Mandatory Multi-Factor Authentication (MFA) for GST Portal Access
Effective April 1, 2025, the Goods and Services Tax (GST) portal now requires all users to log in using Multi-Factor Authentication (MFA). This measure enhances the security of the GST system by adding an additional layer of verification, such as One-Time Passwords (OTPs) or authenticator apps. Businesses must ensure that their registered mobile numbers are up to date to receive OTPs and train their staff on the new authentication procedures.
Income Tax - New Tax Regime for FY 2025-26
● Introduced on: February 1, 2025 (Union Budget 2025) ● Effective from: April 1, 2025 The Union Budget 2025 has introduced a new income tax regime with revised tax slabs for the financial year 2025-26. Key highlights include: ● Income up to ₹12 lakh: No tax payable ● Income from ₹12 lakh to ₹16 lakh: 15% tax ● Income from ₹16 lakh to ₹20 lakh: 20% tax ● Income from ₹20 lakh to ₹24 lakh: 25% tax ● Income above ₹24 lakh: 30% tax(Hindustan Times, Business Finance News) This move aims to provide significant relief to the middle class and stimulate consumption amid economic slowdown. (Reuters)
New Income Tax Bill 2025: Key Proposals
Introduced on: February 13, 2025 Effective from: April 1, 2026 (proposed)Wikipedia The Indian government introduced the Income Tax Bill, 2025, aiming to overhaul the existing Income Tax Act, 1961. Key proposals include:5paisa+2Wikipedia+2Reuters+2 ● Simplification of Tax Terminology: Replacing terms like 'assessment year' and 'previous year' with 'tax year' to enhance clarity. ABP Live+1The Economic Times+1 ● Decriminalization of Non-Filing: Making non-filing of Income Tax Returns a non-cognizable offence, reducing the scope for arbitrary arrests. Wikipedia ● Introduction of 'Tax Year' Concept: Aligning the tax year with the financial year, streamlining the assessment process. The E
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