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.
Bajaj Auto Ltd. has been penalized over ₹10 crores by tax authorities due to a dispute over the Goods and Services Tax (GST) classification of its instrument clusters.
The Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has ruled in favor of Secure Meters Limited regarding the classification of communication modules used in smart meters, overturning an earlier decision by the Principal Commissioner of Customs, New Delhi.
