'Tax recovery will continue through attachment and sale of assets and other recovery mechanisms, but personal arrest will no longer form part of the prescribed recovery process.'
The Central Board of Indirect Taxes and Customs (CBIC) is set to significantly increase its use of artificial intelligence (AI), machine learning (ML), and real-time analytics in Customs processes, aiming for a near-touchless, near-digital clearance experience, according to Chairman Vivek Chaturvedi.
Finance Minister Nirmala Sitharaman announced that the Goods and Services Tax (GST) Council's October 7 meeting will focus on 'GST 2.0' process reforms, including e-invoicing and input tax credit rules, while also addressing complex issues surrounding the taxation of the digital economy and cryptocurrency.
Industry is pushing for GST reforms that would let companies use unused tax credits from one state to pay GST liabilities in another, potentially freeing up working capital trapped across state registrations.
Shares will be allocated across different institutional investors, including domestic mutual funds, other domestic institutions and FPIs.
India's eway bill generation reached 139.08 million in August, marking the third-highest monthly count on record and indicating sustained momentum in goods movement and formal economic activity, according to official data.
GSTAT has crossed 75,000 filings but disposed of only 83 cases, highlighting the huge backlog facing India's new GST appeals tribunal.
The income-tax department has launched a significant verification drive targeting 394 entities and 36 professionals over suspected irregularities in substantial foreign remittances made over the past three years, aiming to uncover potential tax evasion and fraudulent transactions.
GSTN has put on hold its planned enhancements to the e-way bill system, providing businesses with crucial time to adapt to the proposed changes amid widespread industry concerns.
Central tax authorities detected input tax credit (ITC) fraud worth Rs 74,781.56 crore across 30,162 cases in FY26, more than doubling the number of cases from the previous year, according to the Ministry of Finance.
The number of individuals who declared a gross income of Rs 100 crore or more in their income-tax returns had risen to 301 in 2022-23, moderated slightly to 284 in 2023-24, then climbed to 415 in 2024-25.
The Central Board of Direct Taxes (CBDT) has released a 198-page guidance note to assist crypto-asset service providers in complying with reporting obligations under the Income-tax Act, 2025, aligning India with the OECD's Crypto-Asset Reporting Framework (Carf) for automatic exchange of tax information.
Finance Minister Nirmala Sitharaman has urged income tax authorities to significantly accelerate the adjudication of taxpayer appeals.
The Indian government has informed the Lok Sabha that the income-tax return (ITR) e-filing portal is functioning in a 'largely stable and efficient manner' despite a significant increase in traffic during the peak filing season. However, it acknowledged transient technical issues and disclosed that contractual penalties have been imposed on Infosys for project delays and service-level agreement failures.
The data may include details of foreign bank accounts, investment accounts, certain financial investments, interest income, dividends and other specified financial income held by Indian tax residents abroad.
India's net direct tax collections have surged by 16.4 per cent year-on-year to 6.51 trillion as of July 13, primarily driven by robust growth in corporate tax receipts, according to provisional data from the Central Board of Direct Taxes (CBDT).
The Directorate of Revenue Intelligence has conducted a nationwide crackdown on wildlife trafficking, seizing over 440 endangered animals and 15 kg of ivory, and arresting 33 individuals involved in organised crime syndicates.
Tax collection so far has been encouraging, with net direct tax receipts reaching Rs 5.21 trillion by June 17, nearly a 15 per cent increase compared to the same period last year.
India's net direct tax collection has seen a robust 15 per cent increase, reaching approximately 5.21 trillion in the first two and a half months of FY27, as on June 17, driven by strong growth in both corporate and non-corporate tax segments.
Monthly gold imports have declined to 25-30 tonnes from 70-80 tonnes while recycling of old jewellery has increased following the recent hike in import duties.
