The GST Penalty Waiver Scheme 2025, implemented via Section 128A of the CGST Act, allows taxpayers to waive interest and penalties on tax demands for financial years 2017-18, 2018-19, and 2019-20. To qualify, taxpayers must pay the full tax liability (excluding erroneous refunds) by March 31, 2025, and withdraw any pending appeals.
The GST Amnesty Scheme under Section 128A grants total waiver of pending interest and penalty amount if the tax dispute amount is paid by an eligible taxpayer on or before March 31, 2025.
Avail the new GST Amnesty Scheme 2024, introduced via Section 128A for conditional waiver of interest and penalties for tax demands from FY 2017-18 to 2019-20 under Section 73. To qualify, taxpayers must fully pay outstanding tax dues by March 31, 2025. 8.
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.
Goods and Services Tax (GST) 2.0 reform, which came into effect from September 22nd, 2025, brought relief for the common people and boosts for businesses. One of the key GST updates under 2.0 reform is that it simplified the GST tax structure from a 4-slab (5%, 12%, 18% and 28%) to a 3-slab (5%, 18% and 40%).
You are eligible for this credit if you are a resident of Canada for income tax purposes at the end of the month before and at the beginning of the month in which the CRA makes a payment (read When your GST/HST credit is paid). In the month before the CRA makes a quarterly payment, you must be at least 19 years old.
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.
Yes, from 1st July 2025, PAN-Aadhaar linking is compulsory for all new PAN applications. Q. What is the last date to file ITR for non-audit cases in 2025? The income tax return (ITR) deadline for non-audit taxpayers is extended to 15 September 2025.
With effect from 1st October 2025, the Indian GST regime is set to introduce a series of important changes in how returns, credits, and compliance are handled. These changes aim to improve accuracy, reduce disputes, and align law and system behavior more closely.
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%.
1. Login into GST portal: Navigate to > Services > User Services > My Applications. 2. On Navigating to 'My Applications' page, the taxpayer has to select 'Apply for Waiver Scheme under Section 128A' option under 'Application type' dropdown.
The scheme provides an opportunity to employers and insured persons to settle disputes outside courts in a structured and transparent manner. It will remain in operation from 1st October 2025 to 30th September 2026. For coverage disputes, the scheme applies to both closed and running units.
20th August 2025
Due to the incessant rains in various parts of Maharashtra, the government has extended GSTR-3B due date for July 2025 from 20th August to 27th August 2025.
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.
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.
Non-resident Indians have the same rights as Indian citizens when it comes to Goods and Services Tax (GST) exemptions. If a Non-Resident Indian meets the criteria set out in the applicable law, he/she can avail of this benefit.
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.
The rollout of new GST 2.0 rates from September 22, 2025, marks a turning point in India's tax journey. By simplifying the system into 5%, 18%, and 40% slabs, the government has addressed one of the biggest criticisms of the original GST—complexity.
All renewable energy devices are taxed at 12% GST. But, if the project includes erection, procurement, and commissioning of a solar generating system, it will fall under 'Works Contract Services'. In this case, 12% GST will be applicable on 70% of the total contract value and 18% on the remaining 30% value.
Effective 2025 through 2028, individuals age 65 and older may claim an additional $6,000 deduction. This is in addition to the standard deduction for seniors available under existing law. Applies per eligible individual (or $12,000 for a married couple if both spouses qualify).
Several banks, including SBI, HDFC Bank, and Kotak Mahindra Bank, are updating their credit card rules starting in July 2025. SBI is discontinuing free air accident insurance on select cards, while HDFC Bank introduces new transaction fees and reward point limits.
From FY 2025-26 onwards, taxpayers filing returns under the new tax regime can claim a rebate of up to Rs. 60,000. Taxpayers filing returns under the Old Tax Regime can claim a rebate of up to Rs. 12,500.
The GST Amnesty Scheme 2025 is a relief measure aimed at reducing litigation and facilitating compliance. It allows taxpayers to settle disputes by paying the outstanding tax dues while receiving a GST waiver on associated interest and penalties.
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.
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.