The Rajasthan High Court has ruled that a GST circular restricting ITC refunds for inverted duty structure claims filed after July 18, 2022, is illegal and discriminatory.
Discover why states must issue notifications for GST rate changes. The GST Council’s recommendations are binding, ensuring a uniform tax regime across India.
The removal of GST cess on motor vehicles has created confusion for automobile dealers, leaving them with stranded credit and potential financial losses.
Despite India’s tech ambitions, the Income Tax Department’s portal struggles with stability, hindering tax compliance and frustrating citizens.
Understand the tax rules for cash gifts from grandparents in India. Learn why proper documentation is crucial to avoid scrutiny from the Income Tax Department.
The GST Council approves provisional refunds of 90% of accumulated Input Tax Credit for businesses with an inverted duty structure, effective November 1, 2025.
India has simplified GST into three slabs and introduced GST 2.0 reforms, effective September 22, 2025, with a 5% rate for essentials and a 40% rate on sin goods.
Summary: Effective September 22, 2025, India has implemented GST 2.0 reforms, simplifying its tax structure and impacting various aspects of the economy. The new system reduces rates on approximately 90% of daily essentials, moving them from 12% or 18% to a lower 5%, which is expected to save the average household between Rs.1,200 and Rs.1,800 […]
Learn about Softex forms, mandatory for Indian IT exporters to report software exports to the RBI and comply with FEMA regulations.
Understand the difference between Previous Year and Assessment Year in Indian tax law, including the standard rule and key exceptions to tax assessment.
