Monthly tax bulletin: June 2025

The June 2025 edition of the Grant Thornton Bharat Monthly Tax Bulletin captures key developments under the direct taxes, transfer pricing, indirect taxes, and FEMA, for May 2025.

Key highlights:

• The US Court of Appeals grants a stay against the US Court of International Trade’s ruling invalidating Trump’s ‘Liberation Day’ tariffs.
• The ITAT rules that a surcharge on income for private discretionary trusts should apply at slab rates.
• The ITAT rules that equity/debt mutual funds and shares constitute distinct asset classes for tax purposes.
• The US Tax Court upholds the IRS use of the income method in the Facebook transfer pricing case.
• The ITAT holds that the provision for bad debt lacks a direct nexus with operating income and cannot be considered operating in nature.
• The Supreme Court (SC) dismisses a review petition in the Safari Retreats case, upholding relief on the input tax credit.
• The SC upholds the levy of service tax and entertainment tax on DTH broadcasting services.

Download the newsletter

Monthly tax bulletin: June 2025

The June 2025 edition of the Grant Thornton Bharat Monthly Tax Bulletin captures key developments under the direct taxes, transfer pricing, indirect taxes, and FEMA, for May 2025.

Download