The High Court upheld Section 19(20) of the TN VAT Act, ruling that excess input tax credit must be reversed when goods are sold below invoice purchase price. It held ITC is a statutory concession and can be restricted to safeguard revenue.
The Budget focuses on simplification, predictability, and targeted incentives, introducing the Income Tax Act, 2025 and major compliance reforms.
The new MoU enables practicing company secretary firms to act as authorized external assessment agencies for gold industry accreditation. It expands professional opportunities and sector diversification.
