Finance Minister Senator Muhammad Aurangzeb met with Turkey’s Minister of Treasury and Finance, Mehmet Şimşek, in Washington, DC, where both sides acknowledged the ongoing high-level engagements between the leadership of Pakistan and Turkey.

During his visit to the United States, the two ministers reaffirmed their shared commitment to further strengthening the longstanding brotherly relations between the two countries.

Finance Minister Aurangzeb briefed his Turkish counterpart on Pakistan’s ongoing economic reforms, highlighting initiatives in areas such as tax policy, energy, state-owned enterprises, privatization, and public finance.

He also shared details about the Federal Board of Revenue’s (FBR) reform journey, which was recently presented at a World Bank event, and Pakistan’s efforts to improve its tax-to-GDP ratio.

Aurangzeb discussed the country’s progress in integrating data across government departments to enhance financial management, transparency, and accountability.

Separately, the Finance Minister held a meeting with International Finance Corporation (IFC) Managing Director Makhtar Diop.

He expressed gratitude to the IFC for designating Pakistan as a regional hub under its recent organizational restructuring, describing the recognition as a reflection of growing global confidence in Pakistan’s economy.

Aurangzeb also briefed Makhtar Diop on developments in the Reko Diq mining project and expressed hope that the EXIM Bank would soon join the venture.

He appreciated IFC’s support in financial inclusion and digital payment rights projects at the grassroots level.

Furthermore, he acknowledged IFC’s advisory contributions in the sectors of pharmaceuticals, electric vehicles, and commodity exchanges.

The minister welcomed the IFC Managing Director’s plan to visit Pakistan during the upcoming Spring Meetings.

On this occasion, both Aurangzeb and Makhtar Diop also participated in a signing ceremony for a swap agreement between the State Bank of Pakistan and the IFC.

High gold and silver prices had little effect on festive shopping this Dhanteras, with sales matching last year’s volumes and rising by more than 25% in value.Shoppers across the country flocked to stores to buy coins and lightweight jewellery, driven by hopes that prices will keep climbing.

Industry executives said gold and silver coins were the top choice for many buyers this year as people saw them as a smart investment and a way to avoid the higher making charges on jewellery. Ten-gram, 24-carat gold coins, priced at around Rs 1.40 lakh each, were especially popular, according to ET.Jewellery sales were led by lightweight pieces in 22- and 18-carat gold, while younger customers opted for more affordable 9- and 14-carat options.Surendra Mehta, national secretary of India Bullion & Jewellers Association said, “There was a good rush, with queues in Mumbai’s Zaveri Bazar to buy gold and silver coins. The trend from Saturday morning indicates trade will be able to achieve gold volumes of the previous Dhanteras.”Many shoppers had earlier postponed purchases, expecting prices to fall. But with no sign of a correction and indicators pointing to new highs, demand surged. “Now that there is no sign of a correction in prices and all economic indicators are pointing towards fresh highs, people have come out to purchase gold,” Colin Shah, managing director, Kama Jewelry, told ET.Jewellers also noticed growing interest from investors. “Despite record high gold prices, we are witnessing renewed enthusiasm this festive season. Consumers are viewing price volatility as a strategic opportunity to reinvest — whether through gold coins or by upgrading jewellery,” said Ajoy Chawla, CEO of Tanishq.Last year, India sold 39 tonnes of gold on Dhanteras. This year, the Muhurat spans two days, 18 and 19 October. Gold and silver were sold at Friday’s closing prices of Rs 1,34,800 per 10 gm and Rs 1,74,306 per kg, respectively, plus 3% GST, ET reported.Prices have risen sharply over the past year, with gold up 65% and silver up 81% since the last Dhanteras. Retailers in many areas even ran short of coins as demand exceeded expectations. “The trend shows that we will surpass last year Dhanteras sales both by volume and value,” said Baby George, CEO of Joyalukkas.Southern India, which accounts for over 40% of the country’s annual gold consumption of 800–850 tonnes, remained the largest market. But strong coin demand was seen across the country, showing how consumers are adapting their buying patterns in response to price trends.

Last Updated:October 19, 2025, 09:03 IST

CBIC extends GSTR-3B filing deadline to October 25, 2025 after BCAS requests relief due to Diwali. The move eases compliance for GST taxpayers and professionals across India.

GSTR-3B Filing Due Date Extended: The Central Board of Indirect Taxes and Customs (CBIC) has extended the form GSTR-3B filing deadline to October 25, 2025, for both monthly and quarterly filers, providing much-needed relief to taxpayers due to the Diwali festival.

Every registered taxpayer under GST requires to file GSTR-3B, which is a self-declaration return summarizing all outward and inward supplies (sales and purchases) and pay the GST liability for the month/quarter.

Usually, taxpayer have to file the form GSTR-3B on or before the 20th of each month. While small taxpayers who have turnover less than 5 crore have a leverage to opt for quarterly return filing (QRMP), hence filing GSTR-3B quarterly.

The much-needed relaxation comes after the Bombay Chartered Accountant Society (BCAS) asked the Ministry of Finance to extend the due date for filing GSTR-3B returns for September 30 due to the clash with the Diwali festival.

BCAS’s representation in the letter wrote to the Finance Ministry that “the standard statutory due date for furnishing the return is 20th October 2025. The same falls immediately after Sunday, 19th October 2025. Furthermore, the period encompassing 20th October 2025 to 23rd October 2025 coincides directly with the primary days of the Diwali festival, which is observed as a significant public holiday cluster across the country.”

The preparation and finalization of FORM GSTR-3B necessarily involves substantial preparatory work, including reconciliation, data entry, review of Input Tax Credit (ITC) eligibility (often dependent on GSTR-2B generation after the 14th of the month), and fund arrangement for tax payment. Given that the entire  period from October 19, 2025, onwards is dedicated to Diwali, professionals, accountants, and company personnel are severely impacted, making the effective compliance window extremely restrictive, if not practically non-existent, BCAS added in the letter.

“Therefore, as a significant step towards ease of doing business, it is earnestly requested that the due date for filing GSTR-3B of September 2025 be extended. Granting this essential administrative relief will enable registered persons and tax practitioners to complete the necessary compliance procedures following the conclusion of the festival period, ensuring accurate and complete return filing and promoting adherence to the provisions of the CGST Act without penalizing taxpayers for unavoidable circumstances,” BCAS concluded.

Why Is It Important To File GSTR-3B?

Taxpayers under GST can’t claim ITC or file GSTR-1 properly if GSTR-3B isn’t filled.

If you file GSTR-3B after the due date, you have to pay a late fee (fixed per day).

As per GST rules:

• Rs 50 per day → if you have any tax liability (Rs 25 CGST + Rs 25 SGST).
• Rs 20 per day → if you have no tax liability (nil return) (Rs 10 CGST + Rs 10 SGST).

Varun Yadav

Varun Yadav is a Sub Editor at News18 Business Digital. He writes articles on markets, personal finance, technology, and more. He completed his post-graduation diploma in English Journalism from the Indian Inst…Read More

Varun Yadav is a Sub Editor at News18 Business Digital. He writes articles on markets, personal finance, technology, and more. He completed his post-graduation diploma in English Journalism from the Indian Inst… Read More

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