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In direct tax updates, the NPCI introduced instant PAN–bank account linking, enabling faster processing of income tax refunds, improving efficiency for taxpayers. On the judicial side, a key ITAT ruling held that capital gains cannot be taxed in the hands of a non-beneficial owner, reaffirming beneficial ownership principles, while a High Court clarified that no excessive benefit under Section 13(1)(c) was conferred in a charitable trust matter.
Under indirect tax, Delhi GST authorities issued guidelines for mandatory virtual personal hearings, enhancing procedural transparency. Additionally, the government introduced enhanced inter-operable services between e-way bill portals, improving logistics coordination and compliance tracking.
Judicial updates in GST included the Sikkim High Court allowing ITC refunds even after business closure and subsequent reversals, and the Allahabad High Court affirming that officers may impose civil penalties independent of tax demand closure decisions.
In audit updates, the Comptroller and Auditor General (CAG) announced a restructured approach to auditing State PSUs, aiming for faster and more focused financial oversight.
Regulatory developments featured SEBI’s introduction of an Investor Charter specifically for Infrastructure Investment Trusts (InvITs), and a new Product Advisory Committee framework for the commodity derivatives segment. The RBI also issued comprehensive 2025 guidelines for project finance, outlining risk controls, due diligence norms, and sectoral thresholds.
A detailed Compliance Calendar for June 2025 is included to guide stakeholders on important tax and regulatory due dates.