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Jammu and Kashmir recorded a 15 per cent year-on-year decline in GST collections in June 2026, with revenue falling to Rs 470 crore from Rs 552 crore in the corresponding month last year
CBIC has set up a high-level working group to examine a proposal for centralised administration of GST taxpayers with multiple registrations under the same PAN across different central tax jurisdictions, in a move aimed at improving ease of doing business.
The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has ruled that the Income Tax Department cannot treat an alleged cash payment made for a property purchase as undisclosed income merely because a taxpayer’s name appears in documents seized from a builder during a search.
The central government on Monday said there is no proposal at present to abolish the long-term capital gains (LTCG) tax on equity transactions for retail and domestic investors, ending speculation over a possible rollback sought by some market participants over the last few months.
The Pune Bench of the Income Tax Appellate Tribunal (ITAT) has clarified that taxpayers may still be eligible for capital gains tax exemption under Section 54 even if the Income Tax Department computes capital gains using the higher stamp duty value under Section 50C.
The Income Tax Appellate Tribunal bench has said that once the I-T department accepts sales and calculates income tax based on them, it cannot say that the purchases were bogus.
Air India, IndiGo and SpiceJet have asked the government to bring aviation turbine fuel under GST, emphasising that such a move will help in reducing the operating costs for the airlines.
The new upcoming Index of Services Production (ISP) will rely heavily on Goods and Services Tax (GST) data to arrive at its estimates of services sector production, the report of the technical committee tasked with designing the index framework has said.
India’s E-way bill generation under the Goods and Services Tax (GST) in June this year registered a robust 14.5 per cent increase to 136.77 million from 119.46 million in the same month of the previous year, reflecting the rising level of economic activity in the country.
India’s leading domestic airlines have urged the Centre to bring ATF under the GST regime at a rate of 5 per cent with full ITC, arguing that the move would significantly reduce operating costs, improve airline liquidity and make air travel more affordable.