The GST authority held that soap containing more than 60% Total Fatty Matter qualifies as toilet soap under HSN 3401. As a result, such soaps attract 5% GST despite being used for both bathing and laundry.
The inspection report highlights deficiencies in audit documentation, independence monitoring and compliance with auditing standards. It stresses the need for stronger quality control systems and improved audit procedures.
The regulator found that the audit firm lacked an effective monitoring mechanism to ensure firmwide independence policies were properly implemented. It recommended stronger oversight and compliance checks.
The new framework allows FinTech entities to test innovative financial solutions under regulatory supervision. It replaces the earlier 2022 sandbox guidelines with expanded testing mechanisms.
The government has changed the import policy of specific studded silver jewellery items from Free to Restricted. Importers must now obtain authorization for these products.
The Income Tax Department acknowledged incorrect ‘significant transaction’ details in some advance tax reminder emails. Taxpayers are advised to ignore the earlier communication and verify details on the Compliance Portal.
The tribunal examined whether an appeal could be dismissed for non-compliance without considering the assessee’s explanation. It set aside the order and remanded the matter, directing the authority to decide the appeal afresh after granting a proper hearing.
The tribunal examined whether an appeal could be dismissed as time-barred without giving the assessee an opportunity to be heard. It held that denial of hearing violated principles of natural justice and remanded the matter for fresh adjudication.
The proposed regulations introduce a formal framework for Managing General Agents in the IFSC. The rules aim to regulate underwriting, claims management, and insurance intermediation with stronger governance standards.
RBI’s new Directions set prudential rules for dividend payouts and profit remittances, linking distributions to capital adequacy and financial health from FY 2026-27.
