The Authority held that classification under HSN and GST rate cannot be determined without precise details of goods or services. In the absence of such information, no ruling on classification was possible.
The RBI has proposed raising the aggregate ceiling on unsecured advances by Urban Co-operative Banks to 20% of total loans and advances. The draft also revises definitions, individual limits, and disclosure norms to strengthen risk management and transparency.
Draft 2026 Directions exempt eligible NBFCs below ₹1,000 crore from registration under Section 45IA. Strict conditions and disclosures will apply to Unregistered Type I NBFCs.
The Finance Ministry imposed five-year anti-dumping duty on TDI (80:20) imports after finding continued dumping risk. Producer-specific rates range up to US$ 344.33 per MT.
The ITAT held that reassessment is invalid where no addition is made on the sole ground for reopening, leading to the proceedings being quashed.
The authority amended its July 2025 notification to appoint additional officers for Fortified Rice Kernel regulation. The move strengthens statutory oversight under the Food Safety and Standards Act, 2006.
Calcutta High Court held that in a proceeding under Section 263 of the Income Tax Act of 1961, the PCIT is empowered to make such inquiry as he deems necessary and inspection of seized assets may very well form part of such inquiry. Accordingly, notice of inspection is duly sustainable and hence writ petition stands dismissed.
The Tribunal held that reassessment for AY 2015–16 was barred by limitation as the Section 148 notice was issued beyond the permissible period. It ruled that TOLA did not extend the time limit and the proceedings were void ab initio.
Individual term and health insurance premiums become GST-free from 22 September 2025. Agent commissions and mutual fund distribution taxes remain unchanged, preserving existing compliance rules.
The Government clarified that decade-long data does not show a consistent upward trend in non-compliance. While penalties have increased in recent years, this reflects stronger enforcement rather than growing defaults.
