Can lead to imprisonment up to seven years.
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 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.
At present, the service tax rate stands at 12 per cent. Added to this is a 2 per cent education cess, bringing the incidence to 12.24 per cent.
'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.'
The penalty can be a maximum 50 per cent of the tax.
A courier company owner was arrested for allegedly evading service tax of about Rs 70 lakh
In a stern warning to service tax evaders, the government asked them to either pay their dues by tomorrow or face penal action which could include arrest and prosecution.
Meerut police have uncovered a Goods and Services Tax (GST) fraud involving crores of rupees, leading to the arrest of one individual. The investigation revealed a network of fake firms used to illegally claim input tax credits, causing significant losses to the government.
The government has broadened the ambit of services exempted from service tax for Special Economic Zones as services provided to these zones even from outside would not be taxable.
Restoration of Customs duty on crude oil & rollback of exemptions likely.
'Repeated adjournments are one of the largest contributors to lengthy litigation cycles.'
The India-US trade deal has offered a much-needed breather for the Indian information technology (IT) industry, which has been grappling with global macroeconomic uncertainty and subdued client spending over the past few years.
The Point of Taxation Rules, first introduced during the Union Budget in February, says service tax, which was so far paid after the collection of dues from clients, would now have to be paid on the 5th or 6th of every month once the invoice for the service was raised.
Nomura has increased its March 2027 target for the Nifty 50 to 25,900, driven by strong corporate earnings and attractive market valuations, even as risks from the West Asia conflict and high oil prices persist.
Bharat Sanchar Nigam Ltd is all set to emerge as a major service tax payer to the central government with the amount expected to touch Rs 1,800 crore (Rs 18 crore) during 2003-04.
Nokia India Ltd, the wholly owned subsidiary of Finnish cellular equipment maker Nokia, on Thursday suffered a legal setback when a tax appellate tribunal ordered it to pay service tax on consultancy services offered by it to the parent company's cli
The finance minister also provided some relief to readymade garment manufacturers by raising the abatement available for levy of taxes on retail price of some branded garments and textile made-ups.
Veena T, daughter of former Kerala Chief Minister Pinarayi Vijayan, appeared before the Enforcement Directorate in Kochi for questioning regarding a money laundering case involving her defunct IT firm, Exalogic Solutions Private Ltd, and mining company CMRL. The probe focuses on alleged payments made without services and loans extended despite repayment failures, leading to accusations of generating "proceeds of crime."
In the midst of a tax probe into finances of IPL, authorities have issued notices to several sponsors of the first edition of the Twenty20 event, including DLF, Adidas and Religare for non-payment of service tax.
Asked to share details of income from all its 16 zones, especially through tatkal, ticket cancellation and bed roll charges
The Adani Group-owned Navi Mumbai International Airport is slated to commence international passenger and freighter operations from July 15. This marks a significant expansion for the airport, which began domestic services last December. Air India Express and IndiGo are expected to operate international flights, with customs readiness reviews already completed. The airport anticipates a substantial increase in daily passenger footfall and air traffic movements by the year-end.
Will have to pay 12% tax besides 3% education cess.
Move a step towards goods and services tax.
Common return for excise duty and service tax was envisaged when 119 services were taxed.
Increased input costs due to geopolitical conflict in West Asia and unseasonal rain in March negatively impacted volumes of consumer durables makers, particularly air conditioners, in Q4FY26, leading to projected declines in EBITDA and APAT despite revenue growth.
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.
Fino Payments Bank's MD and CEO, Rishi Gupta, has been arrested for violating Goods and Services Tax laws, prompting the appointment of Ketan Merchant as the interim head.
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.
Under the service tax law, certain services get exemptions.
