Businesses may eventually have to file returns largely based on invoices uploaded by suppliers, with limited scope for manual changes.
Providing relief to exporters hit by the rise in rupee value, the government on Monday announced they would be exempted from tax on services rendered by ports, road transport and railways.
Election-related freebies and populist measures are other factors crimping the revenue profile of these states.
'Improved law and order and transparent governance have helped change UP's investment image.'
Get ready to shell out more for your movie tickets, cricket matches or visits to amusement parks as all recreation services will come under service tax later this year.
A farmer in Budaun, Uttar Pradesh, received tax notices for Rs 14.66 crore due to a fraudulent firm operating in his name in Delhi, prompting an official investigation.
TVS Motor Company reported a significant 56.8 per cent year-on-year increase in net profit to 1,036 crore in Q1FY27, driven by record sales volumes, an improved product mix, and robust demand in both domestic and international markets, with management anticipating continued double-digit industry growth.
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.
Maruti Suzuki India (MSIL) reported a mixed Q1 FY27, with record quarterly sales driving strong revenue growth, but operating performance was below expectations due to higher commodity and other costs impacting margins. Brokerages anticipate sustained sales growth for the company in the current fiscal year, supported by new launches, robust demand, and significant capacity expansion.
The Lok Sabha introduced four significant bills on Monday, including amendments to mines and minerals regulations, the establishment of a National Tribunals Commission, and the renaming of Kerala to Keralam, all while facing continuous protests from opposition members demanding a discussion on the July 20 police crackdown on students.
State FMs okay list of tax-exempt services with certain riders.
A farmer in Uttar Pradesh, India, was shocked to receive tax notices for millions of rupees due to a fraudulent firm operating under his name in Delhi. An investigation has been launched to address the identity theft and tax evasion.
India Inc on Tuesday sought tax cuts in the forthcoming Budget, even as it asked the government to move towards an effective goods and services tax rate of 15 per cent in the next few years.
Move seen as prelude to GST rollout; rules for Cenvat credit also likely to be simplified.
Taxpayers should reconcile returns with AIS, Form 26AS and maintain all supporting records.
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.
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To get what it thinks are its dues, its brass have directed; construction, realty, renting of property, personnel supply, security & goods transport among those under lens
Despite the Centre's GST 2.0 guidelines aiming to facilitate provisional refunds within seven days for low-risk cases, many large taxpayers are still encountering significant delays in obtaining Goods and Services Tax (GST) refunds under the inverted duty structure (IDS), with experts citing inconsistent state-level scrutiny and subjective interpretations.
ICICI Bank has received a demand notice of 768.6 crore from tax authorities for alleged short payment of GST, related to services provided to customers maintaining minimum balances.
The Confederation of All India Traders on Monday demanded the withdrawal of service tax on traders and threatened to go on a nationwide agitation if the demand was not met.
Finance Minister P Chidambaram on Thursday sought to allay fears expressed by traders, who have threatened to go on nationwide strike opposing the service tax, saying the tax is imposed on goods transport agencies.
Maruti Suzuki Chairman R C Bhargava is pushing for increased government incentives for biogas-powered vehicles over hybrids, emphasising their net-zero carbon emissions and the valuable organic manure they produce, while also advocating for continued GST benefits for electric vehicles.
Room for rise of up to 2 percentage points, move to help meet higher expenditure need in FY17
E-filing through the Centre's online tax payment application Automation of Central Excise and Service Tax will be a must not only for returns due after October 1, but also for returns of past periods which have not been filed yet or are to be revised.
India's passenger vehicle industry is poised for a record-breaking year in 2026, propelled by robust dispatches in the first half of the calendar year and strong demand for utility vehicles, despite facing several economic challenges.
As many as 274 fugitives have been repatriated from 36 countries in the last 7 years, an average of around 40 per year and a 10-fold jump from the 2004-13 period when around four fugitives were brought back every year, the government said on Tuesday.
Those paying more than Rs 25 lakh in service tax will soon have to file their returns every month instead of once in six months.
ServiceNow Vice Chairman Nick Tzitzon highlights India's potential to develop an AI-native government model, emphasising enhanced public services, data privacy, and economic growth.
rediffGURU T S Khurana answers readers' personal income tax queries
'Users should protect their savings goals before allocating money to discretionary expenditure.'
Businesses across sectors are positioning themselves to capitalise on the expected surge in demand.
HDFC Life Insurance and ICICI Prudential Life Insurance have reported double-digit growth in profitability for the first quarter of FY27, buoyed by healthy premium collections and increased investment income, with HDFC Life's net profit rising 11.9% and ICICI Pru's by 27.8%.
The Commercial Taxes Department has arrested Mohammed Tauqeer for his involvement in generating and routing fraudulent ITC across multiple states, unearthing a GST fraud worth Rs 410 crore.
Police in Lucknow busted a gang that misused the Mudra loan scheme to create fake GST firms and commit input tax credit fraud worth approximately Rs 1.3 crore.
'It is not because of the war in West Asia, which began on February 28.' 'Petroleum product prices are already going through the roof. They are bound to have a serious inflationary impact.' 'A country's leadership is tested in trying times. It is here that the current leadership is failing.'
The tax would create a single market in India for the first time.
'In India's case, an extended earnings slowdown accompanied by rich valuations have dimmed returns since late 2024.'
