IBBI updates insolvency regulations, introducing facilitators, real estate provisions, and monitoring committees. Changes aim to streamline corporate insolvency processes.
The Union Budget 2025-26 introduces customs reforms to boost trade and domestic manufacturing. January GST collections hit ₹1.95 lakh crore, reflecting strong growth.
The Ministry of Finance corrects a customs notification, revising tariff item “20042110” to “22042110” in Notification No. 50/2024, dated December 30, 2024.
Section 80CCA exempts withdrawals from pre-1992 National Savings Scheme deposits from taxation, effective retrospectively from August 29, 2024.
Section 115VP extends the deadline for passing orders on tonnage tax scheme applications to three months, effective April 1, 2025.
Amendments to Section 206C exclude court stays from time limit calculations for default orders. Effective April 1, 2025.
The time limit for processing immunity applications under Section 270AA is extended from one to three months. Effective from April 1, 2025.
Section 17 is amended to allow rule-based limits for perquisites, including employer-paid medical travel, effective April 1, 2026.
Gujarat AAR clarifies GST treatment for turnkey EPC contracts, ruling them as indivisible and composite works contracts under CGST Act provisions.
Section 271AAB penalties will not apply to searches initiated under Section 132 after September 1, 2024, as per the Finance Bill, 2025.
