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.
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.
Automobile manufacturers have informed NITI Aayog that they face significant challenges in tracing 20-25-year-old vehicles due to multiple ownership changes, hindering their ability to meet Extended Producer Responsibility (EPR) targets for end-of-life vehicles (ELVs). They are seeking government support, including access to updated Vahan registration records, to locate these vehicles and encourage owners to use authorised scrapping centres.
"There is a sharp jump that we have seen in bookings of EVs... The jump, at least in our case, in just two months, it is about 2 to 2.5 times of what it used to be"
India is a global leader in software development services, IT enabled services, knowledge process outsourcing services and contract R&D services relating to software development, Sitharaman said noting these business segments are quite inter-connected with each other.
Accenture's revised annual revenue growth forecast and weaker-than-expected fourth-quarter guidance have sent shockwaves through the Indian IT sector, causing major IT stocks and the Nifty IT index to tumble significantly.
The Enforcement Directorate has issued a fresh summons to Veena T, daughter of former Kerala Chief Minister Pinarayi Vijayan, for questioning on June 17 in a money laundering case involving Cochin Minerals and Rutile Ltd (CMRL). The probe focuses on alleged payments of Rs 2.78 crore from CMRL to Veena's IT firm, Exalogic Solutions, without services rendered, and loans from an associated company.
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.
'When I look at India's relative valuations, these are by far the lowest I have seen in my 35-year career.' 'The relative 12-month trailing performance is among the weakest I have seen, and foreign investor positioning is at a 16-17 year low.'
The Karnataka State Cyber Command has uncovered a fake call centre racket operating in Bengaluru, where individuals impersonated a US-based accounting firm to defraud US citizens.
A shift appears underway in India's tax landscape. States with relatively smaller tax collections like Odisha and Telangana are emerging as the fastest-growing contributors to indirect and direct tax collections, respectively.
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.
The start of the West Asia conflict has led to a sharp increase in crude-linked raw material prices, pushing up the price of helmets across the country.
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.
Announcement of an increase in prices will dampen the affordable housing business at a time when realtors already face razor-thin margins.
A new white paper released by the Tamilaga Vettri Kazhagam (TVK) government reveals that Tamil Nadu's direct debt has nearly doubled to an alarming 10 trillion in the past five years, exposing significant fiscal strain and a substantial debt burden on every citizen.
Indian cement manufacturers, despite a stable Q4FY26, are bracing for significant profitability pressures from Q1FY27 onwards due to escalating input costs, primarily driven by the West Asia conflict's impact on coal and petcoke prices.
For members, the message is simple: don't be misled by headlines about '100% withdrawal'. The basic purpose of the EPF remains unchanged -- to help employees build a financial cushion for retirement while allowing limited access to savings for genuine needs during their working lives.
The finance ministry is likely to raise the exemption limit for service tax from Rs 400,000 to Rs 10 lakh (Rs 1 million) in the forthcoming Budget.
May adopt dtrict action including prosecution and property attachment.
Akasa Air, despite facing headwinds from the West Asia conflict and rising aviation turbine fuel prices, expects to maintain a 30-40 per cent growth trajectory over the next five years and aims for an initial public offering (IPO) within two to four years, according to CFO Ankur Goel.
With the Union Budget three months away, major industry chambers have submitted to the government proposals on common taxes, seeking simpler compliance and a quicker resolution of tax disputes.
India's GST revenues experienced significant growth in March, reaching pre-tax cut levels, driven by increased imports and domestic sales. The report analyses the impact of tax rate changes and provides insights into future trends and economic stability.
The government said remittances from abroad will not attract service tax, putting to rest the concerns raised in view of new tax norms.
The Delhi High Court has directed the GST Council to consider lowering or abolishing the goods and services tax on air purifiers, citing worsening air quality in the national capital. The court has asked the council to meet at the earliest, even via video conference if necessary, to address the issue.
Investments in real estate have just got a bit costlier. Since April 2010, an additional amount in the form of service tax is being collected from buyers, on under construction properties. So what is this service tax and who is deemed to pay it?
The Union Budget on Sunday proposed a tax holiday till 2047 for foreign companies that provide cloud services to customers globally using data centres located in India, signalling the government's push to make the country a major hub for AI and digital infrastructure.
The increase in service tax from the 10 per cent to 12 per cent expected to impact the industry. This will negatively impact the industry. However, the reduction of cascading taxes by providing tax credits expected offset this. Also, the allowing 100 per cent deduction to the franchise model (operated by other) is positive to the sector.
The Cascading taxes has been reduced significantly by permitting utilization of input tax credits in a number of services such as catering, restaurants, hotel accommodation, pandal and shamiana and transport sectors.
