LawLoveLegal

The recent delay in income tax refunds for FY 2024–25 has caused uncertainty among taxpayers across India. While many expected quicker processing after filing their Income Tax Returns (ITRs) by the extended deadline of September 16, several refunds are still pending. On Monday, the Central Board of Direct Taxes (CBDT) Chairman, Ravi Agrawal , provided clarity on the reasons behind these delays and the steps being taken by the department. Current Status of ITR Refunds: What the CBDT Chairman Said According to the CBDT Chairman, low-value refunds have already begun to be released , and the remaining refunds are expected to be processed by end of November or December 2024 . He clarified that the delay is largely due to the tax department identifying cases where wrongful deductions were claimed , necessitating verification before the refunds could be released. Wrongful Deduction Claims: Core Reason Behind Delays The department has detected many returns where taxpayers claimed: H...

The Goods and Services Tax (GST) Council has approved the most comprehensive restructuring of India’s GST system since its inception in 2017 , cutting taxes on over 90% of goods. The reforms, announced by Union Finance Minister Nirmala Sitharaman after the 56th GST Council meeting , simplify the GST structure into two principal slabs— 5% and 18% , with a special 40% tax rate for luxury and sin goods. The new rates will take effect from September 22, 2025 . Largest Tax Reform Since 2017 The GST overhaul aims to boost domestic consumption at a time when India’s exports are facing global headwinds, especially due to increased tariffs from the United States. Key highlights: Reduction from four slabs (5%, 12%, 18%, 28%) to two slabs (5% and 18%) A special 40% rate for high-end goods and sin products Net revenue implication : ₹48,000 crore based on FY24 consumption data Objective: To stimulate demand, ease compliance, and simplify GST for businesses Centre’s Push for...

Petition Filed in Supreme Court Seeks Timely Appointment of Judicial and Technical Members for GST Tribunals A Public Interest Litigation (PIL)  has been moved in the Supreme Court  of India, urging the Central Government to expedite the process of appointing judicial and technical members to the Goods and Services Tax (GST) Appellate Tribunal . Filed by Advocate Anoop Prakash Awasthi , the petition seeks to operationalize the tribunal across India, ensuring a functional and streamlined process for GST-related disputes . The petitioner also requests the identification of suitable premises, development of a website, and allocation of budgets to facilitate the smooth functioning of these tribunals. Long-Pending Establishment of the GST Appellate Tribunal The Goods and Services Tax (GST) was implemented in India in 2017 , marking one of the most significant indirect tax reforms in the country’s history. However, one major issue that remains unresolved since the enactment of t...