In October 2024, Jindal Stainless challenged a Goods and Services Tax (GST) notice in the Delhi high court. It was about corporate guarantees issued to related parties by its former group company, Jindal Stainless (Hisar), before their merger in March 2023.
'Experts and stakeholders have raised concern over the refund provision in the draft Bill. That was a drafting error, which will be rectified,' a government official said.
India has decided to submit a dossier at the upcoming Financial Action Task Force (FATF) meeting, calling for Pakistan to be placed back on the grey list of the global money laundering and terrorist financing watchdog.
The revised ceiling will be within the Rs 10 lakh mark.
Re-entry into the list could have far-reaching consequences for Pakistan, including diminished foreign investment, increased borrowing costs, and tighter scrutiny from global financial institutions.
The 31st meeting of the Goods and Services Tax (GST) Council, held in December 2018, deferred a decision to reduce the GST rate for cement from 28 per cent to 18 per cent. This was despite recognising that cement - along with automobile parts - remained among the few mass-consumption items still taxed at the highest slab, which was originally meant for luxury and sin goods.
Until now, salaried individuals having income under the head LTCG were required to file Form ITR-2.
As in-person negotiations between India and the US kickstarted on Wednesday, Treasury Secretary Scott Bessent said he expected India to strike the first bilateral trade deal to avert President Donald Trump's reciprocal tariffs.
The income-tax (I-T) department has issued showcause notices under Section 68 of the Income-Tax Act to several startups over funds routed through Singapore, seeking explanations for investments received over the past five years, people familiar with the development said. The department is questioning the source, identity, and creditworthiness of overseas investors in these transactions, they said.
These cases are being reopened under Section 147 of the Income Tax Act, which empowers the department to reassess income if it believes that taxable income has escaped assessment.
The revised guidelines are aimed at curbing discretionary practices by field officers, especially the tendency to seek documents not mandated under the law.
This is the first case involving India and the US at the WTO after both sides decided to withdraw all seven pending cases at the WTO during the Biden administration.
'I certainly hope the two can avoid a trade war and believe they will.' 'I expect some in India will push for retaliatory tariffs if the Trump administration applies significant reciprocal tariffs.'
Industry associations and companies in the United States, including the US Chamber of Commerce, Coalition of Services Industries and the iconic bike company Harley Davidson have called on the Donald Trump dispensation to push India to reduce tariffs, non-tariffs, and regulatory barriers to boost American exports.
'Bringing it back will help prevent reassessments of the income already disclosed.'
European Union (EU) companies operating in India want New Delhi to streamline or remove non-tariff barriers such as Quality Control Orders (QCOs), complex Customs procedures; simplify labelling, testing, and import procedures; and facilitate cross-border digital transactions without data localisation constraints. These are results of a Business Sentiment Survey, 2025 conducted by the Federation of European Business in India (FEBI) ahead of resumption of negotiations for a free trade agreement (FTA) between both the sides scheduled to be concluded by year-end.
In September last year, India received financial information from over 108 countries regarding foreign accounts and income in the form of interest and dividend earned outside India.
'The answer is not for me to give. The answer either way has to be heard from the industry itself. Tell us why not if you are not doing it; tell us if you are doing it -- why should this question remain unanswered?'
Using the debt-to-GDP ratio as a fiscal anchor aligns with efforts to promote fiscal transparency through proper disclosure of off-budget borrowings.
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