The Principal Bench of the Goods and Services Tax Appellate Tribunal (GSTAT) has introduced a new “Token System” to help taxpayers and tax authorities facing difficulties while filing appeals before the due date. As per Order No. 156/2026 dated 10 July 2026, appellants can now generate an electronic token to preserve their right to file…
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The Income Tax landscape is set to change from 1st April. 1. New Income Tax Act, 2025 The existing Income Tax Act, 1961 is proposed to be replaced with the new Income Tax Act, 2025. Simpler language Reduced litigation Better compliance framework This is a structural change, though practical impact will depend on final implementation.…
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The Rajasthan Government has presented the State Budget for FY 2026-27 with strong focus on infrastructure development, water management, agriculture, energy, women empowerment, industrial growth, and social security. 1. Airport Development & Connectivity Feasibility studies to be conducted for new airports in Sikar, Jhunjhunu, and Bharatpur-Deeg region. Improved regional air connectivity planned. 2. Social…
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Top Highlights of Budget 2026-27: Macroeconomic Framework • Fiscal deficit for FY27 set at 4.2% to 4.3% of GDP. • Real GDP growth projected between 6.8% to 7.2%. • Total expenditure estimated at Rs 53.5 lakh crore. • Net tax receipts projected at Rs 28.7 lakh crore. • Capital expenditure increased to Rs 12.2 lakh…
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Over the past few days, many taxpayers across India received SMS and email alerts stating that their “Income Tax Refund is on hold” or that their “ITR is under risk management review”. A large number of these messages referred to 80G donation claims and other deduction or exemption related issues. Since almost 60 to 70…
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The CBIC has made a few important changes in GSTR-9 (Annual Return) and GSTR-9C (Reconciliation Statement) for FY 2024-25. These updates aim to simplify reporting and make compliance smoother for taxpayers. To help you understand everything clearly, we have created a detailed and easy-to-follow PPT covering all the latest changes and practical points. Covered in…
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Supreme Court’s Big Relief on ITC: Buyer Not Liable for Seller’s Default Summary In a major judgment, the Supreme Court of India ruled that a genuine buyer cannot be denied Input Tax Credit (ITC) just because the seller failed to deposit tax with the government. This means if you’ve made a real purchase, paid for…
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New Delhi, 25th September 2025 – The Central Board of Direct Taxes (CBDT) has announced an important relief for taxpayers and professionals. The due date for furnishing various audit reports under the Income-tax Act, 1961 for the Previous Year 2024-25 (Assessment Year 2025-26) has been extended from 30th September 2025 to 31st October 2025. Reason…
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Highlights of 56th GST Council Meeting – September 2025 1. Relief on Daily Essentials GST reduced on hair oil, shampoo, toothpaste, toilet soap bar, toothbrushes, shaving cream from 18% to 5%. Butter, ghee, cheese, dairy spreads, pre-packaged namkeens, bhujia, mixtures, utensils, feeding bottles, napkins for babies, clinical diapers, sewing machines & parts reduced from 12%…
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The Goods and Services Tax Network (GSTN) has issued an important Advisory dated 01.05.2025 regarding the implementation of Phase-3 of HSN Code Reporting and mandatory disclosure in Table 13 of GSTR-1 and GSTR-1A, effective from the May 2025 return period. Phase-3 is now being rolled out for returns from May 2025 onwards. What’s New in…
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