Monthly Tax Bulletin: May 2025

Key highlights

• India and the UK finalise the Free Trade Agreement and Double Contribution Convention.
• US President Donald Trump announces a pause on the implementation of additional reciprocal tariffs while maintaining high tariffs on Chinese imports.
• The Mumbai Tribunal allows the carry forward of long-term capital losses incurred on the sale of shares without being set off against the capital gains in a tax treaty case.
• The CBDT allows a waiver of interest for a delay in the Tax Deducted at Source (TDS) / Tax Collected at Source (TCS) payment in certain cases.
• Indian companies in sectors with restricted FDI will now be able to freely issue bonus shares to their existing non-resident shareholders.
• The Bombay High Court quashes TP reassessment proceedings for the AO acting under dictation or on borrowed satisfaction.
• The Kerala HC strikes down GST on the services of a club to its members; upholds the mutuality principle.
• The central government notifies the Goods and Services Tax Appellate Tribunal (Procedure) Rules.

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Monthly Tax Bulletin: May 2025

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

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