The shift to a two-slab system of 5% and 18%, removing the earlier 12% and 28% rates, will make taxation more transparent and easier to follow. At the same time, a 40% on luxury and sin goods such as pan masala, tobacco, aerated drinks, high-end cars, yachts, and private aircraft ensures fairness and revenue balance.
From April 1, 2025, Input Service Distributor (ISD) registration will be compulsory for businesses having multiple Goods & Services Tax Identification Numbers (GSTINs). The time limit for the validity of an E-Way bill will be 180 days, and it can be extended to 360 days.
What are the new changes in GST 2025? Starting September 22, 2025, GST in India will be simplified to primarily two rates: 5% and 18%, with a special 40% rate on luxury and sin goods like tobacco and high-end vehicles.
Several major income tax changes are scheduled to take effect from April 1, 2025. These revisions include changes to tax slabs and the implementation of a rebate up to Rs. 60,000.
e-Invoice Time Limit: From April 1, 2025, businesses with an Annual Aggregate Turnover (AATO) of Rs. 10 crore+ must upload e-invoices to the Invoice Registration Portal (IRP) within 30 days. It reduces the chances of fake GST invoices, allowing only genuine input tax credit claims.
For any standard-rated supplies of goods or services that you make on or after 1 Jan 2024, you must charge GST at 9%. For instance, if you issue an invoice and receive payments for your supply on or after 1 Jan 2024, you must account for GST at 9%.
The GST network issued another advisory on 7th June 2025, implementing the rule of time-barring of GST return filing beyond three years from the due date. By this update, taxpayers will not be able to file GST returns after three years from the due date of such return.
April 2025 heralds some of the most important changes to employment law in several decades, with the Government's Employment Rights Bill beginning implementation, as well as the obligatory National Minimum Wage increase.
TABLE 4A, 4B, 4C, 6B, 6C - B2B INVOICES - RECEIVER-WISE SUMMARY. In this table, you can add details of taxable outward supplies made to registered person. Additionally, invoices auto-populated from e-invoices will be available in this table. This page provides you the receiver-wise summary of the already added invoices ...
February 13, 2025: Introduction of The Income-tax Bill, 2025
A landmark step: the Income-tax Bill, 2025 introduced in Lok Sabha on 13th Feb 2025, intended to replace the Income-tax Act, 1961 with a clearer, simplified framework and proposed commencement from 1st April 2026.
Groceries, gas, and rent are getting more expensive, and many Canadians are searching for relief. Good news is, Starting July 2025, the HST/GST credit has increase by 2.7%, helping low- and modest-income households stretch their budgets.
2022, Works contract services provided to Central and State Government, or Local Authorities, which were earlier eligible for concessional rate of 12% GST,would attract GST at the rate of 18% in view of amendment carried out in notification No. 11/2017- Central Tax (Rate) vide notification No.
The 56th GST Council Meeting held on September 3rd, 2025, in New Delhi marked a significant milestone in India's tax system. The council adopted a wide range of measures to make the tax system more accessible for taxpayers and businesses.
The shift to a two-slab system of 5% and 18%, removing the earlier 12% and 28% rates, will make taxation more transparent and easier to follow. At the same time, a 40% on luxury and sin goods such as pan masala, tobacco, aerated drinks, high-end cars, yachts, and private aircraft ensures fairness and revenue balance.
With effect from 1stApril 2025, a major change is being made mandatory under the GST regime—businesses distributing Input Tax Credit (ITC) on common input services across multiple GST registrations must register as an Input Service Distributor (ISD).
The total of lifetime gifts and the estate are eligible for a lifetime exemption, which is set at $13.99 million in 2025. The exemption amount is indexed for inflation, and was scheduled to be reduced by half after 2025. The higher exemption level was made permanent and slightly increased to $15 million in 2026 by P.L.
B2B transactions refer to the sale of goods or services from one business to another. Under GST, these transactions have specific requirements and benefits, such as the eligibility for Input Tax Credit (ITC), which directly impacts the cost-effectiveness and operational efficiency of businesses engaged in B2B trade.
is also seen that sub-rule ( 4) of rule 55 of the said Rules provides that where the goods being transported are for the purpose of supply to the recipient but the tax invoice could not be issued at the time of removal of goods for the purpose of supply, the supplier shall issue a tax invoice after delivery of goods.
Form GSTR-4A is an auto-drafted and view only form for composition taxpayer, created on basis of data from the saved/submitted/filed Form GSTR-1/A & 5 of their suppliers, where composition taxpayer is the recipient. The composition taxpayer cannot take any action in Form GSTR-4A and this form is only for view.
The threshold limit for deduction of tax under various provisions has been increased. TCS provisions under section 206C(1H) on the sale of goods have been withdrawn with effect from 01- 04-2025. Section 194Q has also been changed to remove the reference to Section 206C(1H).
Marcos Jr. on Thursday declared April 1, 2025 as a regular holiday throughout the country in observance of Eid'l Fitr or the Feast of Ramadan. Marcos signed Proclamation 839 following the National Commission on Muslim Filipinos' (NCMF) recommendation to declare the date a national holiday.
Tax changes for 2025, largely driven by the "One Big Beautiful Bill" (OBBBA) Act, introduce significant deductions for seniors, tips, overtime, and auto loan interest, expand the Child Tax Credit, and raise the SALT deduction cap to $40,000, while making several 2017 Tax Cuts and Jobs Act provisions permanent, including the seven tax brackets. Key changes include a $2,200 Child Tax Credit, a $6,000 senior deduction, deductions for qualified tips and overtime, and a permanent standard deduction increase.
Effective April 1, 2025, businesses with an Annual Aggregate Turnover (AATO) exceeding ₹10 crore must report B2B e-invoices to the IRP within 30 days from the invoice date. Previously, this rule applied only to taxpayers with AATO above ₹100 crore.
As of 2025, the GST rate in Singapore is 9% for all taxable goods and services (except for nil-rated). With the GST rate change, as laid out by the Inland Revenue Authority of Singapore (IRAS), it has become even more important to be at par with the recent amendments.
Payment amounts are recalculated every July
For example, the information from your 2024 tax return determines the GST/HST credit amount you get for the payment period from July 2025 to June 2026. You could get up to: $533 if you are a single individual. $698 if you are married or have a common-law partner.