High Cigarette Taxes May Boost Illicit Trade and Hurt Revenue, Warns Report
A report warns that higher cigarette taxes from February 1 may fuel illicit trade, cut FCV crop demand, and weaken tax collection despite higher prices.
Category: News
No Tax Risk for Foreign Cloud Companies Using Indian Data Centres: FinMin
Foreign cloud companies can get a tax holiday till 2047 if they use MeitY‑notified data centres in India, with no risk of their global income being taxed, the Finance …
Govt Open to Customs Amnesty Scheme If Industry Offers Viable Plan
The government is open to considering a Customs amnesty scheme if industry presents a viable framework, a senior finance ministry official said.
India’s Tariff Overhaul Fixes Global Optics as Trade Deals Expand: CBIC Chairman
India’s tariff clean‑up aligns headline duties with actual rates to improve global perception and trade certainty, CBIC chairman Vivek Chaturvedi said.
Seven Arrested in Kanpur for Rs 7 Crore GST Fraud Using Fake Invoices
Kanpur police arrested seven people, including a chartered accountant, for a Rs 7 crore GST fraud involving fake firms, invoices, and illegal ITC claims.
Simplified Regime from April 1, 2026: New Income‑Tax Act, Key Changes Explained
From April 1, 2026, India will roll out a simplified income tax regime with the New Income Tax Act and Budget 2026 measures. Here is how it will impact …
Tax Audit Report Delay to Cost Up to Rs 1.5 Lakh under Finance Bill 2026
Finance Bill 2026 proposes fixed fees for delayed tax audit reports, returns, and statements. Tax audit delay may attract a fee of up to Rs 1.5 lakh.
Finance Bill 2026 Makes CBDT Circulars Binding on TDS and TCS Deductors
Finance Bill 2026 proposes statutory backing for CBDT circulars, making them binding on taxpayers responsible for TDS and TCS. Read implications for compliance and penalties.
Budget 2026 Customs Duty Changes/Reforms Not Linked to US Tariffs, FM Clarifies
Union Budget 2026-27 customs duty changes are part of ongoing tariff rationalisation, not linked to US tariffs. FM clarifies policy intent, MSME support, and sector-specific relief measures.
Budget 2026-27 Customs Reforms: Faster Clearance, Lower Duty, Digital Integration
Union Budget 2026-27 proposes key Customs reforms. Highlights include lower duty on personal imports, trusted importer benefits, automated clearances, electronic sealing for exports, and a single digital window for …