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GST 2.0 Reforms Simplify Taxation Syllabus GS 3: Fiscal Policy Why in the News? Recently, the 56th GST Council meeting on September 3, 2025, approved landmark GST 2.0 reforms, simplifying tax slabs, reducing compliance burden, easing classification norms, and promising benefits for consumers, MSMEs, and the economy. This significant GST news has caught the attention …
Read MoreWhy in News ? The Lok Sabha passed the Manipur GST Amendment Bill, 2025 and the Manipur Appropriation (No. 2) Bill, 2025 to enable GST collection and allocate additional funds for the state’s development under President’s Rule. Legislative Measures for Manipur: Manipur GST Amendment Bill, 2025 amends the Manipur GST Act, 2017. Replaces an ordinance …
Read MoreSyllabus: GS-3- GDP growth rate , economic and overall development , GST, GST Council Focus : The article focuses on the transformative impact of GST on India’s tax landscape, its achievements, unique credentials, and the critical need for further policy reforms to address existing challenges and support India’s economic growth and development. Source – FE …
Read MoreWhy in the news? The income tax department urges taxpayers to link PAN with Aadhaar by May 31. Failure to link PAN with Aadhaar may result in tax deduction at a higher rate, as per income tax rules. If PAN is not linked with Aadhaar, TDS is required to be deducted at double the applicable …
Read MoreGENERAL SCENARIO OF INDIAN TAXATION Origin of Tax: The term “tax” comes from “taxation,” indicating an estimation process. Historical Presence: Direct taxation has been a part of India’s financial system since ancient times. Purpose of Taxation: Taxes are collected by the government to fund projects that boost the economy and improve citizens’ standard of living. …
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