TAXATION


Moneylife Digital Team 09 September 2025
Holding that advance money received for portions of land not actually sold cannot be assessed as capital gains, the Chennai bench of the income tax appellate tribunal (ITAT) directed the assessing officer (AO) to allow exemption under section 54F of the Income-tax (I-T) Act, 1961 and...

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Moneylife Digital Team 09 September 2025
As India gears up for a major shift under the reformed goods and services tax (GST 2.0) framework later this month, a large number of consumers in India are worried that businesses and brands may not pass on the benefits of reduced GST slabs to them. A new survey shows that three out of four...

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Moneylife Digital Team 08 September 2025
In a significant ruling, the income-tax appellate tribunal (ITAT), Chennai, has held that the share of a minor child in property inherited from her deceased mother cannot be clubbed with the father’s income for the purpose of long-term capital gains (LTCG) tax when such proceeds are deposited...

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Moneylife Digital Team 05 September 2025
The goods and services tax (GST) council has announced sweeping reforms in the GST structure that promise to fundamentally transform the accessibility and affordability of healthcare services and insurance products across the nation. The 56th GST council meeting, chaired by Union minister of...

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Prime minister (PM) Narendra Modi promised ‘next-generation’ GST (goods and services tax) reforms as a Diwali gift to India, triggering hopes of reduction and rationalisation of the tax into two primary slabs and an overall relief for all. However, businesses and consumers are watching with...

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Moneylife Digital Team 05 September 2025
In a significant positive turn for India's corporate landscape, a new report by CRISIL Intelligence reveals that recent goods and services tax (GST) rate cuts are set to provide a 'marginal revenue lift' for India Inc. The research note projects that corporate revenue will likely grow by 6%-7%...

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Moneylife Digital Team 04 September 2025
In a landmark move to simplify India’s indirect tax regime, the goods and services tax (GST) council has approved sweeping reforms, collapsing the four-tier tax structure into two basic slabs of 5% and 18%, with a new 40% rate for sin and luxury goods. The changes, branded as GST 2.0, will take...

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Moneylife Digital Team 04 September 2025
The goods and services tax (GST) council has announced sweeping changes to the GST, restructuring slab rates across multiple categories of goods and services. The move, effective 22 September 2025, is being described as one of the most significant overhauls of the GST framework since its...

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Moneylife Digital Team 04 September 2025
Car and motorcycle buyers are set to benefit from lower prices this festive season after the goods and services tax (GST) council approved a sweeping rate overhaul, bringing small cars and entry-level two-two-wheelers (2Ws) under the 18% tax bracket. The move, part of the Union government’s...

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Moneylife Digital Team 04 September 2025
In a historic step toward overhauling India’s indirect tax system, the goods and services tax (GST) Council, chaired by Union minister of finance Nirmala Sitharaman, approved sweeping rate rationalisation reforms, cutting the existing four-rate GST structure to just two slabs — 5% and 18%. By...

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Moneylife Digital Team 03 September 2025
Finance ministers from eight Opposition-ruled states met on Wednesday ahead of the 56th goods and services tax (GST) council meeting, seeking compensation for potential revenue losses following the proposed GST rate revisions.   The states—Himachal Pradesh, Jharkhand, Karnataka, Kerala,...

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Moneylife Digital Team 03 September 2025
Countering concerns that rationalising goods and services tax (GST) rates would dent revenue collections, an analysis by State Bank of India (SBI) on GST 2.0 argues that experience shows rationalisation tends to strengthen revenues over time, with the Union and state governments emerging as net...

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Moneylife Digital Team 03 September 2025
The Supreme Court has dismissed the income-tax (I-T) department’s special leave petition (SLP) against an order passed by the Bombay High Court (HC) which quashed a reassessment notice issued to Prakash Pandurang Patil for assessment year (AY)18–19. The apex court, while refusing to interfere,...

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Moneylife Digital Team 01 September 2025
India’s goods and services tax (GST) collections rose 6.5% in August to Rs1.86 lakh crore, supported by stronger domestic consumption even as imports slowed. The figure compares with Rs1.75 lakh crore collected in August last year but was lower than July’s Rs1.96 lakh crore.   According to...

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On 15th August, India’s prime minister, Narendra Modi, used his Independence Day address to announce a sweeping simplification of the country’s goods and services tax (GST). The patchwork of four main rates—5%, 12%, 18% and 28%—will be collapsed into two: 5% and 18%. A punitive 40% levy will...

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Moneylife Digital Team 25 August 2025
While dismissing an appeal filed by a taxpayer, who claimed long-term capital gains (LTCG) exemption of Rs84.79 lakh on the sale of penny stocks, the Mumbai bench of the income tax appellate tribunal (ITAT) ruled that the transactions were 'unnatural, suspicious, and pre-arranged'.   In an...

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Moneylife Digital Team 20 August 2025
The Indian government’s proposed goods and services tax (GST) 2.0 rationalisation could become a major demand-side stimulus, boosting consumption, moderating inflation and sustaining growth, with little impact on the fiscal deficit, says a research note from State Bank of India (SBI).   The...

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Moneylife Digital Team 18 August 2025
A planned visit by US trade negotiators to New Delhi later this month has been called off, casting fresh uncertainty over the future of the proposed India-US bilateral trade agreement (BTA) and heightening anxiety over a looming tariff hike on Indian exports.   According to a Reuters report,...

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Moneylife Digital Team 18 August 2025
The directorate general of trade remedies (DGTR) under the Union ministry of commerce, has recommended a three-year safeguard duty on imports of certain non-alloy and alloy flat steel products, after concluding that a 'recent, sudden, sharp and significant' rise in shipments has caused serious...

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Moneylife Digital Team 06 August 2025
In a scathing indictment of investigative practices under the goods and services tax (GST) regime, the Punjab and Haryana High Court (HC) has granted bail to two accused in a Rs107 crore fake billing and input tax credit scam, criticising the directorate general of GST intelligence (DGGI) for...

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