What's New
Goods And Service Tax
As FY 2024-25 wraps up, it’s time to ensure your GST books are accurate and up to date. Whether you’re a professional, business owner, or service provider, a smooth transition into FY 2025-26 is key to avoiding audit issues and staying compliant.
CBIC received various issues related to GST refunds such refund should be granted in accordance with invoices appearing in GSTR-2A or GSTR-2B, whether exporter is entitled to claim refund of IGST paid under Rule 96A(1), manner of computation of adjusted total turnover etc.
CBIC has issued circulars to clarify on various issues suggested by the GST Council such as taxability of services provided by one office to another office within same organization and manner of valuation, e-invoices of supplies made to government entities, applicability of GST on shares held by holding company for its subsidiary company.
The applicant transfers gold bars to jewel makers for making ornaments and then purchases such ornaments from them. Jewel makers raise invoices for making charges and transaction value of ornaments sold to the applicant.
The much-awaited Union Budget 2025 by Finance Minister Nirmala Sitharaman, was presented on February 1, 2025, which focused on a new landmark for India’s economic trajectory to make growth all
inclusive, which is aimed at empowering the poor, the youth, the farmer, and women. Read more
Income Tax Department
Introduced under the Income Tax Act, Section 194T mandates TDS on certain payments made by partnership firms and LLPs to their partners.
This provision ensures accurate reporting, promotes financial transparency, and helps curb tax evasion.
Where foreign company or entity held assets in India through an Indian concern, then such Indian concern is required to file information in Form 49D about transfer of share or interest of such foreign company or entities with Income tax authorities of India India.
CBIC received various issues related to GST refunds such refund should be granted in accordance with invoices appearing in GSTR-2A or GSTR-2B, whether exporter is entitled to claim refund of IGST paid under Rule 96A(1), manner of computation of adjusted total turnover etc.
Finance Act, 2023 amended the provisions of Section 206(1G) to increase the rate of TCS from 5% to 20% for remittance under LRS as well as purchase of tour program packages and removed the threshold limit of INR 7,50,000.
Trading in the share market has increased a lot and not only persons who are engaged in hardcore share trading, other persons also invest funds in the share market. Every income in India is liable to Income tax. Similarly, profit or loss earned from share trading is also liable to income tax.
Central Board Of Indirect Taxes & Customs
As per the Finance Act, 2024, CBIC has made ISD registration compulsory from 1st April 2025 for businesses claiming ITC on common input services. Ensure timely compliance to avoid disruptions in credit distribution
Where foreign company or entity held assets in India through an Indian concern, then such Indian concern is required to file information in Form 49D about transfer of share or interest of such foreign company or entities with Income tax authorities of India India.
Finance Act, 2023 amended the provisions of Section 206(1G) to increase the rate of TCS from 5% to 20% for remittance under LRS as well as purchase of tour program packages and removed the threshold limit of INR 7,50,000.
Trading in the share market has increased a lot and not only persons who are engaged in hardcore share trading, other persons also invest funds in the share market. Every income in India is liable to Income tax. Similarly, profit or loss earned from share trading is also liable to income tax.