BMW India CFO Carsten Lammers has expressed surprise at the extensive scale and prolonged duration of tax and Customs litigation in India, advocating for faster dispute resolution and simpler procedures to ensure business stability.
Maruti Suzuki India's CFO, Arnab Roy, has urged the central government to introduce an amnesty scheme or an 'as-is' settlement option to resolve past indirect tax disputes, aiming to clear legacy litigation and foster growth in the automotive industry. Roy emphasised the need for a 'smarter way to address the past' to provide long-term certainty for businesses.
ITC reported a 16.2 per cent year-on-year drop in consolidated net profit to 4,394.13 crore in Q1 FY27, primarily due to a significant increase in taxes on its cigarette business. Consolidated net revenues also declined by 11.1 per cent to 19,114 crore, missing analyst estimates.
As India marks a decade of the Goods and Services Tax (GST), the focus is shifting towards enhancing efficiency through artificial intelligence, data sharing, and process simplification. The reform, which unified India's indirect tax system, has significantly broadened the tax base and boosted revenues, with future plans including a streamlined two-tier rate structure and continued technological integration to reduce compliance costs and combat evasion.
India's gross Goods and Services Tax (GST) collections surged by 15.4 per cent to over Rs 2.11 lakh crore in July, driven by increased mop-up from both domestic transactions and imports.
The Indian government has approved the introduction of one billion polymer banknotes in Rs 10 and Rs 20 denominations for field trials, aiming to enhance durability. This move comes as the Finance Minister also addressed Parliament on declining retail inflation, GST reforms, and other fiscal measures taken to support the economy and household consumption.
Central tax authorities detected input tax credit (ITC) fraud worth Rs 74,781.56 crore across 30,162 cases in FY26, more than doubling the number of cases from the previous year, according to the Ministry of Finance.
GSTN has put on hold its planned enhancements to the e-way bill system, providing businesses with crucial time to adapt to the proposed changes amid widespread industry concerns.
India's Goods and Services Tax (GST) collections saw a significant 14 per cent increase in June, reaching approximately Rs 1.95 lakh crore. This surge was primarily driven by a substantial 34.6 per cent growth in tax mop-up from imports, alongside a 6.5 per cent rise in domestic supplies, reflecting the country's economic resilience despite global uncertainties.
Fitch Ratings has affirmed India's sovereign credit rating at 'BBB-' with a stable outlook, acknowledging robust growth prospects and strong external finances. However, the agency highlighted concerns over elevated government debt, lagging structural metrics, and potential fiscal spending pressures due to rising youth unemployment.
Gujarat ATS intercepts a large silver consignment worth 5 crore at Rajkot Airport, suspecting tax evasion.
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.
Uttarakhand GST officials conducted an elaborate undercover operation, creating fake firms to expose a company evading over Rs 150 crore in taxes.
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.
India's gross GST collections increased by 3.2 per cent to over Rs 1.94 lakh crore in May, driven by improved supplies of goods and services and a continued expansion in collections from imports.
The local chapter of Indian Chamber of Commerce and Industry in Coimbatore has again appealed to the Centre to reconsider the imposition of service tax on goods transportation.
Election-related freebies and populist measures are other factors crimping the revenue profile of these states.
Laying the roadmap for the introduction of a goods and service tax (GST), state governments on Tuesday proposed a dual GST structure, with two rates for goods and a single rate for services. The tax would be levied both by the Centre and the states, though there is still no clarity when the new tax regime will be implemented.
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.
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.
Businesses may eventually have to file returns largely based on invoices uploaded by suppliers, with limited scope for manual changes.
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.
India's like-for-like gross Goods and Services Tax (GST) revenue growth slowed to a five-year low of 5.57 per cent in FY26, reaching Rs 23.32 trillion, primarily driven by a significant surge in import revenues.
'Users should protect their savings goals before allocating money to discretionary expenditure.'
India's gross Goods and Services Tax (GST) collection reached an unprecedented Rs 2.43 lakh crore in April, marking an 8.7 per cent increase and surpassing the previous record set last year.
Taxpayers should reconcile returns with AIS, Form 26AS and maintain all supporting records.
DBS Bank India has launched a direct tax payment facility after authorisation from the Central Board of Direct Taxes (CBDT). Utkarsh Small Finance Bank partners with Mumbai Indians as banking partner for T20 League 2026.
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%.
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.
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.
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.
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.
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.
Non-banking financial companies (NBFCs) reported encouraging results for Q4FY26 with improved asset quality and earnings, but analysts maintain a cautious near-term outlook due to geopolitical tensions, monsoon risks, and specific portfolio concerns.
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.
Reliance Industries Ltd reported a 22 per cent year-on-year decline in consolidated net profit for the June quarter, primarily because the previous year's earnings were inflated by a one-time gain from the sale of its stake in Asian Paints.
If states are to levy service tax, a combined GST will become a nightmare since a host of tax departments in each state will also have to be dealt with.
rediffGURU T S Khurana answers readers' personal income tax queries
