Union Cabinet approves new Income Tax Bill to simplify and modernise tax system, ETCFO

The Union Cabinet on Friday approved the new Income Tax Bill, reported PTI citing sources. The bill, which will replace the Income Tax Act, 1961, aims to simplify and modernise India’s tax system. It will also simplify legal language so that taxpayers can easily understand the provisions. The bill will not introduce new taxes. Instead, […]

India may cut more import taxes as manufacturing picks up speed, ETCFO

India will continue to bring down tariffs and phase out additional levies on imports as domestic manufacturing improves, a top finance ministry official said, ahead of Prime Minister Narendra Modi’s visit to the US. “We will soon start stakeholder consultations with ministries on whether rates can be lowered further without impacting the industry,” Sanjay Agarwal, […]

Revenue Secretary, Tuhin Kanta Pandey, ETCFO

Revenue Secretay, Tuhin Kanta Pandey Revenue Secretary, Tuhin Kanta Pandey ahead of the upcoming Income Tax Bill, which was announced by the Finance Minister, Nirmala Sitharaman during her budget speech, said the Bill will not introduce any new taxes. “When you will see the new Income Tax Bill next week, it will be a very […]

Lupin Limited faces ₹2.28 cr penalty from West Bengal GST authority for ITC misuse, ETCFO

Lupin Limited has received an Order-in-Appeal from the West Bengal GST Appeal Authority imposing a penalty of ₹ 2,28,94,783/- under applicable provisions of the CGST Act, 2017, SGST Act, 2017, and IGST Act, 2017, according to the Company’s exchange filing. Commissioner, CGST & CX, Appeals-II, Kolkata imposed a penalty on the contention of wrongful availment […]

Simplification or increased compliance burden?, ETCFO

The GST law defines a voucher as an instrument that creates an obligation to accept it as full or partial consideration for the supply of goods or services. However, taxability has been a contentious issue, leading to conflicting rulings. The Union Budget 2025, unveiled by Finance Minister Nirmala Sitharaman, introduces several pivotal amendments to the […]