CBIC has extended transitional provisions under SCMTR till 30 June 2026 due to incomplete system development and testing. Stakeholders must ensure accurate electronic filings during this extended period.
The notification introduces a one-time 30-day extension for export, re-export, and re-import deadlines. It aims to address delays caused by geopolitical developments and ease compliance for exporters.
The circular introduces mandatory Form I and Form II for SWFs to claim tax exemptions. The ruling ensures structured application and reporting to prevent misuse while enabling eligible benefits.
The RBI amended concentration risk rules to introduce detailed capital market exposure norms for small finance banks. It sets prudential limits and clarifies inclusion and exclusion of exposures to strengthen risk management.
A CBI court sentenced seven individuals to four years imprisonment for manipulating tax systems using forged records. The case highlights strict action against refund fraud schemes.
RBI clarified that irrevocable payment commitments will be treated as financial guarantees with specific capital requirements. The amendment ensures capital is maintained only on CME exposure with defined risk weights.
ICMAI introduced strict advertisement guidelines prohibiting exaggerated claims and misleading content. The framework ensures ethical promotion while safeguarding the dignity and credibility of the profession.
RBI mandates detailed reporting of capital market exposures in financial statements. The move enhances transparency and strengthens risk monitoring for small finance banks.
The issue was complexity in the existing tax framework due to multiple amendments. The new law simplifies provisions and improves clarity without changing tax rates. The key takeaway is that the reform focuses on ease of compliance rather than increasing taxes.
The government introduced new rules replacing the 2017 framework to streamline IGST settlement between Centre and States. The rules establish detailed reporting, reconciliation, and fund transfer mechanisms to ensure accuracy and transparency.
