The Reserve Bank on Wednesday revised upward its growth estimates for the current fiscal year to 6.8 per cent and lowered its inflation projection to 2.6 per cent based on an above-normal monsoon and the rationalisation of GST rates.
Total disputed liability of Mallya with respect to service tax to the tune of Rs 535 cr
The government on Saturday came out with the modalities of the constitutional amendments to enable states to collect and appropriate service taxes, a Bill for which would be introduced in the Budget session of Parliament next year.
Leading FMCG companies have announced a price cut on their products, including soaps, shampoo, baby diapers, toothpaste, razors, and after-shave lotions, effective from September 22 to extend the GST rate cut benefits to consumers. Firms such as Procter & Gamble, Emami and HUL have come up with new price lists which have been communicated to their respective distributors and consumers through their respective websites.
The recent Foreign Trade Policy announcement to waive service tax for exporters had the backing of the Prime Minister, Commerce Ministry sources said on Tuesday.
Analysts point out that exporters outside SEZs enjoy Cenvat credit against service tax paid on a host of services subscribed to while engaging in export-related activities. In addition, the department of revenue recently permitted service tax exemption on seven services used by exporters.
Since items in the 12% category account for only about 5% of total GST, the additional boost to consumption may not be significant, points out M Govinda Rao.
Each year, the service tax regulations are tweaked in order to make the tax levy more effective
Interest, penalty and other consequences will be waived.
'In the long run, India's strong growth story and reforms to make assets globally attractive will determine the rupee's resilience.'
More services such as ATM operations are proposed to be brought within the service tax net.
'In case a particular industry has not passed on the benefits and if we receive complaints, we will take up the matter with the industry body concerned.'
DGCA provided temporary relief to IndiGo, which is partially owned by Rahul Bhatia, by rolling back the night duty definition to 12 am-5 am from 12 am-6 am earlier, and allowing its pilots to do six night-landings from two earlier, besides other relaxations.
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.
The government should exempt micro-insurance from payment of service tax to make products cheaper and encourage penetration of insurance services in low income rural and social sectors, a UN report has suggested.
Can lead to imprisonment up to seven years.
Opposition-ruled states warn of steep annual losses; Centre assures higher consumption will offset revenue hit.
Jio Platforms Limited is likely to have a valuation of $148 billion by the time it goes public on the back of strong free cash flow and potential deleveraging, ICICI Securities said.
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.
'Defence, capital goods, engineering, capital market-related stocks, autos, and cement sectors are my bullish bets for Samvat 2082.'
The penalty can be a maximum 50 per cent of the tax.
'Amazon, Meta, Google, Microsoft have large operations in India and rely on smooth trade and data flows.' 'Restrictions could raise their costs, limit AI chip exports, and complicate their India strategies.'
A courier company owner was arrested for allegedly evading service tax of about Rs 70 lakh
Automotive (auto) stocks have been among the best performers in the BSE 200 index in recent months. More than half of the top 15 gainers over the past one, two, and three months have come from the sector.
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.
To ensure a glitch-free rollout of the next-generation GST with reduced rates and lesser slabs, Finance Minister Nirmala Sitharaman chaired three separate meetings to assess GSTN's preparedness and the time it would take to implement technological changes required in the software systems.
Between January and August 2025, over 65,000 units of the Bolero were sold, making it the third-highest contributor to Mahindra's overall SUV sales. Bolero annually achieves sales of over 1 lakh units.
Restoration of Customs duty on crude oil & rollback of exemptions likely.
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