SRJN and Associates

08/01/2026

We are seeking CA Articles, CA Dropouts, and Experienced Candidates for audit, GST & Income Tax, ROC, and other related work at SRJN & Associates, Chartered Accountant, New Delhi. The location is near Najafgarh Metro station Gate no 3, Najafagrh,New Delhi. Please share your resume at [email protected] or DM at 092123 83336 CA DrJaswant Rohilla

15/10/2025

03/09/2025

*🚨 GST Rate Changes Alert: 56th GST Council Meeting Highlights 🚨*
The 56th GST Council meeting has introduced significant reforms to India's indirect tax regime, aiming to provide relief to individuals, common man, and aspirational middle class. Key highlights include :
- *Simplified Tax Structure*: A two-rate GST structure with rates of 5% and 18%, and a special 40% slab for luxury and sin goods.
- *GST Rate Changes*:
- *Essential Goods*: GST rates reduced to 5% on essential goods like food items, personal care products, and household items.
- *Food Items*: Packaged foods like namkeen, sauces, pasta, instant noodles, coffee, butter, ghee, cornflakes, and chocolates will be taxed at lower rates.
- *Footwear*: Footwear priced under ₹2,500 will attract 5% GST, while those above ₹2,500 will be taxed at 18%.
- *Relief Measures*:
- *Health and Life Insurance*: GST on health and life insurance premiums may be reduced to 5% or even exempted.
- *Automobiles*: GST on entry-level cars and motorcycles below 350cc may be reduced to 18%.
- *Other Key Decisions*:
- *Registration Period*: Reduced to 3 days for non-risky businesses.
- *Refund Process*: Exporters will receive refunds within 7 days based on risk analysis.
- *Auto Components*: Uniform 18% GST slab for all auto components.
- *Implementation*: New GST rates will come into effect from September 22, 2025, except for select to***co and pan masala products.
- *Revenue Impact*: Estimated revenue loss of ₹48,000 crore to ₹93,000 crore due to GST rate rationalization.

These changes aim to simplify the tax structure, reduce compliance burdens, and promote economic growth. The GST Council's decisions are expected to benefit consumers, businesses, and industries alike .

22/07/2025

🚨 Select Committee Report on the Income Tax Bill, 2025 – Chaired by Baijayant Panda 🏛️

The 31-member Select Committee, chaired by Shri Baijayant Panda, has submitted a detailed report recommending 285 changes to the draft Income Tax Bill. This could be a turning point in India’s tax landscape — aiming for greater fairness, simplicity, and alignment with existing laws.

🔑 Key Recommendations:

🔹 Definition updates: Align key terms like “capital asset”, “MSME”, and “parent company” with other laws to reduce disputes
🔹 House property relief: Standard deduction to apply after municipal taxes; pre‑construction interest allowed on let‑out property
🔹 Carry‑forward of losses: Easier provisions to retain benefits even if shareholding changes temporarily
🔹 Corporate dividend deduction: Reinstatement of inter-corporate dividend deductions
🔹 TDS refund flexibility: Refunds not to be denied just due to delay in return filing
🔹 NPO safeguards: Clearer treatment for mixed-purpose trusts, anonymous donations, and income-based taxation
🔹 GAAR softened: Anti-abuse provisions to be applied more reasonably
🔹 Technical clarifications: On pension deductions, TDS NIL certificates, valuation, and rebate provisions

📌 Note: These are only recommendations. The final version of the Income Tax Bill, once tabled and enacted, may differ based on government review and public consultation.

Let’s stay tuned — this reform has the potential to reshape India’s tax code for the modern economy.

10/07/2025

High-value transactions under the Income Tax Act, 1961, that may attract an Income Tax Notice.

27/05/2025

Itax Update -
CBDT has extended the last date for Filing Income Tax Returns from 31st July, 2025 to 15th September, 2025 for Assessment Year 2025-26.

05/05/2025

Filing of ITR is Mandatory If –
As per Income Tax provisions, ITR filing is compulsory in the following cases:

1. Income exceeds basic exemption limit (e.g. Rs. 2.5 lakh for individuals below 60 years).

2. Resident individuals holding or having authority/beneficiary interest in foreign assets/accounts.

3. Deposits in current accounts exceed Rs. 1 crore.

4. Foreign travel expenses exceed Rs. 2 lakh.

5. Electricity bills exceed Rs. 1 lakh in a financial year.

6. Business turnover exceeds Rs. 60 lakh.

7. Professional receipts exceed Rs. 10 lakh.

8. TDS/TCS is Rs. 25,000 or more (Rs. 50,000 for senior citizens).

9. Deposits in savings accounts exceed Rs. 50 lakh.

Don’t miss your ITR filing obligations—stay compliant and avoid penalties!

03/05/2025

💰 Corporate Giants Amass Record Cash Reserves Amid Global Economic Uncertainty

In an era marked by geopolitical tensions and economic unpredictability, major corporations are fortifying their financial positions:

Berkshire Hathaway, under Warren Buffett's leadership, has accumulated a staggering $347.7 billion in cash and equivalents, reflecting a cautious approach amid market volatility.

Apple Inc. maintains a robust cash reserve of $162 billion, underscoring its strategic flexibility in navigating uncertain times.

This trend isn't isolated. Numerous global firms are bolstering their liquidity, preparing to seize opportunities once economic conditions stabilize.

🌍 Global Economic Landscape: Key Developments

Several factors contribute to the current cautious corporate stance:

1. Trade Tensions Escalate: The U.S. administration's imposition of a 145% tariff on Chinese imports has intensified trade disputes, leading to market volatility and concerns over global economic growth.

2. Market Volatility: April witnessed significant stock market fluctuations, with major indices experiencing sharp declines due to tariff announcements and recession fears.

3. Recession Risks Rise: Economists warn of an increased likelihood of a global recession, with growth forecasts for 2025 being downgraded.

4. Deglobalization Trends: Companies are reevaluating supply chains in response to protectionist policies, signaling a shift towards deglobalization.

🔮 Looking Ahead

While the current economic climate is challenging, the substantial cash reserves held by leading corporations suggest readiness to invest when conditions improve. The resolution of trade disputes and stabilization of global markets could pave the way for renewed economic growth.



https://www.investopedia.com/warren-buffett-berkshire-hathaway-earnings-q1-fy2025-11727727

02/05/2025

CBIC strengthens GST registration process through formal grievance redressal mechanism

In a bid to streamline the GST registration process and uphold transparency, the Central Board of Indirect Taxes and Customs (CBIC) has issued Instruction No. 04/2025-GST dated May 02, 2025, establishing a dedicated grievance redressal mechanism for applicants facing procedural hurdles.

This mechanism is particularly relevant for applications assigned to Central jurisdiction, where applicants may be encountering unjustified queries or rejections that contravene the provisions of Instruction No. 03/2025 dated April 17, 2025.

The key mandates of the instruction include:

1. Dedicated Grievance Email IDs:
Each CGST Zone’s Principal Chief Commissioner/Chief Commissioner will designate and publicize a specific email ID for receiving GST registration grievances.

2. Grievance Submission Guidelines:
Applicants can email their concerns along with the Application Reference Number (ARN), jurisdiction details (Centre/State), and a brief description of the issue.

3. Referral in State Jurisdiction Cases:
If the issue pertains to State jurisdiction, it will be redirected to the concerned State authority with a copy marked to the GST Council Secretariat for oversight.

4. Timely and Transparent Resolution:
Officers are instructed to respond promptly. Where queries raised are found justified, applicants will receive proper advisories to avoid ambiguity.

5. Monthly Monitoring & Reporting:
A monthly report on grievance handling will be submitted by each zone to the Directorate General of GST (DGGST), who will consolidate and present it to the Board.

This initiative reflects CBIC’s intent to reduce delays, curb arbitrary rejections, and make the GST registration framework more accountable and applicant-friendly. Though actual impact can be analysed only post implementation.



https://www.business-standard.com/finance/news/set-up-grievance-redress-system-for-registration-cases-cbic-to-cgst-staff-125050201551_1.html

01/05/2025

India’s GST Collection Hits Record High – A Strong Signal of Economic Resilience

In a remarkable sign of economic strength, India's Goods and Services Tax (GST) collection surged 12.6% YoY to touch an all-time high of ₹2.37 lakh crore in April.

Domestic GST revenue: ₹1.90 lakh crore (up 10.7%)

GST from imports: ₹46,913 crore (up 20.8%)

Refunds issued: ₹27,341 crore (up 48.3%)

Net GST revenue after refunds: ₹2.09 lakh crore (up 9.1%)

This steady growth in GST collections — despite global trade disruptions — highlights the underlying momentum of the Indian economy and the robustness of our indirect tax system.

While a slight moderation is expected in the coming months due to external factors, the macroeconomic outlook for India continues to be resilient and optimistic.



https://www.livemint.com/economy/gst-collection-rises-12-6-to-highest-ever-of-rs-2-37-lakh-crore-in-april-2025-11746093117740.html