 20/2026-27 dated 12.08.2026 regarding Inviting comments/suggestions on Draft Standard Operating Procedure (SOP) for reporting of Inward Remittance Messages pertaining to NBFC Factors.
The Hon’ble High Court at Calcutta in the case of RSH Amit Realty Development LLP &Anr. held that where the assessee had already availed the appellate remedy under Section 107 of the CGST/WBGST Act and a further statutory remedy before the GSTAT remained available
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