ICAI has introduced a mandatory registration framework for Global Networks between Indian CA entities and overseas firms. The Guidelines define compliance, ethical safeguards, reporting norms, and oversight mechanisms for cross-border professional collaboration.
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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.
Parliament was informed that no antitrust or merger cases originated from Jammu and Kashmir during the year. The key takeaway is that enforcement activity in the region remained nil in 2025.
GST revenues climbed to over ₹20.5 lakh crore in 2024–25, though growth has moderated. The key takeaway is sustained expansion alongside a shift toward simpler rate structures.
The Government informed Parliament that GST thresholds remain as revised in 2019. Any further increase depends on a fresh recommendation from the GST Council, which has not been made.
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 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 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.
Enforcement activity rose with steady antitrust actions and quicker merger disposals, aided by reduced timelines and streamlined procedures.
