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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 Income-tax Rules, 1962,w.e.f. 1st April 2025 with many key changes in Form ITR-2, including increasing threshold for applicability of schedule AL from ₹50 lacs to ₹1 crore, split capital gain reporting, allowance of buyback loss and reporting requirements u/s 80C and 10(13A) and others. |
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CBDT amended Income-tax Rules, 1962, w.e.f. 1st April 2025 with key changes in Form ITR-6, including split capital gain reporting, allowance of buyback loss, deduction u/s 24(b), schedule BP incorporates reporting of profits from sale of raw diamond as per Rule 10TIA, incorporation of Sec 44BBC (cruise ships) and others. |
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CBDT amended Income-tax Rules, 1962, w.e.f. 1st April 2025 introducing updated formats of ITR-V Form and ITR-Ack for AY 2025–26. |
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| Goods And Services Tax |
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Advisory on Deferment of Invoice-wise Reporting Functionality in
Form GSTR-7
Invoice-wise reporting in GSTR-7 was to start from April 2025 returns in accordance Notification No. 09/2025 – Central Tax. However, due to technical challenges, its rollout has been slightly delayed. The functionality will be deployed soon, and users will be informed once live on the GST portal. |
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Updates in Refund Filing Process for various refund categories (8 May 2025)
GSTN has made refunds for exports, SEZ supplies, and deemed exports invoice-based, removing the need for tax period selection. Relevant returns must be filed, and invoices uploaded in correct statements will be locked for edits unless the refund is withdrawn, or a deficiency memo is issued. |
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Streamlined GST Refunds for Deemed Exporters
Dated: 08-05-2025
The GSTN has revamped the refund process for the category "Refund by Recipient of Deemed Exports" effective from May 8, 2025. Applicants are no longer required to select the "From" and "To" tax periods, as the process is now invoice-based. All relevant returns, such as GSTR-1 and GSTR-3B, must be filed up to the date of the refund application. A new system-generated refund table has been introduced to streamline and automate eligibility checks, reducing manual effort and increasing accuracy.
The table comprises five columns: Column 1 auto-fills the available balance in the Electronic Credit Ledger (ECL); Column 2 reflects the Net ITC based on invoices uploaded in Statement 5B; Column 3 shows the refund amount (editable downwards); Column 4 auto-calculates eligible refund as per existing guidelines (Circular125/44/2019-GST); and Column 5 displays the ineligible portion due to insufficient ECL balance. The system also optimizes refund allocation across IGST, CGST, and SGST for maximum benefit. |
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Crackdown on Fake GST Registrations and Fraudulent Claims in Assam
The Assam State Tax Department, via Instruction No. 19/2025-GST (2nd May 2025), has launched an enforcement drive to tackle fake GST registrations, fraudulent ITC claims, and circular trading. Tax officials will verify flagged GSTINs, suspend fraudulent registrations, trace ITC beneficiaries using tools like BIFA, and prevent e-way bill misuse. The objective is to protect revenue and ensure GST compliance. |
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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 |
