The Maharashtra Goods and Services Tax (Amendment) Act, 2025, introduces changes, including a new “track and trace” mechanism for certain goods, penalties for non-compliance, and amendments to input tax credit and appeal processes.
The Ministry of Finance has amended the Income-tax Rules, 1962, updating Form No. 7 to include block period alongside assessment year from September 1, 2025.
IRDAI has issued a warning to Acko General Insurance for violating premium collection rules. The insurer failed to strictly comply with Section 64VB(1) of the Insurance Act, 1938.
RBI directs banks, NBFCs, and other entities to implement Supreme Court’s accessibility guidelines for digital KYC, ensuring inclusion for persons with disabilities.
The Reserve Bank of India has issued its second amendment to the KYC Directions, adding provisions for persons with disabilities, clarifying rules for international transactions, and incorporating Aadhaar Face Authentication.
The Ministry of Corporate Affairs has amended the Companies (Indian Accounting Standards) Rules, 2015, impacting financial reporting and liability classifications.
The RBI is transitioning its Cheque Truncation System to a new continuous clearing and settlement model, aiming for faster processing and payment release.
The Central Board of Direct Taxes has granted income tax exemption to the Parambikulam Tiger Conservation Foundation on specific income types for multiple assessment years.
Insolvency and Bankruptcy Code Amendment Bill 2025 proposes creditor-led insolvency, group and cross-border resolution, governance changes, and procedural clarity to improve IBC implementation.
RBI permits non-resident Vostro account holders to invest surplus rupee funds in Central Government Securities, aiming to boost international trade settlements.
