GST
GSTN is taking downtime to enhance its services on the GST Portal on 15.08.2025 from 12:00 AM onwards until 6:30 am of 15.08.2025.
New GST tax rates soon! Come this Diwali, you will have to pay much lower indirect taxes on several items of daily use, thanks to next-generation Goods and Services Tax (GST) reforms set to be unveiled by the Modi government. In his Independence Day speech, PM Modi announced that as a ‘Diwali gift’, the GST burden will come down for the common man.
12% & 28% GST slabs set to go, sin goods face 40% levy
Eight years after the launch of goods and services tax, the Centre has circulated the blueprint for GST 2.0, with two main slabs of 5% for common use items and 18% for other goods as it seeks to make life simpler and less taxing for citizens and businesses.
PM Modi’s GST Diwali bonanza timely, strategic move: Experts
The announcement by Prime Minister Narendra Modi regarding GST 2.0 is a timely and strategic move to build a resilient Indian economy, according to experts.
On 79th Independence Day, the Ministry of Finance announced that the government is planning to move towards a ‘simple tax’ regime to rationalise the existing goods and services tax (GST) rates. The proposed reforms, announced by the ministry on Friday, 15 August, aim to simplify the tax structure, where goods and services can be classified as ‘standard’ and ‘merit’.
Income tax
Notification no. 131/2025 dated 12.08.2025- Income tax
CBDT issued notification no. 131/2025 dated 12.08.2025 to provide exemption u/s 10(46) of the Income tax Act, 1961 to ‘Parambikulam Tiger Conservation Foundation’ , a Trust constituted by Government of Kerala, in respect of the following specified income arising to the said Trust, namely;
Notification no. 132/2025 dated 14.08.2025- Income tax
Central Board of Direct Taxes (CBDT) issued notification no. 132/2025 dated 14.08.2025 to make the following rules further to amend Income tax Rules, 1962, namely:-
Excel Utilities for filing updated returns in ITR-3 and ITR-4
Excel Utilities for filing updated returns in ITR-3 and ITR-4 is now available
Customs
“Maybe I Won’t Have To Do It”: Trump On 25% India Tariff Over Russian Oil
US President Donald Trump on Friday claimed Russia lost India as one of its oil clients after Washington announced a penalty on New Delhi over the purchases, but indicated he may not impose such secondary tariffs on countries continuing to procure Russian crude oil.
GAIL Faces Financial Penalties Over Customs Duty Dispute
GAIL (India) Limited has disclosed that the Joint Commissioner of Customs in Mumbai has issued an order demanding a differential custom duty, along with interest, fines, and penalties, due to the denial of a concessional rate of duty on an imported consignment.
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