ICICI Bank on Thursday said tax authorities have slapped a demand notice of Rs 238 crore on it for alleged short payment of GST.
Election-related freebies and populist measures are other factors crimping the revenue profile of these states.
"Policy sales will be one of the focus areas for the company because looking at the large insurance gap, large number of people being uncovered. The only right way to go is to increase the number of policies," said Amit Jhingran, MD & CEO, SBI Life Insurance.
During the meeting with Prime Minister Narendra Modi, Vijay raised concerns, including rendering Tamil Thai Vazhthu at the beginning of government events, opposition to Karnataka's proposed Mekedatu dam project, the release of Tamil Nadu fishermen detained by Sri Lanka, and the establishment of a key defence research facility in the state.
Electric vehicle (EV) penetration in the luxury car segment has seen a drop by nearly 3 percentage points in the GST 2.0 era with the internal combustion engine versions offering better total cost of ownership, according to industry players. While the trend is also visible in the mass market segment, it is the entry luxury segment that is witnessing a more marked shift towards internal combustion engine (ICE) vehicles as price difference between EV and ICE widened under the new GST rates.
The Delhi High Court has asked the central government why it cannot reduce the GST on air purifiers, considering the poor air quality in Delhi. The court's concern is that the current 18% GST makes air purifiers unaffordable for the common man.
A special PMLA court in Gurugram has remanded Punjab Industries Minister Sanjeev Arora in Enforcement Directorate's custody for a week in an alleged Rs 100-crore GST fraud-linked money laundering case.
Gross GST collections rose 6.1 per cent to over Rs 1.74 lakh crore in December 2025, even as sweeping tax cuts slowed down growth in revenues from domestic transactions, according to government data released on Thursday.
The reduction in goods & services tax (GST) on individual life and health insurance premiums has been called a "landmark step" for making insurance affordable and inclusive. In a panel discussion at the Business Standard BFSI Insight Summit 2025, Anup Bagchi, managing director (MD) & chief executive officer (CEO) of ICICI Prudential Life Insurance; Mahesh Balasubramanian, MD & CEO of Kotak Life Insurance; Tarun Chugh, MD & CEO of Bajaj Life Insurance; and Ratnakar Patnaik, MD of Life Insurance Corporation of India (LIC), listed what else the industry needs to reach more people.
Automobile manufacturers have informed NITI Aayog that they face significant challenges in tracing 20-25-year-old vehicles due to multiple ownership changes, hindering their ability to meet Extended Producer Responsibility (EPR) targets for end-of-life vehicles (ELVs). They are seeking government support, including access to updated Vahan registration records, to locate these vehicles and encourage owners to use authorised scrapping centres.
The Enforcement Directorate conducted searches against Punjab industries minister Sanjeev Arora and others allegedly linked to him as part of a money laundering case investigation.
Automobile retail sales rose nearly 18 per cent year-on-year to over 27 lakh units in January, led by continued post-GST momentum, healthy rural cash flows on the back of harvest and weddings, and sustained demand visibility across freight, dealer's body FADA said on Tuesday.
The Enforcement Directorate conducted fresh searches against Punjab industries minister Sanjeev Arora and others allegedly linked to him as part of a money laundering investigation.
The remarkable rise of smallcaps reflects the emergence of a broad set of specialised businesses operating in industries where the sectoral tailwinds remain considerably stronger than macroeconomic headwinds, points out Debashis Basu.
While GST on ICE vehicles was brought down significantly, for electric cars it remained at 5 per cent.
A shift appears underway in India's tax landscape. States with relatively smaller tax collections like Odisha and Telangana are emerging as the fastest-growing contributors to indirect and direct tax collections, respectively.
Taxpayers should reconcile returns with AIS, Form 26AS and maintain all supporting records.
The Union Cabinet applauded Prime Minister Narendra Modi for becoming India's longest continuously serving elected Prime Minister, surpassing Jawaharlal Nehru's record. Modi first took office in 2014, was re-elected in 2019, and began his third consecutive term in June 2024.
Mumbai is set to host a friendly cricket match between GST, Customs officers, and actors to promote fitness and sportsmanship, organised by the Sports Authority of India (SAI).
The Enforcement Directorate (ED) has arrested Punjab Industries Minister Sanjeev Arora in connection with a money laundering case involving alleged fake GST purchases and round-tripping of funds. Raids were conducted at multiple locations, and Arora was taken into custody under the Prevention of Money Laundering Act (PMLA). This follows previous actions against Arora and other politically connected individuals in Punjab.
Major life insurers in India reported close to double-digit growth in the value of new business (VNB) last financial year, primarily driven by increased sales of high-margin protection and non-participating (non-par) products.
The Enforcement Directorate conducted fresh searches against Punjab industries minister Sanjeev Arora and others allegedly linked to him as part of a money laundering investigation. Raids were carried out at multiple locations, including Arora's residence and business premises, following a new case registered under the Prevention of Money Laundering Act (PMLA).
Despite a sharp increase in import duties on gold and silver to 15 per cent, the precious metals are trading at significant discounts in the domestic market, with gold seeing discounts of up to $200 an ounce and silver up to $6 an ounce.
Punjab minister Sanjeev Arora has been sent to judicial custody for two weeks in connection with an alleged Rs 100-crore money laundering case. The Enforcement Directorate produced Arora before the court after completing his extended remand. The minister's next court appearance is scheduled for June 1st.
With duties at 15%, GST at 3%, and making charges running as high as 20% -- the gap between a smart purchase and a careless one can easily be Rs 30,000 to Rs 50,000 on every Rs 1 lakh invested. And most of that gap is entirely avoidable. Ramalingam Kalirajan explains the math.
The Indian central government has reduced its total expenditure by approximately 60,000 crore in FY26, below its revised estimate, to successfully achieve the fiscal deficit target of 4.4 per cent of gross domestic product (GDP), according to the latest data from the Controller General of Accounts (CGA).
Nearly 96 per cent of new applicants will benefit from this simplified approval route.
The Punjab government has redistributed portfolios held by arrested minister Sanjeev Arora among other cabinet members, including Aman Arora, Harjot Singh Bains, and Tarunpreet Singh Sond.
Police in Kanpur have arrested a suspected mastermind behind a network of fake firms, forged documents, and suspected hawala transactions worth over Rs 3,200 crore.
UltraTech Cement on Saturday said it has received a GST demand notice for a total payment of Rs 782.2 crore, which it plans to contest before the appropriate forum.
The Delhi High Court has directed the GST Council to consider lowering or abolishing the goods and services tax on air purifiers, citing worsening air quality in the national capital. The court has asked the council to meet at the earliest, even via video conference if necessary, to address the issue.
India's luxury auto market is rebounding after a slow start to 2025, with GST 2.0 emerging as the main catalyst.
Delhi Police busted an interstate liquor smuggling racket that used cartons labelled as 'wood polish' to transport liquor to Bihar. One person has been arrested, and the syndicate is being investigated under organised crime provisions.
The World Bank has increased India's economic growth projection for FY27 to 6.6 per cent, citing resilient domestic demand, while simultaneously cutting its global economic growth outlook due to the conflict in West Asia.
India's leading passenger vehicle manufacturers are significantly increasing investments and factory capacities, alongside planning major product launches for FY27, driven by strong confidence in sustained domestic demand growth despite global geopolitical tensions and supply chain risks.
'It must become faceless, just as the entire direct tax assessment system has already become fully online, without any human intervention in the normal course,' recommends A K Bhattacharya.
Punjab Cabinet Minister Sanjeev Arora has challenged his arrest by the Enforcement Directorate (ED) under the Prevention of Money Laundering Act (PMLA), claiming it is illegal and unconstitutional. The Punjab and Haryana High Court heard arguments and adjourned the matter to May 14. Arora was arrested in connection with an alleged Rs 100-crore GST fraud-linked money laundering case.
A school teacher in Ajmer was defrauded of Rs 3.66 lakh by cyber criminals who lured her with a fake online offer to buy a rare Rs 5 note for Rs 48 lakh.
Fuel prices have risen by about Rs 7.5 per litre since May 15, as global crude oil prices surged due to the ongoing conflict in West Asia and supply concerns around the Strait of Hormuz.
The Indian government has marginally exceeded its indirect tax collection target for fiscal year 2025-26, with strong performances in customs, excise, and GST revenues.
