🗓️ April 28, 2025
India-UK Trade Deal Progress: India agreed to a modest increase of approximately 100 new work visas annually for sectors like IT and healthcare as part of ongoing trade negotiations with the UK. Discussions continue on issues such as exemptions from UK national insurance contributions for Indian workers on inter-company transfers.
🗓️ April 24, 2025
GST Dispute Resolution Overhaul: The government notified the Goods and Services Tax Appellate Tribunal (Procedure) Rules, 2025, establishing a digital-first framework aimed at expediting GST appeals and reducing reliance on High Courts.
🗓️ April 22, 2025
Corporate Tax Rate for Foreign Companies Reduced: The income tax rate for foreign companies (excluding special rates) has been reduced from 40% to 35%, effective from April 1, 2025.
🗓️ April 11, 2025
GSTR-3B and GSTR-1 Changes: The Goods and Services Tax Network (GSTN) released an advisory detailing changes to GSTR-3B and GSTR-1/GSTR-1A forms, effective from the April 2025 tax period.
🗓️ April 1, 2025
New Income Tax Slabs Introduced: The financial year 2025-26 sees revised tax slabs under the new regime, with zero tax for incomes up to ₹4 lakh and a maximum rate of 30% for incomes above ₹24 lakh.
Enhanced Tax Rebate: Under Section 87A, individuals with incomes up to ₹12 lakh can avail a full tax rebate, effectively paying no income tax.
Standard Deduction Increased: The standard deduction for salaried individuals is raised to ₹75,000, aiding in higher tax savings.
Mandatory Multi-Factor Authentication (MFA): All GST taxpayers are now required to use MFA for accessing the e-way bill and e-invoice systems, enhancing security.
Compulsory ISD Registration: Businesses with multiple GST registrations under a single PAN must register as Input Service Distributors to distribute Input Tax Credit (ITC) appropriately.
Auto-Population of GSTR-3B: Table 3.2 of GSTR-3B, concerning interstate supplies to unregistered persons, will now be auto-filled based on GSTR-1 data and cannot be manually edited.
GST Rate on Used Cars Increased: The GST rate on the sale of used cars has been raised from 12% to 18%.