Government issued clarifications relating to recommendation of 55th GST Council Meeting The CBIC vide issuing Circular No. 247/04/2025-GST dated 14.02.2025, has issued clarifications regarding GST rates & classification (goods) based on the recommendations of the…
Form ENR-03 For Unregistered Persons To Generate E-Way Bill On The Portal Effective From 11 February 2025 Form GST ENR-03 Unregistered persons who choose to generate an e-way bill in Form GST EWB-01 must apply…
GSTN issued Advisory for Biometric-Based Aadhaar Authentication and Document Verification for GST Registration Applicants of Maharashtra and Lakshadweep The GSTN has issued an Advisory dated 08.02.2025, regarding Biometric-Based Aadhaar Authentication and Document Verification for GST…
CBIC issued Instructions regarding Procedure to be Followed in Department Appeals Filed Against Interest and/or Penalty Only, Relating to Section 128A The CBIC has issued Instruction No.02/2025-GST dated 07.02.2025, regarding Procedure to be followed in…
Retrospective amendment to disallow ITC on goods / services used for construction of plant or machinery: – Clause 119 of the Finance Bill, 2025. Effective from 01st July 2017 retrospectively. i) To replace the plant…
Direct Taxation Reforms 1. Enhanced Income Tax Relief: No personal income tax payable for income up to ₹12 lakh under the new regime (₹12.75 lakh for salaried individuals due to a standard deduction of ₹75,000).…
Also the threshold limit of TDS on payment of interest other than interest on securities to senior citizens is doubled from ₹50,000 to ₹1 lakh. Tax deduction limit on interest other than interest on securities…
The Union Budget 2025 proposes a rationalization of Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) rates to simplify tax compliance and reduce the burden on taxpayers. The TCS rate under Sub-section…