A. Amendment/Update
GST
Rule 8 of the CGST Rules, 2017 has been amended to provide that an applicant can be identified on the common portal, based on data analysis and risk parameters for Biometric-based Aadhaar Authentication and taking a photograph of the applicant along with the verification of the original copy of the documents uploaded with the application. The above-said functionality has been developed by GSTN. It has been rolled out in Tamil Nadu and Himachal Pradesh on 28th January 2025.
GSTN is enhancing services on the GST portal on 29th Jan’25 12:00 AM onwards. GST Portal services will not be available until 29th Jan’25 06:30 AM.
Circular no. 244/01/2025-GST dated 28.01.2025
CBIC issued Circular no. 244/01/2025-GST dated 28.01.2025 to regularize payment of GST on co-insurance premium apportioned by the lead insurer to the co-insurer and on ceding/ re-insurance commission deducted from the reinsurance premium paid by the insurer to the reinsurer.
Circular no. 245/02/2025-GST dated 28.01.2025
CBIC issued Circular no. 245/02/2025-GST dated 28.01.2025 clarifying the applicability of GST on certain services.
Income tax
Notification no. 10/2025 dated 27.01.2025- Income tax
CBDT issued notification no. 10/2025 dated 27.01.2025 amending the Income tax Rules, 1962.
Notification no. 11/2025 dated 27.01.2025- Income tax
CBDT issued notification no. 11/2025 dated 27.01.2025 whereby the Central Government approves ‘Shri Chaitanya Health and Care Trust’ for its unit ‘Bhaktivedanta Hospital & Research Institute’, Thane, Maharashtra, for ‘Scientific Research’ under the category of ‘University, college or other institution’ for the purposes of section 35(1)(ii) of the Income-tax Act, 1961 read with rules 5C and 5E of the Income-tax Rules, 1962.
B. Notes
Background Material on GST -Jan25
The Institute of Chartered Accountants of India (ICAI) issued 13th edition on Background Material on GST in January 2025 into Volume I & II
C. Tax in Media
Banks in a GST fix over RBI’s directive to levy penal charges
The ban on ‘penal interest’ on borrowers is posing a tax dilemma for banks. Banks fear that the Reserve Bank of India’s (RBI) directive to levy penalty only in the form of ‘penal charges’ as against the hitherto practice of imposing ‘penal interest’ would attract the goods and services tax (GST) on such levies.
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