Bharti Airtel added 7.64 trillion in value over the past five years, making it the biggest wealth creator in India's private sector, while the IT sector, including TCS, Infosys, and Wipro, collectively lost 8.5 trillion in value, according to the latest Burgundy Private Hurun India 500 report.
While top officials of the force, which protects the country's vital installations like nuclear plants and airports, say the service tax is to be paid by its clients and not by CISF and hence there is nothing to be worried about, middle level and ground personnel say they are upset on being 'compared to guards of other private security agencies'.
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.
The Central Board of Excise and Customs (CBEC) have tightened noose on commercial renting of immovable property and telephone companies by receiving information through other sources to detect any possible evasion of service tax.
While clarifying the provisions of service tax to be levied on services provided by air conditioned restaurants with licence to serve liquor, the CBEC said the value added tax excluded from the taxable value.
The Asian Development Bank (ADB) has revised down India's GDP growth forecast for fiscal year 2026-27 (FY27) to 6.6 per cent from an earlier 6.9 per cent, primarily attributing the change to elevated energy prices stemming from the Middle East conflict. Despite this moderation, India is still expected to remain the world's fastest-growing major economy.
Passenger vehicle sales in India are estimated to have surged by nearly 25 per cent in June 2024, reaching approximately 4 lakh units, with Maruti Suzuki, Tata Motors PV, and Mahindra & Mahindra leading the growth, despite concerns over geopolitical tensions and monsoon impact.
'There has to be a safe harbour for licensed entities, which have followed all the norms prescribed by the RBI.'
Many of the legal outfits, which provide consultancy services to corporates that include drafting merger and acquisition agreements, preparing MoUs, rendering advice etc, operate as sole proprietorships.
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.
Pakistan has increased its defence budget by 17.6 per cent to PKRs 3,000 billion for the upcoming fiscal year, as announced by Finance Minister Muhammad Aurangzeb. The federal budget, estimated at PKRs 18,771 billion, targets 4 per cent GDP growth, with significant allocations for debt service and pensions. Prime Minister Shehbaz Sharif highlighted economic stability and ongoing discussions with the IMF, while the opposition protested Imran Khan's incarceration during the budget session.
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As of September, account for bulk of applications for availing of the government's amnesty scheme.
To meet liquidity pressure because of advance tax outflows this month, the Reserve Bank of India (RBI) has adopted a measured approach with its latest announcement of open-market operations (OMOs), worth Rs 1 trillion.
Traders on Tuesday threatened to launch a nation-wide agitation to protest against imposition of service tax.
The Union Budget, while keeping the service tax rate unchanged at 10 per cent, has expanded its ambit to include services provided by legal consultancy and advisory firms. The tax would, however, not be applicable if the service provider or receiver is an individual.
The investigation pertains to alleged irregularities in CMRL's financial transactions and its links with Veena's now-defunct company Exalogic Solutions Private Limited.
Not a single retail outlet ran dry. Every household that wanted a cylinder got one. India faced neither a 1991 moment nor a 2013 one. Macroeconomic stability held. This was not an accident, and it was not luck alone. It was the work of a government that chose to act as it had during the pandemic -- deliberately and gradually, building one measure upon another rather than reaching for a single dramatic lever, explains V Anantha Nageswaran, chief economic advisor to the Government of India.
The International Monetary Fund (IMF) has reduced India's growth forecast for FY27 to 6.4 per cent, citing the potential impact of higher energy prices offsetting the country's economic resilience. Despite this, India remains among the fastest-growing major economies.
Some restaurants and hotels are adding 'service charges'.
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.
Seeking to allay fears of traders who have threatened to go on a nationwide strike opposing the service tax, the government on Tuesday said the liability to pay the tax is on goods transport agencies.
Kumar Mangalam Birla urged young people to 'build in India, build for India and build for the world'.
The Reserve Bank of India's Financial Stability Report indicates that the interim peace deal between the US and Iran has favourably shifted the balance of risks, reducing headwinds from the West Asia conflict. However, it cautions that exchange rate volatility could increase if crude oil prices spike due to delayed normalisation of supply chain disruptions.
Tata Motors' commercial vehicle (CV) business is strategically repositioning itself from a traditional truck manufacturer to a comprehensive logistics and mobility platform, aiming to reduce dependence on cyclical vehicle demand by accelerating growth in digital, international, and services segments.
The Associated Chambers of Commerce and Industry of India has sought the restoration of Notification in the Finance Bill 2005-06
The post-mortem report of a senior IRS officer's daughter, who was murdered in her Delhi residence, reveals strangulation as the cause of death, along with multiple injuries indicating a struggle and assault. A former domestic help has been arrested in connection with the crime.
ITC reported a 6.1 per cent year-on-year growth in its consolidated adjusted net profit from continuing operations, reaching ~5,469.74 crore in the January-March quarter (Q4FY26), primarily fuelled by strong performances in its cigarettes and non-cigarette fast-moving consumer goods (FMCG) businesses.
The new circular issued by the tax research unit of CBEC on June 19 says, "CAG would not be covered by the service head Business Support Service."
Indian insurance companies are bracing for reduced profitability in Q4FY26, primarily due to the rationalisation of GST on retail life and health policies, leading to a loss of input tax credit, coupled with volatility in equity markets impacting investment income.
Government will get an additional tax of Rs. 2,110 crore from proposed 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.
This Budget positions India's taxation ideology as not merely a revenue source but as a strategic catalyst for growth, inclusion and long-term confidence.
The net liquidity surplus in the banking system fell to Rs 16,875 crore on Thursday the latest data by the Reserve Bank of India (RBI) showed, lowest since 22 January.
The Union finance ministry may have to battle it out in court with the sponsors of the Indian Premier League cricket tournament to make them comply with its service tax payment demands.
'The real Bharat Bhhagya Viddhaata are the citizens of our country.' 'The Delhi government will make the film tax-free in the city so that every citizen is able to watch it.'
