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The Supreme Court reaffirmed that bona fide purchasing dealers cannot be denied input tax credit merely because the selling dealer failed to deposit the tax, provided the purchaser acted in good faith and met the statutory conditions. It was decided by the Supreme court in the case of Commissioner of Trade & Tax, Delhi v. M/s Shanti Kiran India (P) Ltd. that purchasing…

What is ITR and Who Should File? An ITR (Income Tax Return) is a form to declare your income and taxes. You should file if: Your income is above the basic exemption limit. You want to claim refunds (for excess TDS deducted). You need proof of income for bank loans, visa applications, or financial transactions.…

REDUCTION IN GST RATES FROM SEPTEMBER 22, 2025 Rationalisation of the current 4-tiered tax rate structure into a citizen-friendly ‘Simple Tax’ – a 2 rate structure with a Standard Rate of 18% and a Merit Rate of 5%; a special de-merit rate of 40% for a select few goods and services EXEMPTIONS IN GST W.E.F…

1.Exemption of GST on all individual life insurance policies whether term life, ULIP or endowment policies and reinsurance and increase the insurance coverage in the country. 2.Rationalisation of the current 4-tiered tax rate structure into a citizen-friendly ‘Simple Tax’ – a 2 rate structure Reduction of GST from 18% OR 12% to 5% on a…

Two changes from GST 2.0 Reform will be applicable from 1 Nov 2025 that can reshape compliance & cash flows: ✅ Provisional Refunds on Inverted Duty ✅ Simplified GST Registration No more delays from manual checks & site visits Automated approval within 3 working days Applies if B2B output tax ≤ ₹2.5 lakh/month (≈96% of…

PAN 2.0 Project enables technology driven transformation of Taxpayer registration services and has significant benefits including: Changes for Existing PAN Cardholders Old PAN cardholders need not worry—existing PAN cardholders are not required to apply for a new PAN under the upgraded system. The current valid PAN cards will remain fully operational under PAN 2.0 unless…