'Healthy double-digit returns are still possible, though a sharp rally is unlikely.'
The finance ministry is instead thinking of expanding the list of services on which the tax would be levied under the reverse charge mechanism.
E-filing through the Centre's online tax payment application Automation of Central Excise and Service Tax will be a must not only for returns due after October 1, but also for returns of past periods which have not been filed yet or are to be revised.
'It is not because of the war in West Asia, which began on February 28.' 'Petroleum product prices are already going through the roof. They are bound to have a serious inflationary impact.' 'A country's leadership is tested in trying times. It is here that the current leadership is failing.'
If states are to levy service tax, a combined GST will become a nightmare since a host of tax departments in each state will also have to be dealt with.
Those paying more than Rs 25 lakh in service tax will soon have to file their returns every month instead of once in six months.
Mobile payments pioneer Paytm reported significant growth in its UPI payments business for Q1 FY27, driven by app simplification, AI investments, and a focus on attracting Gen Z customers. The company saw a 45% year-on-year increase in Consumer UPI Gross Transaction Value and a rise of 60 lakh in Monthly Transacting Users, outpacing the industry. Paytm's strategy prioritises customer retention and product innovation, leading to a profitable quarter with strong revenue and EBITDA growth, further supported by AI-led operational efficiencies and an India-focused language model.
The global airlines body International Air Transport Association also said that such taxes would compromise the industry's ability to maintain margins. Ravi said he would also appeal to all state governments to reduce sales tax on aviation turbine fuel.
Urban development minister Jaipal Reddy said on Friday that he would also ask the finance minister to review his decision to bring the real estate sector under the service tax net. Real estate players were unanimous that the extra burden would be passed to the consumer if, indeed, the service tax is imposed.
The International Air Transport Association (IATA) has termed the service tax charged on air tickets by the Indian government as illegal according to the Chicago Convention.
Prism, the parent company of OYO, has filed updated draft papers with Sebi for a Rs 6,650 crore initial public offering (IPO) consisting entirely of a fresh issue of shares, with no offer-for-sale component from existing investors.
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.
"Taxpayers with income from shares, mutual funds, crypto, ESOPs, or derivatives often incorrectly use ITR-1 instead of ITR-2 or ITR-3."
The Central Excise and Service Tax Appellate Tribunal ordered the BCCI pay Rs three crore interim payment towards service tax dues.
Finance Minister P Chidambaram on Thursday sought to allay fears expressed by traders, who have threatened to go on nationwide strike opposing the service tax, saying the tax is imposed on goods transport agencies.
Non-banking financial companies (NBFCs) reported encouraging results for Q4FY26 with improved asset quality and earnings, but analysts maintain a cautious near-term outlook due to geopolitical tensions, monsoon risks, and specific portfolio concerns.
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.
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.
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.
The World Bank has increased India's economic growth projection for FY27 to 6.6 per cent, citing resilient domestic demand, while simultaneously cutting its global economic growth outlook due to the conflict in West Asia.
Each year, the service tax regulations are tweaked in order to make the tax levy more effective
The Indian government has defended its E20 ethanol blending programme, stating that extensive testing and field experience show no evidence of abnormal engine wear, corrosion, or reduced vehicle life, despite a potential 2-6% reduction in fuel economy.
As per norms, the returns have to be filed online on www.aces.gov.in.
Total disputed liability of Mallya with respect to service tax to the tune of Rs 535 cr
The Indian central government has reduced its total expenditure by approximately 60,000 crore in FY26, below its revised estimate, to successfully achieve the fiscal deficit target of 4.4 per cent of gross domestic product (GDP), according to the latest data from the Controller General of Accounts (CGA).
More services such as ATM operations are proposed to be brought within the service tax net.
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.
Interest, penalty and other consequences will be waived.
