Big Four partners, top professionals hit with Income Tax notices over ‘exempt income’ claims
The finance ministry has asked Central GST field officers to submit monthly report of price change in 54 commonly use items, like butter, thermometer and toys, after the new lower GST rates are implemented from September 22.
FinMin asks CGST field offices to submit comparative MRP change data post Sep 22
The finance ministry has asked Central GST field officers to submit monthly report of price change in 54 commonly use items, like butter, thermometer and toys, after the new lower GST rates are implemented from September 22.
Mumbai CA arrested for 12 crore for fake input tax credit racket
The CGST Palghar Commissionerate arrested Ritesh Padamchand Burad (51), a Chartered Accountant from Bhayandar, for allegedly availing and passing on fake Input Tax Credit (ITC) of Rs. 11.72 crores through M/s Flutron Build & Infra Pvt. Ltd. and a web of linked entities.
Govt allows companies to display revised MRP on old unsold packs
Govt has allowed companies to display revised MRP on old packs of products that remain unsold, in a relief to packaged goods manufacturers who were awaiting clarity on labelling and packaging to devise strategies around passing on GST benefits to consumers.
Income Tax fraud worth Rs 500 crore unearthed in Pune: IT officials search for beneficiaries
The Directorate of Income Tax (Investigations) has unearthed an elaborate nexus of fraudulent income tax returns where tax professionals took advantage of the loopholes in the earlier system of filing returns to provide for deductions on the basis of unverified claims.
Implementation of revision in MRP due to reduction in GST rates
Ministry of Chemicals & Fertilizers, Department of Pharmaceuticals National Pharmaceutical Pricing Authority issued OFFICE MEMORANDUM on 12.09.2025 regarding Implementation of revision in Maximum Retail Price (MRP) due to reduction in Goods and Service Tax (GST) Rates.
Department of Revenue issued instruction dated 09th September, 2025 seeking Monthly report of price change data of commodities pre and post GST rate rationalisation w.e.f. 22nd September, 2025.
Department of Consumer Affairs Weights and Measures Unit issued Circular No.dated 09.09.2025 giving Permission to the manufacturers or packers or importers of pre-packaged commodities to declare the revised MRP on unsold stock-change in GST rates.
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