The Government clarified that service charges are set under board-approved policies and RBI oversight, requiring transparency and reasonableness. No new caps are proposed, with reliance on supervision and prescribed free limits.
The Government clarified that printed books, including educational and medical books, are fully exempt from GST, eliminating concerns of added financial burden.
The Government informed Parliament that no proposal is under consideration to compensate States for revenue impacts from recent GST changes. Fiscal discipline continues to be governed through existing borrowing limits and FRBM frameworks.
The authority held that failure to attach a valuation report with Form PAS-3 violates Rule 12(7) of the PAS Rules. In the absence of a specific penalty, the residuary provision under Section 450 was applied, resulting in maximum penalties.
The Government confirms a higher rebate under the new tax regime, ensuring no tax up to ₹12 lakh and outlining revised slabs effective from AY 2026–27.
The Government clarified that the new income tax search provision does not expand powers or permit AI-based digital surveillance, as existing law already allowed similar access.
Failure to attach a valuation report with Form PAS-3 was held to breach Rule 12(7). Since continuing penalties were already imposed earlier, only the minimum penalty was levied in this instance.
The Government told Parliament that India’s tax-to-GDP ratio remains relatively low among peer economies. It denied that current tax policies exploit the middle class or require urgent overhaul to prevent taxpayer flight.
India’s banks record a sharp decline in bad loans, with gross NPAs at 2.15% by September 2025, highlighting the impact of sustained regulatory and policy reforms.
Enforcement activity rose with steady antitrust actions and quicker merger disposals, aided by reduced timelines and streamlined procedures.
