ICAI provides a one-year relaxation for two new Guidance Notes on financial statements for non-corporate entities and LLPs, making their application voluntary for 2024-25.
Notification 30/2025-26 amends India’s import policy. ATS-8 imports valued under US$111/kg are restricted until Sep 30, 2026. Exemptions apply for EOUs and SEZ units.
Effective September 22, 2025, the Ministry of Finance amends the UTGST Act, 2017, to apply tax to local delivery services via e-commerce operators.
The Ministry of Finance, Department of Revenue, has issued a new notification amending the Union Territory Goods and Services Tax Act. The tax rate for a specific service has been revised from 6% to 9%, effective September 22, 2025.
CBIC notifies Agatti Island in Lakshadweep as a customs port for baggage handling, amending Notification 62/1994-Customs with effect from September 2025.
CBIC notifies October 1, 2025, as the date for GST amendments covering definitions, ITC, appeals, penalties, SEZ supplies, and unique ID marking.
Effective September 17, 2025, businesses with an annual turnover up to ₹2 crore are exempt from filing GST annual returns for FY 2024-25 and beyond.
The Indian government has restricted provisional GST refunds for businesses that have not completed Aadhaar authentication or deal in specific goods like tobacco, pan masala, and areca nuts.
The PFRDA introduces a Multiple Scheme Framework for NPS, allowing private sector subscribers to hold multiple pension schemes and diversify their retirement investments.
The ICAI suggests solutions to enhance GST adjudication, focusing on clearer show-cause notices, structured personal hearings, and detailed orders to improve procedural fairness.
