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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 notifies that w.e.f. 1st July 2025, no deduction of tax (TDS) is required on certain types of payments to specified IFSC units u/s 197A(1F)r.w.s. 80LA. Specified IFSC are BATF, Broker-dealers, Finance Company, Fund Management, Clearing Corporation, Depository, Stock Exchange. |
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CBDT provides recognition to “Forum of Regulators (PAN: AAAJF0126G)” for tax exemption u/s 10(46)of the Act. |
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CBDT provides recognition to “Kerala Toddy Workers Welfare Fund Board’ (PAN: AACFK9819K)” for tax exemption u/s 10(46)of the Act. |
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CBDT provides recognition to “Yamuna Expressway Industrial Development Authority (PAN: AAALT0341D)” for tax exemption u/s 10(46A)(b) of the Act. |
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CBDT provides recognition to “Dental Council of India (PAN: AAAJD0821E)” for tax exemption u/s 10(46A)(b) of the Act. |
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CBDT provides recognition to “Puducherry Planning Authority” (PAN: AAAAP3523E)” for tax exemption u/s 10(46A)(b) of the Act. |
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CBDT provides recognition to “Karnataka Electricity Regulatory Commission‟, Bengaluru (PAN: AAAGK0112L)” for tax exemption u/s 10(46A)(b) of the Act. |
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CBDT provides recognition to “Himachal Pradesh Board of School Education, Dharamshala (PAN: AAAJH0373H)” for tax exemption u/s 10(46)of the Act. |
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CBDT provides recognition to “Treasurer Charitable Endowments, Haryana’ (PAN: AAALT1027E)” for tax exemption u/s 10(46)of the Act. |
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CBDT provides recognition to “Haryana Real Estate Regulatory Authority, Gurugram’ (PAN: AAAGH0586F)” for tax exemption u/s 10(46)of the Act. |
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| Goods And Services Tax |
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E-Way Bill 2.0 Portal launching on 1st July 2025!
GSTN & NIC are introducing a new and improved portal – ewaybill2.gst.gov.in – that works alongside the existing one. It allows you to generate, extend, and manage E-Way Bills easily, even if one portal is down. You can also update vehicle or transporter details instantly and create consolidated E-Way Bills without any hassle. The portal is faster, more reliable, and helps ensure smooth movement of goods without delays. |
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Deadline to File Pending GST Returns – July 31, 2025
As per the Finance Act, 2023, GST returns cannot be filed after 3 years from their due date. Starting August 1, 2025, the GST portal will restrict filing of old returns, including GSTR-1, 3B, 5, 6, 7, 8 for June 2022, GSTR-4 for FY 2021–22, GSTR-9/9C for FY 2020–21, and quarterly GSTR-1/3B for Apr–Jun 2022. Taxpayers are advised to review their filing status and ensure all pending returns are submitted by July 31, 2025, as filing will be permanently disabled after this date. |
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Advisory on Correction of Rejected GST Documents in IMS
Taxpayers who have inadvertently rejected valid invoices, debit notes, or credit notes in the Invoice Matching System (IMS) can still correct the error and safeguard their Input Tax Credit (ITC). The supplier can re-report the same document without any changes in GSTR-1A (for the same period) or through the amendment table in subsequent GSTR-1 filings, within the permitted time limit. Once accepted, the document will be reflected in GSTR-2B and the corresponding ITC will be restored or reversed as required. |
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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 |
