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The final deadline to file a belated or revised Income Tax Return for the 2024-25 financial year is December 31, 2025. This statutory date is the last opportunity for taxpayers who missed earlier due dates to achieve compliance for the assessment year. Failure to file by this cutoff results in penalties under Section 234F, the forfeiture of tax refunds, and an inability to carry forward most losses. After this date, filing for the relevant assessment year is no longer possible.

After GST 2.0 (Sept 22, 2025), the 18% GST slab became India’s new standard rate. Items like air conditioners, TVs, refrigerators, small cars, cement, coal, high-value textiles, and most services now fall under 18%. Essentials were moved to 0% or 5%, while luxury and sin goods shifted to 40%, making GST simpler and fairer.

The new GST 2.0 rates in 2025 have reshaped car pricing in India, lowering taxes on small cars and two-wheelers to 18% while setting luxury cars at a flat 40%. Combined with festive season offers, bank discounts, and exchange deals, this year is one of the best times to buy a new vehicle.

The GST 2.0 reforms, effective September 2025, have reduced the tax rate on two-wheelers up to 350cc from 28% to 18%, making most commuter bikes and scooters significantly cheaper. Premium motorcycles above 350cc now attract a 40% GST, raising their cost. This shift directly impacts affordability, giving everyday buyers more savings while placing luxury bikes in a higher tax bracket.

The 12% GST slab was removed in September 2025 under GST 2.0 reforms. Everyday items like dairy, packaged food, and medicines were shifted to the 5% slab, while notebooks, insurance, and life-saving drugs became tax-free (0%). Costlier goods such as premium textiles and non-economy air travel moved to 18%, making GST easier and essentials cheaper.

The rollout of GST 2.0 on September 22, 2025, has simplified India’s tax structure for food and dining. Most essentials like milk, paneer, butter, ghee, and restaurant meals now fall under the 5% or Nil GST slab, replacing the older, complex system of multiple taxes. Premium hotel restaurants remain under 18% GST with ITC benefits, while everyday dining and groceries are more affordable and offer real savings for consumers and clarity for businesses.

The rollout of GST 2.0 on September 22, 2025, has significantly lowered taxes on dairy essentials, making products like paneer, butter, ghee, cheese, and ice cream more affordable. With most dairy items now under the Nil or 5% GST slab, households enjoy real savings while the dairy industry benefits from higher demand, lower costs, and stronger support for farmers and cooperatives.

The New GST 2.0 rates, effective from September 2025, have reduced taxes on essential food items, packaged goods, and beverages, moving most categories into the 5% or NIL slab. From milk and paneer to dry fruits, condiments, and ready-to-eat foods, households will see direct savings on grocery bills. This reform ensures affordability while easing the financial burden on consumers.

The GST 2.0 reforms (Sept 22, 2025) simplified India’s tax structure into four slabs: 0%, 5%, 18%, and 40%. The 5% GST slab, known as the Merit Rate, covers essential but non-zero goods and services like packaged foods, dairy, medicines, textiles, renewable energy devices, personal care items, and affordable services (hotels, transport, job work). Many items earlier taxed at 12% or 18% were rationalized to 5%, making them more affordable for consumers while supporting businesses.

The GST Council’s 56th meeting (September 2025) introduced GST 2.0, simplifying slabs and expanding the 0% GST item list. Key goods now under 0% GST include paneer, UHT milk, Indian breads, notebooks, pencils, select life-saving drugs, and individual life and health insurance policies. While nil-rated items are taxable at 0% (allowing ITC in some cases), exempt items are outside GST and do not allow ITC.