Latest update 04.07.2025 – OnlineTaxUpdate

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Indirect Tax

A. Amendment

Instruction No.21/2025-Customs dated 02.07.2025

B. Tax in Media

EOW Unearths ₹130 Crore GST Fraud Fake Input Tax Credit Scam

The Economic Offences Wing (EOW) has detected a massive GST input tax credit (ITC) scam worth Rs 130 crore during its ongoing investigation, officials said on Monday.

Voltas gets Rs 265 crore show cause notice from GST authorities

Voltas announced on Wednesday that it has received a show cause notice from the Central GST authorities demanding an explanation for an alleged shortfall in tax payments totalling Rs 265.25 crore.

Rs 866 crore GST fraud uncovered in Punjab

The Finance Department of Punjab Government has exposed 20 such firms that were involved in GST fraud worth crores of rupees.

GST revamp may slash daily-use goods tax from 12% to 5%, major relief likely this month

The government is weighing a major overhaul of GST slabs that could bring immediate relief to middle- and lower-income households, with the 12% tax category on daily-use goods potentially on the chopping block.

Tax evasion a national crime, take stern action against fake firms: CM

Chief minister Yogi Adityanath on Saturday directed officials to act against shell companies and fake firms that are deriving undue benefits against the rules.

Arunachal Sees Rs 1200 Crore GST Revenue Growth, Celebrates Eight Years of Reform

Arunachal Pradesh has posted a remarkable ₹1200 crore increase in revenue GST regime during the last fiscal year, marking a significant boost in tax compliance and economic momentum. The milestone was announced by Commissioner of Tax and Excise Lobsang Tsering during the 8th GST Day celebration held at the State Banquet Hall in Itanagar on Tuesday.

GST rates on cigarettes, drinks, and luxury cars may rise amid cess revamp talks: Reports

GST rates on items like cigarettes, carbonated drinks, and high-end cars may go up soon, as per a report by NDTV. According to government sources cited by NDTV Profit, the center is considering replacing the current compensation cess with a new health and green cess.

Direct Tax

Notification

Notification no. 70/2025 dated 01.07.2025- Income tax

CBDT issued notification no. 70/2025 dated 01.07.2025 to amend Notification no. 44/2017 dated 05.06.2017 which provides for Cost Inflation Index

Notification no. 71/2025 dated 02.07.2025- Income tax

CBDT issued notification no. 71/2025 dated 02.07.2025 to provide exemption u/s 10(46) to “Karnataka State Pollution Control Board”, Bengaluru in respect of certain income and subject to certain conditions

Tax in media

‘₹7 lakh in trading gains, ₹74,000 tax hit’: The brutal mistake thousands of Indian investors are making

India’s retail investors are stumbling into tax traps—many learning the hard way that profits under ₹12 lakh don’t guarantee tax exemption. Sujit Bangar, founder of TaxBuddy.com, says it’s not the income size but its classification that triggers the taxman.

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