Dr. Reddy's Laboratories Ltd has been issued a tax demand of over ₹74.22 crore by the Additional Commissioner of Central Tax, Hyderabad, for allegedly wrongfully availing input tax credit under GST laws. The company intends to appeal the order, stating no significant impact on its financials or operations.
In the Union Budget 2025-26, Finance Minister Nirmala Sitharaman announced an income tax exemption for individuals earning up to ₹12 lakh annually, aiming to increase disposable income and stimulate economic growth. Industry experts praise these measures for their potential to enhance consumption and drive innovation across sectors.
India is reviewing its cryptocurrency stance due to evolving global perspectives, particularly following recent U.S. policy changes under President Trump. Economic Affairs Secretary Ajay Seth emphasizes the need for a collaborative approach to crypto regulation.
Volkswagen sues India over a $1.4 billion tax demand, claiming the penalty jeopardizes its $1.5 billion investment in India. The dispute centers on accusations of misclassifying imported car parts to evade higher duties.
The Indian government has unveiled a ₹10,000 crore Fund of Funds Scheme and extended startup incorporation benefits by five years to bolster the startup ecosystem.
In the Union Budget 2025-26, Finance Minister Nirmala Sitharaman introduces the Jan Vishwas Bill 2.0 and a revamped Central KYC Registry to streamline procedures and expedite company mergers, enhancing the ease of doing business in India.
Finance Minister Nirmala Sitharaman announced key tax reforms in Budget 2025-26, including TDS simplification, a new Income Tax Bill, and incentives for EV and mobile battery production. The TCS threshold on remittances under RBI's liberalized remittance scheme has been increased from ₹7 lakh to ₹10 lakh.
Finance Minister Nirmala Sitharaman announced a new Income Tax Bill to simplify tax laws and a 100% FDI limit in the insurance sector in Budget 2025-26. The government aims to enhance taxpayer compliance and attract global investments while improving financial inclusion and air cargo warehousing.
The Economic Survey of India highlights ongoing delays in the Insolvency and Bankruptcy Code (IBC) resolution process, with the Corporate Insolvency Resolution Process (CIRP) taking an average of 582 days, far exceeding the mandated timeline.
The Madras High Court dismissed PhonePe's trademark infringement lawsuit against BundlePe, ruling that the term "Pe" is a common element in the digital payments sector and cannot be exclusively owned by PhonePe.
General Insurance Corporation of India (GIC) faces a ₹138 Cr GST liability, following a tax demand from the CGST & Central Excise authorities. The demand relates to alleged tax short payments and Input Tax Credit issues from 2017 to 2021. GIC plans to challenge the order and file an appeal.
Mangalore Refinery and Petrochemicals Limited (MRPL) has been issued a demand order for ₹7.38 crore by tax authorities concerning the non-reversal of CGST input tax credit. The company plans to challenge the order before the appropriate appellate authority.
