Restoration of Customs duty on crude oil & rollback of exemptions likely.
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 Budget emerges as a measured, credible and forward-looking policy document that reinforces India's commitment to remaining a stable, reform-oriented economy amid an increasingly fragmented global landscape, says A Balasubramanian.
The Delhi High Court has asked the central government why it cannot reduce the GST on air purifiers, considering the poor air quality in Delhi. The court's concern is that the current 18% GST makes air purifiers unaffordable for the common man.
Cognizant reported a significant increase in net income for the December quarter, driven by AI efficiencies and strong performance in the financial services sector. The company also announced a major deal and provided guidance for the upcoming year.
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.
Asked to share details of income from all its 16 zones, especially through tatkal, ticket cancellation and bed roll charges
Budget 2026 sticks to fiscal discipline, shuns populist measures despite five key state elections coming up, but ends up rattling stock markets with a higher transaction tax on derivatives trading.
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.
India's retail inflation, which has stayed below the Reserve Bank of India's (RBI's) 4 per cent target in recent times, is likely to remain benign in the coming months, RBI Deputy Governor Poonam Gupta said in a speech, on Friday, which was uploaded on the central bank's website on Tuesday. Headline inflation dipped to multi-year lows of around 1.5-2.8 per cent in late 2025.
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.
'Except for extremely conservative investors, others can consider allocating 10 to 20 per cent of their portfolio to small caps.'
Common return for excise duty and service tax was envisaged when 119 services were taxed.
Move a step towards goods and services tax.
Will have to pay 12% tax besides 3% education cess.
Prime Minister Narendra Modi is promoting India as a global hub for digital infrastructure and artificial intelligence, highlighting the government's incentives for data center investments and inviting the world's data to reside in India.
The life insurance industry recorded nearly 40 per cent year-on-year (Y-o-Y) growth in new business premiums (NBP), aided by the rationalisation of goods and services tax (GST) on individual life insurance premiums, which has made policies more affordable for consumers.
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.
'The trade deficit in some sectors is huge and that is an area of opportunity to localise.'
FM is likely to introduce tax return prepares scheme for small service tax payers in the upcoming budget.
Two-wheeler (2W) major Bajaj Auto on Friday posted its highest ever quarterly revenue and profit during the third quarter of 2025-26 (Q3FY26). Bajaj Auto's consolidated net profit for the quarter grew by 25 per cent year-on-year (Y-o-Y) to Rs 2,749 crore, with the revenue also growing 23 per cent to Rs 16,204 crore.
Under the service tax law, certain services get exemptions.
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.
The finance ministry is considering meeting a key demand of truckers by easing procedural issues and raising the abatement on service tax.
According to sources in the Excise department, the Sahara Airlines, while submitting opinion of its Chartered Accountant on service tax, had allegedly backdated it to 2003 in which it was stated that Rs 1442 crore (Rs 14.42 billion) income from advertising services provided to its group company was not taxable under advertising services.
Punj Lloyd voluntarily deposited Rs 1.06 crore (Rs 10.6 million) on the spot through challans when excise officials visited them during an investigation in the matter.
The revenue department is expected to release two circulars mentioning details of all 100 services under the service tax net and related procedures in a simplified manner by mid-June.
Trade deals ease risks for Indian equities, but weak demand and stretched valuations raise questions over whether optimism -- especially in smallcaps -- can turn into a sustained bull run, points out Debashis Basu.
Shares of brokerage-related companies nosedived 18 per cent on Sunday after Finance Minister Nirmala Sitharaman proposed raising securities transaction tax on commodity futures to 0.05 per cent from 0.02 per cent in the Union Budget 2026-27.
The ministry of civil aviation will seek a complete rollback of service tax levied on domestic air travel in the recent Budget, Civil Aviation Minister Praful Patel said on Wednesday.In his Budget speech on February 26, Finance Minister Pranab Mukherjee had proposed a service tax of 10 per cent on both domestic and international travel. Earlier, the service tax was restricted only for international travel.
Economic think-tank NCAER has said that service tax will go up by one per cent per annum in the next four years, following the government's decision to introduce goods and services tax from April 1, 2010.
Announcement of an increase in prices will dampen the affordable housing business at a time when realtors already face razor-thin margins.
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