Here are the key numbers to watch out for in the Union Budget for 2025-26:
The central government has proposed just two tax rates of 5 per cent and 18 per cent in the revamped Goods and Services Tax (GST), slated to replace the current indirect tax regime by Diwali this year, highly placed sources said.
Building on last year's clearance of 172K cases, I-T department is pushing for faster appeal disposals, penalty reforms and system-driven processes to curb litigation and boost tax certainty.
The government has already allowed reimbursement of service tax on about 19 services used by exporters while selling goods overseas. These include commission paid to foreign agents whose services are subscribed by exporters to book orders with overseas clients. However, a list of 16 services used by exporters is not reimbursed. These include service tax paid on bank charges, packaging services and travel agents' services.
FM is likely to introduce tax return prepares scheme for small service tax payers in the upcoming budget.
Under the service tax law, certain services get exemptions.
The meeting is likely to be attended by a number of leading developers, including realty firms DLF and Unitech.
The Union civil aviation ministry would take up the issue with the finance ministry, Patel said, expressing the hope that the latter would respond favourably to the civil aviation ministry's representation.
The finance ministry is considering meeting a key demand of truckers by easing procedural issues and raising the abatement on service tax.
According to sources in the Excise department, the Sahara Airlines, while submitting opinion of its Chartered Accountant on service tax, had allegedly backdated it to 2003 in which it was stated that Rs 1442 crore (Rs 14.42 billion) income from advertising services provided to its group company was not taxable under advertising services.
The revenue department is expected to release two circulars mentioning details of all 100 services under the service tax net and related procedures in a simplified manner by mid-June.
India's brittle energy security is inextricably linked to two opposing paradigms - fossil fuels, and the transition to green energy. The first powers the present; the second paves the way for Viksit Bharat in 2047.
Punj Lloyd voluntarily deposited Rs 1.06 crore (Rs 10.6 million) on the spot through challans when excise officials visited them during an investigation in the matter.
The ministry of civil aviation will seek a complete rollback of service tax levied on domestic air travel in the recent Budget, Civil Aviation Minister Praful Patel said on Wednesday.In his Budget speech on February 26, Finance Minister Pranab Mukherjee had proposed a service tax of 10 per cent on both domestic and international travel. Earlier, the service tax was restricted only for international travel.
Economic think-tank NCAER has said that service tax will go up by one per cent per annum in the next four years, following the government's decision to introduce goods and services tax from April 1, 2010.
West Asia conflict triggers sharp sell-off in Indian markets, with realty, banking and auto stocks leading losses amid energy shock fears.
Kanpur police have uncovered a GST fraud racket where suspects used unsuspecting individuals' documents to create fake firms and route transactions worth nearly Rs 250 crore.
Announcement of an increase in prices will dampen the affordable housing business at a time when realtors already face razor-thin margins.
Delhi Police have dismantled an organised interstate racket involved in manufacturing and distributing counterfeit life-saving medicines, arresting six individuals and seizing fake drugs worth approximately Rs 2 crore. The investigation also revealed a network of fake GST firms used for generating bogus invoices and laundering money.
May adopt dtrict action including prosecution and property attachment.
The finance ministry is likely to raise the exemption limit for service tax from Rs 400,000 to Rs 10 lakh (Rs 1 million) in the forthcoming Budget.
The FBI has arrested eight individuals in California for allegedly defrauding the national healthcare system of over USD 50 million through fraudulent hospice care facilities.
The FBI has arrested eight individuals in California for allegedly defrauding the national healthcare system of over $50 million through fraudulent hospice care facilities.
The government said remittances from abroad will not attract service tax, putting to rest the concerns raised in view of new tax norms.
Greer said that India has taken down some digital services taxes and is moving tariffs down.
The reason is because there aren't any screens for a large mass of Indians.
Gold and silver prices experienced a significant drop in the national capital due to a global selloff driven by inflation concerns, central bank policies, and geopolitical tensions.
Hiring demand strongest in ecommerce, tech startups, healthcare, and energy sectors, with Bengaluru, Hyderabad, and Pune leading.
The 2026-27 Budget, seeking to harmonise the government's imperative to grant certainty while ensuring a rational tax policy, had several notable announcements to usher in halcyon days, says Mukesh Butani.
