India’s Crypto Tax: A Four-Layered Reality Indian crypto investors face a stringent and layered tax structure for Virtual Digital Assets (VDAs) as of 2025. According to experts, the rules are “uncompromising,” regardless of whether the market is bullish or bearish. 1. Flat 30% Income Tax: Under Section 115BBH of the Income Tax Act, all gains … Read more
India’s Economic Outlook Amid US Tariffs The US tariffs are impacting India’s economy, leading to a projected dip in GDP and potential challenges for key industries. Economists Soumya Kanti Ghosh of the State Bank of India and Lakshmanan V. of Federal Bank have weighed in on the situation, highlighting both the risks and potential solutions. … Read more
The legal window for issuing Goods and Services Tax (GST) Show Cause Notices (SCNs) for Financial Years 2017-18 and 2018-19 is now completely closed. Taxpayers, CAs, and business owners can now consider these liabilities legally time-barred, with no new notices possible from the tax department. Summary of Final GST SCN Deadlines The deadlines for issuing … Read more
The Misuse of GST Section 74: A Threat to Honest Taxpayers India Inc. is raising serious concerns over the “arbitrary and excessive” use of Section 74 of the Central Goods and Services Tax (CGST) Act. While this provision was designed to target deliberate tax evasion, tax officers are now routinely applying it to a broader … Read more
Gross GST collections in India rose to ₹1,95,735 crore in July 2025, a 7.5% increase from the same period last year. This growth signals continued economic activity, though the pace has slowed. On a year-to-date basis (April–July), gross GST revenue surged 10.7% to ₹8.18 lakh crore. Key Figures for July 2025: Net Revenue Growth Stalls … Read more
GST authorities have cracked down on ₹15,851 crore in fraudulent Input Tax Credit (ITC) claims between April and June of the current fiscal year. This marks a significant 29% increase in detected fraud compared to the same period last year. Officials also uncovered 3,558 fake firms involved in these schemes, leading to 53 arrests and … Read more
1.Taxpayers who have filed waiver applications in Forms SPL 01/SPL 02 are receiving orders from the jurisdictional authorities: Acceptance Order in SPL 05 or Rejection Order in SPL-07. 2.The GST Portal has now been enabled to allow taxpayers to file Appeal applications(APL 01) against SPL 07 (Rejection) Order. 3.Please use the Navigation below to file Appeal Application against SPL-07 … Read more
Question 1: How can a recipient avail ITC of wrongly rejected Invoices/ Debit notes/ECO-Documents in IMS as corresponding GSTR-3B of same tax period was also filed by recipient? Answer: In such cases recipient can request to the corresponding supplier to report the same record (without any change) in same return period’s GSTR-1A or respective amendment table … Read more
Mandatory MOV-09 Issuance: Allahabad High Court Upholds Assessee’s Right to Appeal In a significant ruling, the Hon’ble Allahabad High Court has declared that the GST Department must issue a penalty order in Form GST MOV-09, even if the assessee has already paid the penalty “under protest” to secure the release of detained goods. This decision, … Read more
