The Income-tax Act, 2025 marks one of the most comprehensive reforms in India’s direct tax framework. One of the notable structural changes introduced in the new legislation is the reorganization of the deductions previously contained in Chapter VI-A of the Income-tax Act, 1961 into Chapter VIII of the Income-tax Act, 2025. While many deductions continue […]
In a significant judgment that strengthens the rights of genuine taxpayers under the Goods and Services Tax (GST) regime, the Gauhati High Court has reiterated that a bona fide purchaser cannot be denied Input Tax Credit (ITC) merely because the supplier failed to deposit GST with the Government. The Court held that the tax authorities
India’s labour laws have historically been complex, fragmented, and difficult for both employees and employers to navigate. For decades, the country had more than 40 separate labour laws, many of which overlapped or had conflicting provisions. To simplify this system and create a modern framework for labour regulations, the Government of India undertook one of
The introduction of Section 270A of the Income Tax Act, 1961, through the Finance Act, 2016, marked a turning point in India’s tax penalty framework. Replacing the older Section 271(1)(c), the new regime introduced a clear distinction between under-reporting and misreporting of income—each carrying different consequences. While under-reporting attracts a penalty of 50% of the
India’s Goods and Services Tax (GST) has entered a new phase with the rollout of GST 2.0, effective from 22 September 2025. The reform is designed to simplify the indirect tax structure, rationalize slabs, and reduce the burden on consumers and businesses. A key change lies in the HSN-wise (Harmonised System of Nomenclature) GST rate
In a landmark decision, the GST Council has announced a new two-slab GST structure and removed health and life insurance premiums from the tax net. The reform, hailed as “Next-Generation GST,” was approved during the Council’s meeting chaired by Finance Minister Nirmala Sitharaman. From September 22, 2025, only two GST slabs — 5% and 18%
In a major announcement ahead of Diwali, Finance Minister Nirmala Sitharaman unveiled sweeping GST reforms after the GST Council meeting, aimed at easing the tax burden on households, farmers, and businesses. Highlighting the government’s focus on simplification, Sitharaman said Prime Minister Narendra Modi had set the direction for next-generation reforms in his Independence Day address,
