FM to Head GST Panel Talks on Reforms

By BPN News Desk August 20, 2025

Business Finance

Finance Minister Nirmala Sitharaman will brief three ministerial groups of the Goods and Services Tax (GST) Council in New Delhi this week. The groups will discuss rate rationalisation, health and life insurance, and phasing out the compensation cess. Proposal to Simplify GST Slabs The

Business Finance

Government May Slash GST on Health and Term Insurance

By BPN News Desk August 19, 2025

The Indian government is considering a cut in the Goods and Services Tax (GST) on health and term insurance premiums, potentially reducing it from the current 18% to 5% or even zero. This move is part of a broader GST restructuring—dubbed “GST 2.0”—aimed at simplifying tax slabs and easing the tax burden on citizens and […]

Business Finance

Nirmala Sitharaman to Present GST Rate Cut Proposal to GoM

By BPN News Desk August 18, 2025

Finance Minister Nirmala Sitharaman is set to address a two-day Group of Ministers (GoM) meeting starting August 20 in New Delhi. She will review the Centre’s proposal for a sweeping overhaul of India’s GST structure, which includes rationalising rates and simplifying tax slabs. Simplified GST Structure Proposed The government has proposed a leaner GST framework […]

Business Finance

By BPN News Desk August 17, 2025

Delhi Police have arrested 18 people in connection with a massive fraud that siphoned off ₹2.60 crore from State Bank of India (SBI) credit card holders. The fraud, which ran for nearly six months, came to light after investigators traced the source of leaked banking information to a call centre in Gurugram. How the Fraud […]

Business Finance

India Plans 2-Slab GST System by Diwali

By BPN News Desk August 15, 2025

The government has proposed reforms to simplify the Goods and Services Tax (GST) into a two-slab system, targeting implementation by Diwali to reduce the tax burden on everyday items and benefit small businesses. Proposed Restructuring The Finance Ministry has submitted a proposal to the Group of Ministers to consolidate the existing four-rate GST structure (5%, […]

Business Finance

RBI to Clear Cheques Within Hours from October 4

By BPN News Desk August 14, 2025

The Reserve Bank of India (RBI) has announced a major reform to slash cheque clearing times. Starting October 4, cheques will be scanned, presented, and processed within hours instead of the current two-day cycle. What Will Change Under the new system, cheques submitted during the 10 AM to 4 PM presentation window will be continuously […]

Business Finance

ICICI Bank Cuts Minimum Balance After Customer Backlash

By BPN News Desk August 14, 2025

Following widespread public criticism, ICICI Bank has significantly rolled back its earlier plan to raise the minimum average balance (MAB) requirements for new savings accounts across India. What Changed Initially, from August 1, the bank had increased the MAB for metro and urban areas from Rs 10,000 to Rs 50,000 — a fivefold hike. Semi-urban […]

Business Finance

Former Axis MF Manager Arrested in ₹200 Crore Scam

By BPN News Desk August 3, 2025

The Enforcement Directorate (ED) has arrested Viresh Gangaram Joshi, the former chief trader and fund manager at Axis Mutual Fund, on charges of front‑running and money laundering. He has been remanded in ED custody until August 8, 2025 by a court under the Prevention of Money Laundering Act (PMLA). Alleged Scam Involves Investor Losses According […]

Business Finance

Karnataka CM Orders Mandatory GST Registration

By BPN News Desk July 24, 2025

Karnataka Chief Minister Siddaramaiah has directed that all eligible traders crossing the GST turnover threshold must register under the Goods and Services Tax system. The instruction follows widespread confusion after tax notices were issued based on UPI payment records. CM Responds to Traders’ Concerns Several traders had received GST registration notices after

Business Finance

Panel Recommends Refund Relief for Late ITR Filers

By BPN News Desk July 21, 2025

A parliamentary panel reviewing the draft Income Tax Bill, 2025 has recommended that small taxpayers should be allowed to claim income tax refunds even if they fail to file their returns by the deadline. The suggestion comes as a relief for individuals earning below the taxable limit who often lose their deducted tax (TDS) due […]