India Financial News: ITR Extension, Bihar Projects, and GST Updates
Introduction
India’s financial landscape continues to evolve with key developments that directly impact taxpayers, businesses, and the wider economy. From an extended ITR filing deadline to major infrastructure investments and GST slab revisions, here’s what you need to know today.
ITR Filing Deadline Extended
The Ministry of Finance has extended the deadline for filing Income Tax Returns (ITR) for AY 2025–26 to September 16, 2025. The move comes in response to technical glitches reported on the e-filing portal. To address these issues, the portal will undergo scheduled maintenance from midnight until 2:30 AM Taxpayers now have extra time to comply without penalty, but are advised to complete filings early to avoid last-minute rushes.
Development Projects in Bihar
Prime Minister Narendra Modi inaugurated projects worth ₹36,000 crore in Bihar, including the launch of a new terminal at Purnea airport. These initiatives aim to boost regional connectivity, infrastructure, and economic growth in eastern India, strengthening Bihar’s role in India’s development roadmap.
GST Updates: New Rates from September 22
The GST Council’s revisions will come into effect on September 22, 2025, simplifying the tax structure into four major slabs:
0% → Essentials (insurance, healthcare, basic food items)
5% → Packaged food, medicines
18% → Services, electronics, consumer durables
40% → Luxury and sin goods
Compliance will now depend on both supply and payment dates, requiring businesses to update invoicing and accounting systems to avoid errors or penalties.
Conclusion
With an extended ITR deadline, major infrastructure investments, and simplified GST slabs, India is making strides in balancing compliance ease with economic growth. Taxpayers and businesses should act early to align with new rules and seize the opportunities these changes present.
At Compliance Globally, we help individuals, NRIs, and businesses stay ahead of these changes from GST compliance to ITR filing support. 📩 Contact us today to simplify your compliance journey and avoid last-minute stress.
FAQ'S
Q1. Why was the ITR deadline extended?
Due to technical glitches on the e-filing portal, the Ministry of Finance provided more time to ensure smooth taxpayer compliance.
Q2. Until when is the ITR filing deadline extended?
The deadline for AY 2025–26 filings is extended to September 16, 2025.
Q3. What are the key highlights of the Bihar projects?
Projects worth ₹36,000 crore, including a new terminal at Purnea airport, aimed at boosting regional connectivity and economic growth.
Q4. What are the new GST rates effective from September 22, 2025?
The simplified structure includes 0%, 5%, 18%, and 40% slabs, replacing the previous four-slab system.
Q5. How will compliance under the new GST regime be determined?
Compliance will depend on both the supply date and the payment date, making accurate invoicing and record-keeping crucial.
Q6. Who benefits most from the 0% GST rate?
Consumers of essential items such as basic food, medicines, healthcare, and insurance.
Q7. What steps should businesses take now?
Update billing and invoicing systems, train finance teams, and consult advisors to align with the new GST structure before September 22, 2025.
