Interest, penalty and other consequences will be waived.
The Central excise department slapped a notice on King's XI Punjab cricketer Yuvraj Singh seeking payment of service tax to the tune of Rs 1.15 crore raised on his income from two seasons of Indian Premier League (IPL) and endorsements.
'Healthy double-digit returns are still possible, though a sharp rally is unlikely.'
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.
Can lead to imprisonment up to seven years.
'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.'
Mobile payments pioneer Paytm reported significant growth in its UPI payments business for Q1 FY27, driven by app simplification, AI investments, and a focus on attracting Gen Z customers. The company saw a 45% year-on-year increase in Consumer UPI Gross Transaction Value and a rise of 60 lakh in Monthly Transacting Users, outpacing the industry. Paytm's strategy prioritises customer retention and product innovation, leading to a profitable quarter with strong revenue and EBITDA growth, further supported by AI-led operational efficiencies and an India-focused language model.
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.
Prism, the parent company of OYO, has filed updated draft papers with Sebi for a Rs 6,650 crore initial public offering (IPO) consisting entirely of a fresh issue of shares, with no offer-for-sale component from existing investors.
"Taxpayers with income from shares, mutual funds, crypto, ESOPs, or derivatives often incorrectly use ITR-1 instead of ITR-2 or ITR-3."
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 penalty can be a maximum 50 per cent of the tax.
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.
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.
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.
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.
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).
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.
Restoration of Customs duty on crude oil & rollback of exemptions likely.
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.
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.
The Indian government has defended its E20 ethanol blending programme, stating that extensive testing and field experience show no evidence of abnormal engine wear, corrosion, or reduced vehicle life, despite a potential 2-6% reduction in fuel economy.
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.
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.
One 97 Communications Ltd, operating Paytm, is set to issue its first bonus shares, following a landmark year of achieving its maiden full-year profit and gaining significant market share. The board will meet on July 20 to decide on the bonus issue, reflecting confidence in its financial strength and aiming to improve stock accessibility for retail investors.
Asked to share details of income from all its 16 zones, especially through tatkal, ticket cancellation and bed roll charges
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.
The failure of the State when it directly affects our lives, through a corrupt exam system, has produced this current anger, points out Aakar Patel.
