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Dear Reader,
Greetings for the day!!!
We are pleased to share the recent Tax notification and circulars.
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| Direct Tax |
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CBDT amended rule 12 of Income-tax Rules, 1962, w.e.f. 1st April 2025,allowing assessees with LTCG u/s 112A upto ₹1.25 lakh (without any brought forward or carry forward losses), to file returns using Form ITR-1 or ITR-4 |
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CBDT amended Income-tax (Thirteenth amendment) Rules, 2025,w.e.f. 1st April 2025 with many key changes in Form ITR-3, including increasing threshold for applicability of schedule AL from ₹50 lacs to ₹1 crore, split capital gain reporting, allowance of buyback loss and incorporation of Sec 44BBC (cruise ships) and others. |
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CBDT amended Income-tax (Fourteenth amendment) Rules, 2025, w.e.f. 1st April 2025with key changes in Form ITR-5, including split capital gain reporting, allowance of buyback loss and incorporation of Sec44 BBC (cruise ships) and others. |
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| Goods And Services Tax |
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Phase-III of HSN Code Implementation & Key Enhancements
Phase III was initially set for February 2025, has been deferred and will now apply from the May 2025 return period, as per the 1st May 2025 advisory.
Key changes in GSTR-1/1A Table 12 include separate B2B and B2C HSN summary tabs, a new “Download HSN Codes List” button for Excel export, and a searchable “Product Name as in My Master” field for auto-filling details. Additionally, Table 13 – Document Details will be mandatory from May 2025 returns.
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Instruction No. 04/2025-GST | Grievance Redressal for GST Registration
Dated: 02-05-2025
This instruction sets up a structured grievance redressal mechanism for applicants facing unjustified queries or rejections in GST registration applications assigned to Centre jurisdiction, in violation of Instruction No. 03/2025 dated 17th April 2025.
Key Highlights:
- Public Email ID: CGST Zones must publish a grievance-specific email ID.
- Submission Format: Grievance emails should mention ARN, jurisdiction, and issue summary.
- Forwarding State Cases: Grievances under State jurisdiction to be sent to State authorities, with a copy to GST Council Secretariat.
- Timely Resolution: Authorities must act promptly and inform applicants of the outcome.
- Monthly Reporting: Zonal offices to report grievance status to DGGST, which will consolidate and forward to the Board.
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GST Biometric Aadhaar Authentication Now Live Across India
With Sikkim onboarded on 1st May 2025, the Biometric Aadhaar Authentication & Document Verification process for new GST registrations - along with the slot booking facility—is now officially available PAN India. This marks the nationwide rollout of a secure and streamlined registration process.
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We trust you will find this Journal informative as well as useful.
For any queries, you can write to us at info@akgvg.com.
Disclaimer: This insight is meant for informational purposes only and should not be considered as advice or opinion.
Best Regards!
Knowledge Updates Team
AKGVG & Associates (Chartered Accountants)
DELHI | GURGAON | MUMBAI | AHMEDABAD | BANGALORE | CHENNAI | CHANDIGARH | HYDERABAD
Website: https://www.akgvg.com |
