Budget 2025
The Union Budget for FY 2025-26 will be presented on 01.02.2025 at 11am
Amendment
TN State Trade Notice No. 01/2025 dated 28.01.2025
Office of the Principal Chief Commissioner of CGST & Central Excise, Chennai – 600 034, issued Trade Notice 01/2025 dated 28.01.2025 Notifying GST Suvidha Kendra locations for biometric-based Aadhar authentication as applicable under proviso to sub-rule 4A of rule 8 of the CGST Rules, 2017.
DGFT-Public Notice No. 44/2024-25 dated 31.01.2025
DGFT issued Public Notice No. 44/2024-25 dated 31.01.2025 regarding Withdrawal of Para 2.76 of Handbook of Procedure – 2023 regarding Track and Trace system for export of drug formulations.
Notification no. 12/2025 dated 30.01.2025- Income tax
CBDT issued notification no. 12/2025 dated 30.01.2025 whereby the Central Government specifies ‘Joint Secretary to Government of India, Department of Food and Public Distribution (DFPD), Ministry of Consumer Affairs, Food & Public Distribution’ for the purposes of section 138(1)(a)(ii) in connection with sharing of information regarding Income-tax payers’ for identifying eligible beneficiaries under the Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY).
Portal update
GSTN is enhancing services on the GST Portal on 01.02.2025 onwards. The portal will not be available until 02:30 AM 1st Feb 25.
Article
No Hard-Locking of Auto Populated GSTR-3B Values for now in the GST Portal
GSTN has issued an advisory dated 27-01-2025 clarifying that the hard locking of the auto populated values in Goods and Services Tax Return GSTR-3B will not be implemented for the month of January 2025, owing to requests received from the stakeholders seeking some more time for the same.
See Webinar: Budget 2025 – Decoding Direct and Indirect Taxation
Service Tax is not chargeable on reimbursement of expenses
The Hon’ble Supreme Court of India in the case of Commissioner of Central Goods and Service Tax, Navi Mumbai disposed of the case and held that the Court did not find any good ground and reason to interfere with the CESTAT Judgment, where it was held that no service tax should be charged on reimbursement of expenses because no service element is involved.
Tax in Media
Budget 2025: Sanitary ware players seek GST rationalisation, boost to sustainable practices
Sanitaryware players expect the government to focus on rationalising GST rates on sanitaryware products to make them more accessible and encourage sustainable construction practices through policy measures in the Union budget for the next fiscal.
Budget 2025: What To Expect Tomorrow Based On FM Nirmala Sitharaman’s Last Budget Speech
In the last Budget Speech 2024, Sitharaman announced customs rate cuts on some items, including mobile phones, charger and some cancer drugs. Apart from this, she had also proposed to comprehensively review the customs duty structure within six months.
The new Income Tax Return (ITR) filing portal 2.0 which was launched on June 7, 2021, is a simpler and user friendly than ITR portal 1.0 but like any new technology, this 2.0 portal is also experiencing many glitches. Moreover, chartered accountants say that there are certain problems in logical reasoning of the ITR portal. Sometimes a tax notice intimation is sent through email and SMS, but the said notice couldn’t be found on the ITR portal. Multiple such small issues collectively form a bigger grievance against the ITR portal.
See Webinar: How to Reply ASMT-10, DRC-01 & DRC-07
Budget 2025: Why middle class can expect tax relief today
The country’s middle class can expect changes in tax slabs under the new income tax regime. The government may introduce an additional 25% tax rate for income levels between Rs 15,00,000 to Rs 18,00,000, while income above Rs 18,00,000 can be charged with a 30% tax rate, according to sources.
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