GST
To build an ‘Atmanirbhar Bharat’, the Central Government is proposing significant reforms in GST, focused on 3 pillars, of structural reforms, rate rationalisation, and ease of living
Government rolls out simplified income tax, GST reforms to benefit small taxpayers
In a bid to streamline tax compliance processes, the Ministry of Finance has launched several initiatives aimed at simplifying both income tax and Goods and Services Tax (GST) procedures, specifically targeting small taxpayers. These measures are intended to ease tax filing, reduce operational complexities, and encourage voluntary compliance among small businesses and retail investors.
Centre moots two-rate GST system as part of PM Modi’s ‘Diwali gift’
Prime Minister Narendra Modi’s “Diwali gift” to the people of India, of reforms to the Goods and Services Tax (GST) system, will likely be across three pillars — structural reforms, rate rationalisation, and ease of living — and could entail a shift to a two-rate GST system from the current five-rate system.
GST Reforms Coming Soon. How You Will Benefit
India is set to witness major reforms in the Goods and Services Tax (GST) regime this year. These “next-generation” reforms would drop by before Diwali, Prime Minister Narendra Modi promised this morning, assuring a massive reduction in taxes on common-use items.
Customs
Instruction No.26/2025-Customs dated 14.08.2025
CBIC-Guidelines regarding export of items suspected to be covered under SCOMET
Notification No. 50/2025-Customs (N.T.) dated 14.08.2025
CBIC issued Notification No. 50/2025-Customs (N.T.) dated 14.08.2025 regarding Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver
China to continue anti-dumping tariff on Indian fibre optic products
China’s commerce ministry will continue with anti-dumping tariffs of up to 30.6 per cnet on single-mode optical fibre imports from India, which were due to expire on Thursday, as it begins a final review of an investigation initiated in 2013.
DGFT
Why India must zero-rate exports to empower its trade sector
It is imperative for India to strengthen its trade policies supporting the exporting community by zero-rating exports in terms of taxes and duties imposed. India has diligently recognised its obligations to move away from subsidy-led exports, as agreed upon at the World Trade Organization (WTO). It must now devise policies that fully encourage domestic value creation and manufacturing by creating a globally competitive environment.
Income tax
The latest version of the Income Tax Bill, 2025 has corrected several drafting mistakes. It is set to take effect on April 1, 2026 for FY2026-27. The corrections include issues related to nil TDS certificates, standard deductions for house property income, tax deductions for commuted pension for non-employee category, among others.
Great news for taxpayers! On August 12, 2025, the Income Tax Appellate Tribunal (ITAT) Ahmedabad bench allowed a taxpayer to claim Section 87A tax rebate on short term capital gains (STCG) under the new tax regime.
GCCI urges CBDT to extend ITR deadlines
The Gujarat Chamber of Commerce and Industry (GCCI) has urged the Central Board of Direct Taxes (CBDT) to extend the due dates for filing Income Tax Returns (ITRs) and Tax Audit Reports for the financial year 2024-25, citing delays in release of return filing utilities, technical glitches on the portal, and festive season disruptions.
Income Tax Filing 2025: ITR-3 & ITR-4 Updated Return Filing Window Opens For Two Ays
The tax department has announced that the facility for filing Updated Returns for AY 2021-22 and AY 2022-23 for ITR-3 and ITR-4 is now available.
The Income tax department has released the Excel utility for Income tax Return (ITR) Form 6 for the assessment year 2025-26, enabling eligible companies to file their returns for the financial year 2024-25.
Email dated 13.08.2025
Excel Utility of ITR-6 for AY 2025-26 is available for filing
For Companies other than companies claiming exemption under section 11
Bar Council of India halts establishment of new law colleges for 3 years
The Bar Council of India (BCI) has announced a three-year moratorium on the establishment of new centres of legal education nationwide. The council has framed the Rules of Legal Education, Moratorium (Three-Year Moratorium) concerning Centres of Legal Education, 2025, to halt the establishment or granting of approval to new Centres of Legal Education.
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