'This is not a case of tax evasion but the result of long-standing ambiguities in GST rules and unawareness.'
Industry associations Ficci and CII have been termed liable for service tax. Ficci has approached government for exemption from the levy.
The tribunal raised tax demand against several airlines, including Jet.
Apparently buckling under pressure, the government has decided to exempt cable multi-system operators (MSOs) from the service tax net.
The consolidated net profit of Marico, the maker of Parachute coconut oil, declined 0.7 per cent in the second quarter (July-September) of 2025-26 (Q2FY26).
IT services firm HCLTech on Monday reported a 11.2 per cent decline in consolidated net profit to Rs 4,076 crore in the October-December quarter of FY26.
The Revenue Department has extended the deadline by one month to November 25 for filing of service tax returns for the April-June quarter, as it has not been able to provide electronic return form in time.
The final list of bidders would be finalised only after the interested firms pay the earnest money deposit on June 30.
Ask rediffGURU Naveenn Kummar your insurance mutual fund and personal finance-related questions.
The 2010-11 Finance Bill, tabled in Parliament, proposed to expand the scope of air transport services 'to include domestic journeys and international journeys in any class' for a 10 per cent service tax.
The contrast with the old Income-Tax Act is stark. The 1961 law ran into 512,000 words; the 2025 one pares that down to 259,000. Chapters have been cut from 47 to 23, while sections have reduced from 819 to 536. One of the clearest changes is terminological. The confusing twin concepts of 'assessment year' and 'previous year' have been scrapped.
The telecom industry topped the list in service tax collected by paying Rs 1,508.68 crore (Rs 15.09) in FY03. The government raised Rs 4,123 crore (Rs 41.23 billion) in the previous fiscal from service tax.
Despite forging an alliance with the faction led by his uncle, Nationalist Congress Party chief and Maharashtra deputy Chief Minister Ajit Pawar on Friday failed to protect the party's traditional bastions of Pune and neighbouring Pimpri-Chinchwad, as the Bharatiya Janata Party decimated both the NCPs in the municipal corporation elections.
The revenue collection till November-end has grown by 67.31 per cent to Rs 4,445 crore from Rs 2,657 crore in the corresponding period of the last year.
The exemption of individual life and health insurance premiums from the Goods and Services Tax (GST) enables the insurance industry to make products affordable and attractive, said Ajay Seth, chairman of Insurance Regulatory and Development Authority of India (Irdai) at the Business Standard BFSI Insight Summit 2025.
These losses increase insurance premiums for customers and reduce insurer margins on the other.
In a counter affidavit filed in the court, the department has said that temporary transfer of rights to copy in a limited manner will be chargeable to service tax.
They are not just underreporting income; they are reshaping what the income tax system perceives, says study.
In October, small car wholesales of the auto industry -- excluding Tata Motors -- went up by 8.4 per cent Y-o-Y to 116,601 units, the data showed. However, the utility vehicle (UV) segment which includes sports utility vehicles (SUVs) as well as multi-purpose vehicles (MPVs), saw a bigger growth in October.
India's manufacturing sector activity eased in September, as new orders, output and input buying rose at the slowest rates in four months, while job creation retreated to one-year low, a monthly survey said on Wednesday.
A finance ministry official said since the service tax was capped at Rs 100 for domestic and Rs 500 for international travel, in many cases, the credit of tax paid on inputs used to provide services was more than the service tax paid by the airline.
India's manufacturing sector activity eased to a nine-month low in November, mainly owing to softer rise in sales and production amid reports of challenging market conditions, a monthly report said on Monday. The seasonally adjusted HSBC India Manufacturing Purchasing Managers' Index (PMI) falling to 56.6 in November from 59.2 in October, highlighted the slowest improvement in operating conditions since February.
The levy had to come into effect from April 1. It would now be in force from July 1.
A firm, which managed Prime Minister Narendra Modi's hugely successful Lok Sabha campaign, has come under the scanner of revenue authorities for alleged service tax evasion.
While EPF rewards patience and compounds your money, inflation decides how far your money really goes.
The Labour and Employment Ministry has requested the Finance Ministry to keep Employee State Insurance and Employee State Insurance schemes out of the ambit of service tax as they are social security schemes.
Nearly 96 per cent of new applicants will benefit from this simplified approval route.
Finance minister Pranab Mukherjee included some more services within the service tax ambit in the Budget 2009-10.
Recent years have been turbulent for the insurance industry due to direct and indirect tax reforms, regulatory overhaul and other external pressures. The events cumulatively slowed growth rate to single digits from the high teens seen earlier.
'If a common man wants to buy an air purifier for Rs 10,000, then he will have to shell out Rs 11,800 with 18 percent GST.' 'If he is charged GST at 5 percent the same air purifier will cost Rs 10,500.' 'This saves a one time amount of Rs 1,300 -- and that too just to breathe clean air.'
On the lines of the proposed Direct Taxes Code (DTC), the government plans to come out with a Common Tax Code (CTC) for service tax and central excise duty to harmonise the two indirect levies.
Hinting at the possibility of the Budget proposal for imposition of service tax on 25-bed hospitals and diagnostic check-ups being rolled back, the government has said it is willing to discuss the issue.
A trade deal makes sense only if it is fair and reciprocal. If the cost is strategic dependence or loss of policy space, waiting is the wiser option, asserts Ajay Srivastava.
A BA spokesperson maintained that the airline 'has not evaded any taxes.' The revenue department had in July served service tax notice on the airline for payment of balance out of the Rs 143.5 crore (Rs 1.43 billion) liability on tickets sales in India between May 2006 and November 2007, but BA did not pay the amount.
The World Bank on Tuesday raised India's growth forecast for the current fiscal to 6.5 per cent from 6.3 per cent estimated earlier, and said the country is expected to remain fastest-growing major economy, underpinned by continued strength in consumption growth.
As the rupee has been on a downward slide and crossed 90 a dollar, consumer electronics firms are looking to raise prices of products ranging from air conditioners (ACs) to television panels up to 10 per cent.
The on-going search operation started a fortnight back in which the evasion by firms providing real estate services, including renting and other collaborations was detected, official sources said.
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