The Inverted Duty Structure (IDS) under the Goods and Services Tax (GST) regime is a situation where the rate of tax on inputs (raw materials or services) is higher than the rate of tax on output supplies (finished goods or services). This creates an imbalance, as businesses end up paying more GST on inputs than […]
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Under the Goods and Services Tax (GST) regime in India, certain banking-related services are either exempt or subject to a nil rate of tax. These exemptions are provided to ensure that essential financial services remain accessible and affordable to the general public. Below is a detailed explanation of the exemptions on banking-related services under GST:
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In the context of the Goods and Services Tax (GST), the term “non-supplies” refers to transactions or activities that are not considered as supplies under the GST law. These transactions are outside the scope of GST, meaning they are not subject to tax, and no input tax credit (ITC) can be claimed for such activities. Section 7(2)(a) provides
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Notification No. 13/2025 [F. No.370142/9/2024-TPL] Dated 07th February, 2025 MINISTRY OF FINANCE (Department of Revenue) G.S.R. 121(E).— In exercise of the powers conferred by section 295 read with clause (47) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962,
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Order No. [F. No. 225/235/2024/ITA-II] Dated 31st January, 2025 MINISTRY OF FINANCE (Department of Revenue) Order under section 138(1)(a) of the Income-tax Act, 1961 Central Board of Direct Taxes, in exercise of powers conferred under clause (a) of sub-section (1) of section 138 of Income-tax Act, 1961 (`the Act`), hereby directs that Director General of Income-tax (Systems), New Delhi shall be the
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Order No. [F. No. 225/17/2025-ITA-II] Dated 28th January, 2025 MINISTRY OF FINANCE (Department of Revenue) To All Pr. Chief Commissioners of Income-Tax All Directors General of Income-Tax Madam/Sir, Subject: Clarification regarding orders u/s 201 of the Income-tax Act, 1961 under e-Appeals Scheme, 2023 -reg Central Board of Direct Taxes (`the Board`) issued an order u/s 246(6) of
The Finance Bill 2025, presented by Finance Minister Nirmala Sitharaman as part of the Union Budget 2025-26, includes several key provisions related to direct taxes. Here are the highlights:
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The Budget Speech for 2025-26 by Finance Minister Nirmala Sitharaman, presented in Parliament, outlines several key initiatives and reforms aimed at stimulating economic growth, enhancing social welfare, and promoting inclusive development. Here are the highlights from her speech:
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The provisions relating to Direct Taxes for the Financial Year 2025-26 in India include several key changes and updates aimed at simplifying the tax system, promoting economic growth, and enhancing taxpayer compliance. Here are some of the major provisions:
Ministry of Finance HIGHLIGHTS OF UNION BUDGET 2025-26 Posted On: 01 FEB 2025 1:29PM by PIB Delhi PART A Union Minister for Finance and Corporate Affairs Smt Nirmala Sitharaman presented Union Budget 2025- 26 in the Parliament today. The highlights of the budget are as follows: Budget Estimates 2025-26 The total receipts other than borrowings
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