Rupee hit ₹86.70/USD in January 2025, its lowest level. Factors include global economic trends, US elections, and forex reserve depletion of $70 billion by December 2024.
The government provides tax benefits to individuals and corporations. Recent budgets increased exemptions for middle-class taxpayers while monitoring tax incentives.
The GST Council deferred a decision on reducing GST on health and life insurance premiums in its 55th meeting as GoM sought more time for recommendations.
1,386 GST evasion cases involving ₹6,454 crore and 72 arrests recorded in Punjab (2017-2024). Learn about government actions to curb GST evasion.
Government reports GST collections over five years but does not track contributions by income groups. Lower GST rates apply to essential goods for weaker sections.
Corporate tax collections rose to 3.1% of GDP in FY 2023-24. Learn about tax rate reductions since 2019 and revenue foregone of ₹1.09 lakh crore in FY 2022-23.
The GST Council is reviewing the 18% GST on health insurance. A Group of Ministers is assessing possible tax reductions but has not finalized recommendations.
Details on tax incentives for corporates, revenue loss since 2020, monitoring mechanisms, emerging sector benefits, and job creation impact.
The government confirms GST exemption for borewell drilling in agriculture under Notification 12/2017-CT(R). No new guidelines have been issued.
Out of 3.94 crore valid ITRs for AY 2024-25, refunds were processed for 3.68 crore. Reasons for delays include invalid bank details and pending verifications.
