Talks talks progress on consolidating 12% Goods and Services Tax slabs India’s GST Council, which overseas the operations of Goods and Services Tax, is likely to take up the withdrawal of the 12% rate slab at its next meeting in three weeks’ time. The aim
Central Government expands 1% TCS to luxury goods From 22 April 2025, the Income Tax Department has extended the 1% Tax Collected at Source (TCS) on a range of luxury goods priced above ₹10 lakh. This includes watches, art, yachts and more. TCS is a
E-invoicing 30-day reporting threshold cut April 2025 India’s GST Council, which overseas the national e-invoicing regime, is cutting the threshold on the 30-day reporting requirement to its portal, the Invoice Registration Portal (IRP). From 1 April 2025, any business subject to Indian e-invoicing with a
Threat of US reciprocal tariffs leads to removal of ‘Google Tax’ from 1 April 2025 India’s Lower House of Parliament has voted to withdraw its 6% Equalisation Levy from 1 April 2025. This is be contained within amendments proposed in the 2025 Finance Bill. The
Input Tax Credits may only be claimed via ISD From 1 April 2025, the Indian government has made it mandatory for businesses to use the Input Service Distributor (ISD) mechanism to claim Input Tax Credit (ITC) under the Goods and Services Tax (GST) system. This
Summary of The Finance Act 2025 and Amendments to the CGST Act The Finance Bill 2025, submitted on 1 February, was enacted this week. It contains a number of changes to the Goods & Services Tax (GST) regime. These changes aim to simplify tax compliance,
India 55th Goods & Services Tax Council Meeting Summary of Recommendations The 55th GST Council – which oversees operations and reforms of the indirect tax – convened in Jaisalmer, Rajasthan, on December 21, 2024, under the chairpersonship of Union Finance Minister Smt. Nirmala Sitharaman. The meeting
Calls for major reforms: Rate rationalisation; dispute resolution; input tax credits India’s Goods and Services Tax is up for reform.GST was implemented in July 2017, and gave the country’s internal market a major boost be simplifying internal trade by removing complex and overlapping multitude of
Goods and Services Tax evasion balloons despite success of e-invoicing In the fiscal year 2023-24, Goods and Services Tax (GST) evasion in India escalated significantly, reaching a staggering ₹2.01 lakh crore, as per data released by the Directorate General of GST Intelligence (DGGI). This marks
