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In its 54th meeting, the Council decided to reduce the GST Rate on specific Cancer Drugs from its previous rate.

GST Rate on Cancer Drugs reduced to 5%

The Reserve Bank of India has imposed a monetary penalty of Rs.3.91 Crore on HDFC and Axis Bank for non-compliance with certain directions issued by RBI.

RBI imposes Monetary Penalty of Rs.2.91 Crore on HDFC and Axis Bank

In a significant development, the recent update is that the Income Tax Department started issuing Refund Failure Notices for the reason of "PAN not linked with Bank Account".

IT Department issuing Refund Failure Notices for "PAN not linked with BANK"

The GST Council in its 54th meeting decided the GST Rates on Namkeens and Extruded/Expanded Savoury Food Products.

GST Rate on Namkeen reduced to 12%

The GST Council recommended the insertion of rule 164 in CGST Rules, 2017 providing for the procedure and conditions for availing of the benefit of waiver of interest or penalty or both.

GST Amnesty Scheme may be notified w.e.f. 1st Nov 2024

The 54th GST Council Meeting held on 9th Sep and notifies GST @ 5% on the transport of passengers by helicopters

GST Council notifies 5% GST on Transport of Passengers by Helicopters

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