The tribunal held that cash deposits were largely explained through earlier withdrawals and business receipts. Only an estimated 10% addition was sustained, and harsh taxation under section 115BBE was ruled out.
Reopenings based on assumptions, conjecture, or generalized allegations were struck down. The ruling reiterates that reasons must show tangible material, application of mind, and a live nexus with escaped income.
The new rules enhance duty-free allowances and introduce digital declarations. The overhaul aims to speed up clearance and improve passenger experience.
The government outlined how GST 2.0 lowers tax burdens and simplifies compliance. The key takeaway is higher consumption, formalisation, and GDP growth.
The Government clarified that GST delays attract fees, not penalties. Late fee collections remained under ₹2,000 crore annually in recent years.
The Government said STT rate changes are reviewed annually during the Budget. No decision on increasing STT has been taken yet.
The Government outlined a phased reduction in corporate tax rates with parallel withdrawal of exemptions. The key takeaway is a shift towards lower rates with fewer incentives.
The Government confirmed that no sector-wise assessment of GST rate reductions has been conducted. Expected benefits are inferred from broader economic indicators rather than formal studies.
The Government detailed existing concessional and zero GST rates on assistive aids. Any further relief depends on GST Council approval.
The exchange has proposed replacing PDF-based QIP filings with a structured XBRL framework. The move aims to standardise disclosures and improve regulatory monitoring efficiency.
