A massive gold export fraud at Chennai Airport Cargo has been exposed, leading to the Central Bureau of Investigation (CBI) filing a case against 13 individuals, including five customs officials. The scam, which allegedly cost the Indian government over ₹1,000 crore annually from 2020 to 2022, involved exploiting a government scheme intended to facilitate gold … Read more
At the 56th GST Council Meeting, several states have expressed concerns about potential revenue losses due to the proposed restructuring of GST rates. Karnataka, Punjab, and West Bengal specifically requested that the central government provide an estimate of the likely revenue loss. The report also mentioned that Telangana and Sikkim may have voiced similar apprehensions. … Read more
MSME registration could soon be a three-day process, a major change from the weeks it currently takes. This is one of the key updates from the 56th GST Council Meeting, aimed at making it easier for small businesses to get started. Sources told Moneycontrol that new measures would allow non-risky businesses to get their registration … Read more
Eight opposition-ruled states in India are demanding compensation from the central government for potential revenue losses under a proposed new GST structure. The states—Himachal Pradesh, Jharkhand, Kerala, Punjab, Tamil Nadu, Telangana, West Bengal, and Karnataka—are concerned that the government’s plan to reduce the number of GST slabs from four to two (5% and 18%) will … Read more
New Version: The “Next-Gen” GST Overhaul The 56th GST Council meeting isn’t just about tweaking tax rates—it’s about a major overhaul of India’s tax system. Dubbed “next-gen” reforms, these changes could significantly impact consumers and businesses ahead of the festival season. What’s on the table? These discussions are a crucial step in the government’s push … Read more
The 56th Goods and Services Tax (GST) Council meeting, held in New Delhi on September 3-4, 2025, is focused on a major push to simplify the GST system. The discussions highlight significant potential reforms, particularly aimed at benefiting exporters and streamlining processes for businesses. Key Proposals to Streamline GST Based on reports from the ongoing … Read more
The Central Board of Direct Taxes (CBDT), under the Ministry of Finance, has extended the income tax exemption timelines for sovereign wealth and pension funds by six years. This was announced via the Income-tax (Twenty-Fifth Amendment) Rules, 2025, which were notified on September 1, 2025. The amendment specifically extends the benefits under Section 10(23FE) of … Read more
GST rate hike could cripple India’s garment industry, warns CMAI The Clothing Manufacturers Association of India (CMAI) has issued a strong warning against a proposed GST hike on garments, stating it could be a “death-knell” for the industry. The reported plan would raise the GST on garments priced above ₹2,500 from 12% to 18%. CMAI … Read more
Key Updates from the 56th GST Council Meeting The 56th GST Council Meeting has introduced a number of significant proposals aimed at simplifying the Goods and Services Tax system and easing the burden on taxpayers. 1. Automatic Return Filing A major proposal under discussion is the introduction of automatic return filing. This initiative seeks to … Read more
In a move to protect employment and promote environmental goals, the Swadeshi Jagran Manch (SJM), the economic arm of the RSS, has appealed to Finance Minister Nirmala Sitharaman to reduce the Goods and Services Tax (GST) on beedi and plastic waste. The request comes ahead of a GST Council meeting scheduled for September 3-4, where … Read more
