A. Amendment
Instruction No. 02/2025-GST dated 07.02.2025
CBIC issued Instruction no. 02/2025-GST dated 07.02.2025 prescribing Procedure to be followed in department appeal filed against interest and/or penalty only, related to Section 128A of the CGST Act, 2017
F. No. 190341/12/2025-TRU dt 31.01.2025
Department of Revenue (Tax Research Unit) issued F. No. 190341/12/2025-TRU dt 31.01.2025 on Information received from Ministry of Civil Aviation (MoCA) with respect to Gazette notification No. 08/2024 – Integrated Tax (Rate) dated 08.10.2024 notified by Department of Revenue
DGFT-Public Notice No. 47/2024-25 dated 07.02.2025
DGFT issued Public Notice No. 47/2024-25 dated 07.02.2025 regarding Amendments in conditions of the Standard Input Output Norms (SION) at E-136 for export of Wheat Flour.
DGFT Notif. 58/2024-25 dt 07.02.2025
DGFT issued Notification No. 58/2024-25 dated 07.02.2025 regarding Amendment in Import Policy condition no. 1(III) under Chapter 87 of ITC (HS), 2022, Schedule –I (Import Policy)
B. Tax in Media
Optional GST invoice reconciliation to be made mandatory
The invoice management system or IMS was introduced last October by the Goods and Services Tax Network (GSTN), the company that processes tax returns. It seeks to resolve the issue of businesses not getting tax credits because of either the seller not uploading the invoice in the GST portal or entering wrong details.
Revenue department rejects panel’s GST waiver demand on co-lending
The Department of Revenue has rejected a recommendation by a panel led by State Bank of India (SBI) to remove 18 per cent goods and services tax (GST) on activities related to co-lending among commercial banks and non-banking financial companies (NBFCs), according to a senior government official.
City firm loses appeal for lower GST on instant mixes
There will not be any reduction in prices of instant mix for gota, idli, dosa, khaman etc., as an appellate authority determined that its sale would attract 18% GST rather than 5%, which was demanded by the manufacturers.
IndiGo Parent Gets GST Demand Order Of Rs 116 Crore
IndiGo parent InterGlobe Aviation Ltd. on Wednesday said that it has received GST demand orders totalling Rs 116 crore.
Budget 2025: Based on media reports and social media discussions, it appears that FM Sitharaman has won the hearts of most salaried individuals by raising the tax-free annual income limit to Rs 12 lakh. Many in the middle class, who previously felt ignored and overtaxed by the government, are now happy that the government at last heard them.
New Income Tax law explained: No new taxes, simple read for common man
The new Income Tax Bill, which will replace the six-decade old Income Tax Act of 1961, will make direct tax laws simple to understand, remove ambiguities and reduce litigations. The law, which is expected to be tabled in Parliament in the Budget session, will go to the Standing Committee on Finance for further scrutiny, Finance Minister Nirmala Sitharaman has said.
The much-awaited New Income Tax Bill 2025 is likely to get Cabinet approval today, February 7. The Cabinet meeting is scheduled for this evening. However, more importantly, the new bill may introduce unique provisions that could eliminate the need to wait for the budget for some kind of income tax reliefs or amend the Income Tax Act, according to two sources.
Union Cabinet approves new Income Tax Bill to simplify and modernise tax system
The Union Cabinet on Friday approved the new Income Tax Bill, reported PTI citing sources. The bill, which will replace the Income Tax Act, 1961, aims to simplify and modernise India’s tax system. It will also simplify legal language so that taxpayers can easily understand the provisions.
EPFO settled record 5 crore claims worth Rs. 2 lakh crore in FY 25: Govt
Marking a historic first, the Employees’ Provident Fund Organisation has successfully settled over five crore claims in the 2024-25 financial year, announced Union Minister Mansukh Mandaviya on Thursday. He said, EPFO processed close to 5.1 crore claims, amounting to Rs. 2,05,932.49 crore, surpassing last year’s record of 4.5 crore claims worth Rs.1,82,838.28 crore.
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