The 2025 federal Generation-Skipping Transfer (GST) tax exemption is $13.99 million per individual ($27.98 million for married couples). This is an increase from the 2024 amount of $13.61 million per person. This high exemption is authorized under the 2017 Tax Cuts and Jobs Act, but it is currently scheduled to decrease significantly in 2026.
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.
The IRS allows you to give up to $19,000 in 2025 and $19,000 in 2026 to as many individuals as you choose each year ($18,000 in 2024). The lifetime exemption also shields large amounts from tax, rising to $13.99 million in 2025 and $15 million in 2026 under the One Big Beautiful Bill Act.
GST consolidates from four to two rates: standard 18% and 5% reduced; new 40% levy. India's Goods and Services Tax Council has implemented the simplification of GST rates from 22 September 2025.
The income tax slab rates under the new tax regime for FY 2025–26 are as follows: income up to ₹4 lakh is tax-free; ₹4 lakh to ₹8 lakh is taxed at 5%; ₹8 lakh to ₹12 lakh at 10%; ₹12 lakh to ₹16 lakh at 15%; ₹16 lakh to ₹20 lakh at 20%; ₹20 lakh to ₹24 lakh at 25%; and income above ₹24 lakh is taxed at 30%.
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.
For the 2025 tax year, the basic federal standard deduction (the "basic exemption") increased significantly due to inflation and a special boost from the new One, Big, Beautiful Bill (OBBB), now being $15,750 for Single filers, $31,500 for Married Filing Jointly, and $23,625 for Head of Household, with further additional amounts for seniors and the blind. These figures reflect an approximate 7.9% increase from 2024, with the OBBB law extending the doubled standard deduction.
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.
GST was introduced in Singapore on 1 April 1994. Since then, GST rates have evolved from 3% in 1994 to 9% in 2025.
Total Net GST revenue for October 2025 stands at ₹1,69,002 crore, which is 0.6% higher(monthly growth) and 7.1% higher (yearly growth) than the corresponding period last year at ₹1,68,054 crore.
You can gift as much money as you want to your children in theory, but large gifts may be subject to tax. For the 2025/26 tax year , every UK citizen has an annual tax-free gift allowance of £3,000. This enables you to give money to your children in lump sums without worrying about inheritance tax (IHT).
Here's what you need to know about the relevant threshold and how it affects your business or enterprise. The GST threshold for 2025 is $75,000 in annual GST turnover for most businesses. If your GST turnover exceeds this amount in any rolling 12-month period, you must register for GST within 21 days.
The following category of tax persons are exempted from payment of 1% of GST in Cash 1. Registered taxpayers who have paid income tax above Rs 1.00 in Income Tax during the last two years continuously 2. Taxpayers who have zero-rated supplies without payment of duty and claimed refund of more than Rs 1.00 lac 3.
GST Exemption Limit
Under the Goods and Services Tax (GST) regime in India, businesses whose annual revenue exceeds specific thresholds are required to register and pay GST. Currently, the GST Exemption Limit is set at Rs. 40 lakhs for goods and Rs. 20 lakhs for services.
If you are eligible for the 2025 GST Voucher (GSTV) – Cash and/or GSTV – MediSave and have signed up for a previous Government payout (e.g., 2024 GSTV), you will automatically receive your 2025 GSTV – Cash and/or GSTV – MediSave in August 2025. No further action is required on your part.
By this update, taxpayers will not be able to file GST returns after three years from the due date of such return. The CBIC notified us of this change effective 1st October 2023, and the GSTN has now brought this validation live on the official GST portal starting from July 2025.
India's Goods and Services Tax (GST) system has entered a new era with the rollout of GST 2.0, effective from September 22, 2025. The Council has simplified the structure into a 5% slab for essentials, 18% for standard goods, and 40% for luxury/sin items, replacing the earlier complex categories.
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.
The GST/HST credit payment period begins in July and ends in June of the following year: January and April payments. Based on your adjusted family net income from your 2024 tax return. July and October payments.
Higher basic exemption limit – Currently set at Rs. 3 lakh, the basic exemption limit will be increased to Rs. 4 lakh from April 1, 2025 (FY 2025-26), providing additional tax relief to all individual taxpayers.
The average amount for Canadians who start receiving CPP at age 65 is $848.37 per month (October 2025). The maximum CPP payment amount is $1,433.00 per month at age 65 (2025).
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.