CBIC may free up importers’ IGST credits to address payment issues
In a bid to facilitate importers who may have underpaid IGST dues, the CBIC is likely to issue a SOP to enable them to claim ITC on IGST payments made to rectify shortfalls flagged after Customs clearance.
Two booked for ₹17 crore tax fraud; ran shell firms in Prayagraj
Two individuals have been accused of tax fraud to the tune of ₹17 crore in Prayagraj, police said. Allegedly, the duo ran shell companies and submitted fake electricity bills with their GST registration documents.
Hindustan Zinc faces Rs 12.77 lakh customs penalty
Hindustan Zinc Limited (HZL), a subsidiary of Vedanta Limited, has received an order from the Office of the Commissioner of Customs, NS-I, Maharashtra, confirming a fine and penalty of approximately ₹12.77 lakh, along with a demand for customs duty and applicable interest.
Delhi govt plans one-time tax amnesty scheme to settle pre-GST disputes
Delhi govt may soon roll out a one-time tax amnesty scheme to settle pre-GST disputes related to value-added tax (VAT), excise, and service tax, as per a Times of India report.
Notification no. 72/2025 dated 07.07.2025- Income tax
CBDT issued notification no. 72/2025 dated 07.07.2025 to provide exemption u/s 10(46A)(b) to the “Rajasthan Housing Board”, a board constituted under the Rajasthan Housing Board Act, 1970 (Act No. 4 of 1970)
Recovery of income-tax dues doubles to Rs 20,000 crore in Q1
The Central Board of Direct Taxes (CBDT) recovered ₹20,000 crore in outstanding dues in the first quarter of this financial year, almost double of what it had recovered in the year-ago period..
EPFO interest credit: 8.25% announced for 2024-25; process to finish this week, says Mandaviya
Labour minister Mansukh Mandaviya on Tuesday announced that the Employees’ Provident Fund Organisation (EPFO) will complete crediting 8.25% interest for 2024-25 into members’ accounts within this week.
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