News Updates
No Separate GST Treatment For Ultra-Processed Foods, High-Fat Items: Finance Ministry Tells Lok Sabha
The Union government has informed the Lok Sabha that the Goods and Services Tax (GST) framework does not provide separate tax treatment for ultra-processed foods (UPFs) or foods high in fat, sugar, or salt (HFSS), and that no formal assessment has been undertaken on the potential health and economic benefits of imposing higher taxes on such products. Responding to a question asked by Congress MP G. Kumar Naik from Raichur in Karnataka, Minister of State for Finance Pankaj Chaudhary said on...
Govt Spent ₹88.74 Crore On Advertising 'GST Bachat Utsav': Finance Ministry Tells Lok Sabha
The Union Government spent Rs 88.74 crore on advertising for the “GST Bachat Utsav," a publicity campaign to spread awareness about GST rate rationalisation, the Ministry of Finance informed the Lok Sabha in response to a question on March 9, 2026.Responding to a question raised by Jagdish Chandra Barma Basunia, BJP MP from Cooch Behar, West Bengal, the Minister of State for Finance Pankaj Chaudhary, stated that the government incurred Rs 88.74 crore on advertising for the campaign. GST Bachat...
Samsung India Anti-Profiteering Case: GSTAT Directs DGAP To Re-Examine Cost, CSD Supply Issues
The Goods and Services Tax Appellate Tribunal (GSTAT) at New Delhi has directed the Director General of Anti-Profiteering (DGAP) to re-examine certain issues in the anti-profiteering proceedings involving Samsung India Electronics Pvt. Ltd. after the matter had earlier been reserved for pronouncement of the final order. A bench comprising President Justice (Retd.) Dr. Sanjaya Kumar Mishra and Technical Member A. Venu Prasad passed the order after considering the matter and holding a conference...
CBIC Issues Simplified Procedure For Export Cargo Returning To India After Strait Of Hormuz Closure
The Central Board of Indirect Taxes and Customs (CBIC) has issued a circular prescribing a simplified procedure for handling export cargo that is returning to Indian ports after vessels were unable to reach their destinations due to the closure of the Strait of Hormuz. Shipping through the Strait of Hormuz has been disrupted amid ongoing conflict in the Gulf region, forcing several commercial vessels to turn back before reaching their destination ports.CBIC said it received representations from...
RBI To Purchase ₹1 Lakh Crore Government Securities Through Open Market Operations To Manage Liquidity
The Reserve Bank of India (RBI) said on Friday that it will purchase Government of India securities worth Rs 1,00,000 crore through open market operations. Open market operations refer to transactions in which the central bank buys or sells government securities in the market to influence liquidity in the banking system. When the RBI buys securities, it releases funds into the financial system. The planned purchases will take place in two auctions of ₹50,000 crore each. These are scheduled for...
ITAT Delhi Quashes Reassessment Against Lalit Modi Over Credit Card, Private Jet Expenses
The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has quashed reassessment proceedings initiated against former IPL commissioner Lalit Kumar Modi over alleged unexplained credit card expenditure and private jet costs. The tribunal held that reassessment cannot be initiated while regular scrutiny assessment proceedings are still pending.A bench of Judicial Member Vikas Awasthy and Accountant Member Brajesh Kumar Singh held that the reassessment was without jurisdiction. It observed that...
Kerala High Court Holds ATM Fraud Losses Not Covered Under New India Assurance Policy, Dismisses Federal Bank Suit
The Kerala High Court has recently held that losses caused by fraudulent use of ATMs were excluded under the Banker's Indemnity Policy issued by New India Assurance Co. Ltd. to Federal Bank, setting aside a trial court decree that had directed the insurer to indemnify the bank.A Division Bench of Justice Sathish Ninan and Justice P. Krishna Kumar allowed the appeal filed by the insurance company and dismissed the bank's suit seeking indemnification under the policy. Federal Bank had filed a...
SEBI Introduces Voluntary Debit Freeze Facility For Mutual Fund Folios
The Securities and Exchange Board of India has introduced a voluntary lock-in / debit freeze facility for mutual fund folios across demat and non-demat folios.As per the circular, the facility will enable investors to freeze debit transactions in their mutual fund folios. According to SEBI, this will ensure that no units are debited from the folio until the investor unlocks it.In the first phase, the facility will be made available through the inter-operable Registrar and Transfer Agents (RTA)...
Delhi Court Orders Akasa Air Operator to Pay ₹1.08 Crore To Travel Agency Over Cancellation Of 2023–24 Festive Bookings
The Commercial Court at Saket, New Delhi, has decreed a suit filed by Delhi-based ABS Tour & Travels against SNV Aviation Pvt. Ltd., which operates Akasa Air, holding that the unilateral cancellation of bulk bookings for the Christmas–New Year 2023–24 travel period amounted to breach of contract. Presiding Officer Lalit Kumar held that the cancellation deprived the agency of a real and foreseeable commercial opportunity to earn profits during the peak festive season and awarded Rs...
Finance Ministry Allows CIBIL To Use Aadhaar Authentication For User Identity Verification
The Ministry of Finance on Wednesday notified that TransUnion CIBIL Limited may use Aadhaar authentication to establish the identity of users during registration and login on the CIBIL platform for accessing credit information reports, subject to the user's consent and on a voluntary basis. The notification states that TransUnion CIBIL Limited “may be allowed to perform authentication and be permitted the use of Aadhaar number during authentication for establishing identity of Aadhaar number...
