Non-resident Indians (NRIs) in the Gulf region are increasingly purchasing term life insurance policies from India, driven by geopolitical uncertainties in West Asia and the significant cost advantages offered by Indian products, with the GCC region now contributing over half of the total NRI demand.
The Union Territory administration in Ladakh has announced the establishment of an Autonomous Hill Development Council (AHDC) for each of its seven districts, significantly expanding democratic decentralisation. This move extends elected local self-governance beyond Leh and Kargil, with a proposed Union Territory-level body under a customised Article 371 framework to oversee these councils.
Government will get an additional tax of Rs. 2,110 crore from proposed changes.
Providing relief to exporters hit by the rise in rupee value, the government on Monday announced they would be exempted from tax on services rendered by ports, road transport and railways.
Bihar on Wednesday witnessed a pitched battle between hundreds of student activists demanding Union minister Dharmendra Pradhan's resignation and the police, which used tear gas shells, water cannons and batons in a bid to prevent their 'Lok Bhavan march'.
The Union finance ministry may have to battle it out in court with the sponsors of the Indian Premier League cricket tournament to make them comply with its service tax payment demands.
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.
Get ready to shell out more for your movie tickets, cricket matches or visits to amusement parks as all recreation services will come under service tax later this year.
The Supreme Court has agreed to examine Sebi's challenge to a Securities Appellate Tribunal (SAT) decision that cleared Wadia Group Chairman Nusli Wadia, Bombay Dyeing, and others of allegations of fraudulent financial reporting.
The finance ministry on Tuesday clarified that service tax would be levied only on air-conditioned or air-heated restaurants.
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.
'I don't see fear becoming a dominant factor for retail investors.'
Paytm's parent company, One 97 Communications Ltd, has seen its domestic ownership increase to 51.6% in Q1 FY27, solidifying its status as an Indian-Owned and Controlled Company. This rise is driven by increased investments from mutual funds and insurance companies, reflecting growing investor confidence following Paytm's first full-year profit in FY26 and improved operating performance.
Paytm's parent company, One 97 Communications Ltd, has seen its domestic ownership increase to 51.6% in Q1 FY27, solidifying its status as an Indian-Owned and Controlled Company. This rise is driven by increased investments from mutual funds and insurance companies, reflecting growing investor confidence following Paytm's first full-year profit in FY26 and improved operating performance.
Chidambaram said that of the total 17 lakh (1.7 million) registered service tax payers, only seven lakh of them were paying the levy.
The trade policy specifies that "for all goods and services exported from India, services received, rendered abroad, wherever possible, shall be exempted from service tax".
DIAL is a joint venture consortium of GMR Group, Airports Authority of India, Fraport and Malaysia Airports Holdings Berhad.
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.
Real estate major DLF has come under the scanner of central revenue officials for allegedly evading service tax to the tune of about Rs 30 crore.
Bharti Airtel added 7.64 trillion in value over the past five years, making it the biggest wealth creator in India's private sector, while the IT sector, including TCS, Infosys, and Wipro, collectively lost 8.5 trillion in value, according to the latest Burgundy Private Hurun India 500 report.
News agencies, which fulfill certain criteria, are to be exempted from payment of service tax, Finance Minister Pranab Mukerjee said on Friday.
Earlier, the customer paid service tax on 1 per cent of the premium. From the next financial year, this will go up to 1.5 per cent.
State FMs okay list of tax-exempt services with certain riders.
India's Code on Wages mandates strict payout deadlines, two-day full and final settlements, universal wage coverage and capped deductions to safeguard employees and enhance payroll transparency nationwide.
'There has to be a safe harbour for licensed entities, which have followed all the norms prescribed by the RBI.'
Finance Minister Pranab Mukherjee had proposed to introduce a service tax of five per cent on hotel room charges and three per cent on air-conditioned restaurants that serve liquor.
The Haj Committees and Kumaon Mandal Vikas Nigam Ltd, which organise the religious pilgrimages will not have to Service Tax.
Pakistan has increased its defence budget by 17.6 per cent to PKRs 3,000 billion for the upcoming fiscal year, as announced by Finance Minister Muhammad Aurangzeb. The federal budget, estimated at PKRs 18,771 billion, targets 4 per cent GDP growth, with significant allocations for debt service and pensions. Prime Minister Shehbaz Sharif highlighted economic stability and ongoing discussions with the IMF, while the opposition protested Imran Khan's incarceration during the budget session.
Envisaging a wider role for professionals, Company Secretaries have asked the government to make mandatory issuance of a service tax compliance certificate by companies.
Move seen as prelude to GST rollout; rules for Cenvat credit also likely to be simplified.
The government seems to be contradicting its earlier clarification that "computer-enabled services, namely, back office processing, shall not be subject to service tax", opines Sachin Menon and Prasad Paranjape.
Passenger vehicle sales in India are estimated to have surged by nearly 25 per cent in June 2024, reaching approximately 4 lakh units, with Maruti Suzuki, Tata Motors PV, and Mahindra & Mahindra leading the growth, despite concerns over geopolitical tensions and monsoon impact.
The Asian Development Bank (ADB) has revised down India's GDP growth forecast for fiscal year 2026-27 (FY27) to 6.6 per cent from an earlier 6.9 per cent, primarily attributing the change to elevated energy prices stemming from the Middle East conflict. Despite this moderation, India is still expected to remain the world's fastest-growing major economy.
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Facing an annual loss of a whopping Rs 300 crore (Rs 3 billion), shipowners have pleaded with the finance ministry to keep them out of service tax net and exempt them from withholding and fringe benefit taxes.
The government is considering to enact Service Tax Act and is likely to allow states to levy the tax on local items after nationwide value-added tax is introduced, a senior official of Central Board of Excise and Customs said on Thursday.\n\n\n\n
