Recommendations of the 56th Meeting of the GST Council held at New Delhi
Posted Date : 03-Sep-2025 , 12:29:21 pm | Posted By CASANSAAR
Next-generation GST reforms, as announced by Prime Minister Shri Narendra Modi from the ramparts of Red Fort on 15th August 2025, represent a strategic, principled, and citizen-centric evolution of a landmark tax framework, which will enhance the quality of life of every last citizen
GST Counci...
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GST |
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GST Council approves two-tier tax structure of 5% and 18%
Posted Date : 03-Sep-2025 , 10:33:23 pm | Posted By CASANSAAR
GST Council Meeting 2025: The GST Council Wednesday gave its nod to a two-tier rate structure of 5 and 18 per cent with the new structure set to implemented from September 22. At a presser, Finance Minister Nirmala Sitharaman said that the main drivers of the economy were the focus of the decision o...
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GST |
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CCI approves acquisition of certain share capital & voting rights of YES Bank by SMBC
Posted Date : 03-Sep-2025 , 07:28:27 am | Posted By CASANSAAR
The Competition Commission of India has approved the acquisition of certain share capital and voting rights of YES Bank by Sumitomo Mitsui Banking Corporation.
The proposed combination relates to the acquisition of share capital and votingrights of YES Bank by Sumitomo Mitsui Banking Corporation ...
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Banking |
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NFRA to start compliance drive as several firms fail to file annual returns
Posted Date : 03-Sep-2025 , 07:16:41 am | Posted By CASANSAAR
The NFRA is launching an outreach drive targeting small and mid-sized audit firms after many failed to file annual returns. Meetings in major cities will stress compliance, transparency, and audit quality.
Over 780 firms defaulted for FY24, raising concerns on oversight, financial reporting...
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NFRA |
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CBDT eases black money rules, revises exemption threshold from Rs. 5 lakh to Rs. 20 lakh
Posted Date : 03-Sep-2025 , 07:05:40 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has amended its instructions regarding the Black Money Act, 2015. According to the latest change, prosecution proceedings under Section 49/50 would not be initiated in cases where a penalty under Section 42/43 is not imposed or is ‘imposable’.
...
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CBDT |
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ICAI Postponed CA Inter & Final Exams Scheduled to be held on 3rd and 4th Sept 2025
Posted Date : 03-Sep-2025 , 06:57:06 am | Posted By CASANSAAR
No. 13-CA (EXAM)/SEPTEMBER/2025/II: In partial modification of the Institute’s Important Announcement No. 13-CA(EXAM)/SEPTEMBER/2025 dated 30th May 2025,
it is announced for general information that in view of the incessant rainfall and flood situation, the Chartered Accountants Final &...
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ICAI |
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Monthly GST Collections Report – August 2025
Posted Date : 01-Sep-2025 , 04:52:42 pm | Posted By CASANSAAR
Sep 1st, 2025
Please click on the link below to view the gross and net GST revenue collections for the month of August, 2025.
https://tutorial.gst.gov.in/downloads/news/approved_monthly_gst_data_for_publishing_aug_2025.pdf
Thanks,
Team GSTN
...
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GST |
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Audit committees need to ensure independence of auditors - NFRA
Posted Date : 01-Sep-2025 , 07:26:56 am | Posted By CASANSAAR
Audit committees at companies should ensure the independence of auditors, NFRA Chairperson Nitin Gupta said on Thursday, as he stressed the importance of good corporate governance practices.
He also listed out various fundamental principles for sound financial reporting, including the key role of...
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NFRA |
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SEBI Flags Gaps in Corporate Disclosures
Posted Date : 28-Aug-2025 , 06:58:59 pm | Posted By CASANSAAR
New Delhi, Aug 28: The Securities and Exchange Board of India (Sebi) has expressed concern that many corporate disclosures to stock exchanges lack clarity and often “leave room for imagination”.
Speaking at a conference in the national capital, the Chief General Manager of Seb...
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SEBI |
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CBIC Urges against Speculation on GST Rates
Posted Date : 27-Aug-2025 , 08:21:22 am | Posted By CASANSAAR
The Central Board of Indirect Taxes and Customs (CBIC) has issued an advisory requesting people and media outlets to refrain from speculating on potential changes in GST rates.
The CBIC clarified that all decisions regarding GST are taken collectively by the GST Council, which comprises bot...
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GST |
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Draft Rules for new Income Tax Act expected by year end - CBDT
Posted Date : 27-Aug-2025 , 08:16:54 am | Posted By CASANSAAR
The new Income Tax Act, 2025, which has just received Presidential assent, has sparked debate over provisions that allow tax authorities to access digital and social media data of taxpayers during search and seizure operations.
Central Board of Direct Taxes' (CBDT) member (legislation) RN Par...
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CBDT |
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Govt appoints Goldman Sachs as sole banker for stake dilution in 4 public sector banks
Posted Date : 27-Aug-2025 , 08:06:26 am | Posted By CASANSAAR
The Government of India has appointed global investment banking firm Goldman Sachs as the sole transaction advisor for the stake sale in four public sector banks (PSBs)—UCO Bank, Central Bank of India, Punjab & Sind Bank, and Indian Overseas Bank (IOB).
Goldman Sachs will be responsible...
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Banking |
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ED arrests auditor in Falcon invoice scam worth Rs.792 Cr
Posted Date : 23-Aug-2025 , 09:09:19 am | Posted By CASANSAAR
The Directorate of Enforcement (ED), Hyderabad Zonal Office, arrested chartered accountant Sharad Chandra Toshniwal on Wednesday, August 20 in connection with the Capital Protection Force Pvt. Ltd. case involving Amardeep Kumar and others. He was produced before the Special PMLA court the same day a...
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Auditing |
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Income Tax Dept Summons EY Auditors on Jane Street India's Trade Trail
Posted Date : 20-Aug-2025 , 12:05:02 pm | Posted By CASANSAAR
The Income Tax Department of India is reportedly trying to determine who called the shots at the Indian entity of US firm Jane Street. For this, it has summoned its auditor Ernst and Young (EY).
According to the Economic Times (ET), the taxman wants to question the Big Four auditor about its enga...
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Income Tax |
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HC Rules that documents like Aadhaar or PAN are not conclusive Proof of Citizenship
Posted Date : 20-Aug-2025 , 12:02:03 pm | Posted By CASANSAAR
Merely having documents such as an Aadhaar Card, PAN Card, or Voter ID does not, by itself, make someone a citizen of India. These documents are meant for identification or availing services, but they do not override the basic legal requirements of citizenship as prescribed in the Citizenship Act, 1...
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General |
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New Income Tax Bill 2025 passed in Parliament, is likely to come into effect from April 1, 2026
Posted Date : 14-Aug-2025 , 08:59:48 pm | Posted By CASANSAAR
New Income Tax Bill 2025 Passed: Parliament on Tuesday passed a new income tax Bill to replace the six-decade-old Income Tax Act, 1961. The new Bill removes redundant provisions and archaic language, and is likely to come into effect from April 1, 2026,
Speaking in the Rajya Sabha, Finance Minist...
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Income Tax |
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RBI allows transition to continuous clearing of cheques
Posted Date : 15-Aug-2025 , 07:25:25 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has decided on the transition of the Cheque Truncation System (CTS) from the current approach of batch processing to continuous clearing with settlement on realisation in two phases. Phase 1 will be implemented on October 4, 2025 and Phase 2 on January 3, 2026, the ba...
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RBI |
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AU Small Finance Bank gets first universal banking licence in a decade
Posted Date : 08-Aug-2025 , 09:00:38 pm | Posted By CASANSAAR
India's AU Small Finance Bank got the banking regulator's 'in-principle' approval to transition into a universal bank, making it the first full-fledged banking licence issued in nearly a decade.
AU Small Finance Bank applied for the licence in September 2024, which would allow it ...
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Banking |
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Govt withdraws Income-Tax Bill, 2025, updated version to be tabled on 11th August
Posted Date : 08-Aug-2025 , 05:44:08 pm | Posted By CASANSAAR
The Indian government has withdrawn Income-Tax Bill, 2025, which was introduced in the Lok Sabha on 13 February to replace the six-decade-old Income-Tax Act, 1961.
A new version of the Income Tax Bill, incorporating most of the recommendations made by the Select Committee chaired by Shri Baijayan...
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Income Tax |
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GST evasion of Rs 7.08 lakh Cr detected in last five years - FinMin
Posted Date : 06-Aug-2025 , 08:04:03 am | Posted By CASANSAAR
The Centre has detected Goods and Services Tax evasion of about Rs 7.08 lakh crore in the last five years, including input tax credit fraud of Rs 1.79 lakh crore, the finance ministry informed Lok Sabha on Monday.
Over Rs 7.08 lakh crore in GST evasion detected in five years, with Rs 1.79 lakh cr...
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GST |
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MCA Flags IndusInd Bank for Potential Financial Irregularities
Posted Date : 02-Aug-2025 , 11:11:52 am | Posted By CASANSAAR
In a fresh regulatory setback for IndusInd Bank, the Ministry of Corporate Affairs (MCA), which had initiated a "suo motu inquiry" into alleged accounting lapses at the private sector lender, sources told CNBC-TV18 that “the ministry's preliminary investigation points to possible...
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MCA |
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GST collections rise 7.5% in July 2025 to Rs 1.96 Lakh Cr
Posted Date : 02-Aug-2025 , 11:02:21 am | Posted By CASANSAAR
India's Goods and Services Tax (GST) collections rose to Rs 1.96 lakh crore in July, up 7.5 per cent from the same month previous year, according to government data released on Friday.
The increase was driven by higher revenue from both domestic transactions and imports, reflecting steady eco...
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GST |
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Gross and Net GST revenue collections for the month of July, 2025
Posted Date : 01-Aug-2025 , 06:47:30 pm | Posted By CASANSAAR
Aug 1st, 2025
Please click on the link below to view the gross and net GST revenue collections for the month of July, 2025.
https://tutorial.gst.gov.in/downloads/news/approved_monthly_gst_data_for_publishing_july_2025.pdf
Thanks,
Team GSTN
...
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GST |
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ICAI Former President Padmashri T. N. Manoharan Passed Away at Mumbai
Posted Date : 30-Jul-2025 , 05:03:16 am | Posted By CASANSAAR
Past President of ICAI, Padmashri T.N. Manoharan Passed Away this Morning at Mumbai, A big loss to CA Fraternity. CA. T.N. Manoharan was not only a towering figure in the accounting profession but also a true statesman and nation-builder. His profound wisdom, exceptional humility, and unw...
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General |
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SEBI cracks down on Zee Business trades, slaps Rs.4 Cr fine, bans 4 entities
Posted Date : 30-Jul-2025 , 01:43:48 am | Posted By CASANSAAR
Sebi on Monday barred four entities from the securities market for two yeas and imposed a penalty totalling Rs.4 crore on them for executing trades based on advance information of stock recommendations given by guest experts on the Zee Business channel.
"The said debarment period shall be re...
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SEBI |
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ICAI notifies rules to limit annual tax audits to 60 per partner
Posted Date : 30-Jul-2025 , 07:35:42 am | Posted By CASANSAAR
The Institute of Chartered Accountants of India (ICAI) on Tuesday notified guidelines that limit the number of tax audits that an accounting firm partner can take up in a year to 60. The new guidelines will take effect from April 2026.
As per the extant guidelines, while a single chartered accoun...
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ICAI |
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GST Act little beyond understanding of common man - High Court
Posted Date : 28-Jul-2025 , 07:54:02 am | Posted By CASANSAAR
Uttarakhand high court has quashed the cancellation of a restaurant's GST registration and allowed it to reapply, saying the GST Act remains "technically complex for citizens focused on running their daily businesses". The division bench of Chief Justice G Narendar and Justice Alok Mah...
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GST |
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RBI proposes ban on third-party products on digital platforms
Posted Date : 24-Jul-2025 , 08:01:00 am | Posted By CASANSAAR
Reserve Bank of India proposes new digital banking guidelines. Banks cannot display third-party products on their digital platforms. Banks must monitor transactions for fraud. Customer consent is needed for digital banking services. Banks need RBI approval to launch transactional banking. These meas...
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RBI |
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System Glitch: GSTR-3A Notices Issued in Error – No Action Needed
Posted Date : 21-Jul-2025 , 01:01:12 am | Posted By CASANSAAR
Jul 20th, 2025
As per the provisions of Section 39(2) of the Central Goods and Services Tax (CGST) Act, 2017, read with Rule 68 of the CGST Rules, 2017, notices in Form GSTR-3A are required to be issued in cases of non-filing of Form GSTR-4. However, it has come to notice th...
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GST |
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Auto-Populated Table 3.2 in GSTR-3B to Become Non-Editable from July 2025
Posted Date : 19-Jul-2025 , 11:25:54 am | Posted By CASANSAAR
Jul 19th, 2025
Kindly refer to the advisory on table 3.2 of GSTR-3B, issued on 11th April 2025, wherein it was informed that, from April 2025 tax period, inter-State supplies auto-populated in Table 3.2 of GSTR-3B on the GST portal would be made non-editable and GSTR-3B must be filed ...
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GST |
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