From September 22, 2025, a significant change is coming to the insurance industry. The 18% GST currently applied to individual life and health insurance premiums will be removed. This move is designed to make insurance more affordable. For example, a ₹1,000 premium that previously cost ₹1,180 with tax will now be just ₹1,000. However, there’s … Read more
Pressure is mounting on the Central Board of Direct Taxes (CBDT) to extend the September 15 deadline for filing Income Tax Returns (ITR) for the financial year 2024-25. Professional and trade organizations are citing a range of issues, including technical glitches, data mismatches, and delayed form releases, as reasons for the extension. Why Are Groups … Read more
From houses to farmland, here are nine ways to save on capital gains tax when selling property under the Income Tax Act. Selling a house, plot, or agricultural land doesn’t always mean paying a large amount in capital gains tax. The Income Tax Act, 1961, has nine different sections that allow taxpayers to either pay … Read more
India is set for its biggest tax reform in over 60 years. The Income-tax Act, 2025, which received the President’s assent on August 21, 2025, will come into force from April 1, 2026. This new law will apply to all income earned in the financial year 2026-27 and onwards, completely replacing the Income-tax Act, 1961. … Read more
Himanshu Shah Arrested for ₹100 Crore Bogus Tax Credit Scheme Officials from the Directorate General of Goods and Services Tax Intelligence (DGGI) in Surat have arrested Himanshu Rajnikant Shah of Ahmedabad for a massive tax fraud scheme. Shah is accused of creating bogus bills for goods that were never supplied, allowing him to fraudulently claim … Read more
Police in Noida have arrested a former employee of a private firm, Abhinav Tyagi, for a GST fraud scheme. Tyagi allegedly generated fake invoices totaling around ₹10 crore to fraudulently claim an input tax credit of ₹1.8 crore. The accused, who previously worked in the company’s accounts section and handled tax filings, is believed to … Read more
Massive GST Rate Cuts to Boost Consumption In a major overhaul of the Goods and Services Tax, the government has reduced rates on nearly 400 goods and services. The new simplified two-tier structure of 5% and 18% will replace the previous four-tier system, making everyday items more affordable for consumers. This change, which comes into … Read more
GST Rate Cuts Set to Boost India’s Agriculture and Dairy Sectors The recent GST rate cuts on agricultural inputs, dairy products, and food processing equipment are a major win for over 10 crore farmers and the cooperative sector, according to the Ministry of Cooperation. Key Benefits for Farmers: Economic Impact: These targeted reforms are designed … Read more
New Bill May Tax Tobacco More The Indian government is considering a new bill to introduce a different tax on tobacco products, which would replace the current GST compensation cess. This legislation could be introduced during the upcoming winter session of Parliament. Currently, tobacco products face a 28% GST rate along with a compensation cess. … Read more
Gold Prices Hit New Highs in India, Driven by Global Trends Gold prices are soaring both in India and around the world, with 24-karat gold now costing over ₹1 lakh per 10 grams in India. This surge is being driven by growing expectations that the US Federal Reserve will cut interest rates this month. According … Read more
