India's net direct tax collections contracted 1.3 per cent to about 5.63 trillion as of July 10, with corporate taxes dropping 3.7 per cent and non-corporate taxes recording a fractional 0.04 per cent contraction, Income Tax department data released on Friday revealed.
They are not just underreporting income; they are reshaping what the income tax system perceives, says study.
Hindustan Unilever Ltd's (HUL's) second quarter 2025-26 (Q2FY26) consolidated revenue rose 2 per cent to Rs 16,250 crore, with low or flat volume growth. Demand remained stable but goods and services tax (GST) transition and prolonged monsoon hurt offtake.
In a representation to the ministry of finance, it has demanded that labour-intensive security agencies should no longer be enlisted under the category of service providers and brought under the category of auxiliary service providers so that they could avail of tax benefits.
Amid US-China trade tensions and economic vulnerabilities, India must seize the 'China +1' opportunity, deepen reforms, secure FTAs, and globalise its firms for long-term growth, suggests Ajay Shah.
Prime Minister Narendra Modi on Wednesday renewed his pitch for Make in India across sectors -- from mobiles to semiconductors and electronics, saying the government is accelerating the pace of reforms, offering the best investment opportunities.
Indian consumers are entering the festive season with renewed confidence and financial optimism, outpacing global benchmarks, according to Deloitte India's latest Consumer Signals: India Chapter. "With inflationary pressures easing and the recent Goods and Services Tax (GST) revisions enhancing purchasing power and festive cheer among consumers, this brings a new wave of consumption.
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.
In absolute terms, both types of cars must cut emissions by about 28-29 g/km. But in percentage terms, the lighter 900-kg car must reduce emissions by 27 per cent, while the 1,500-kg car needs a 22 per cent cut. And the target becomes progressively stringent for both -- but, once again, the tightening is sharper for the 900-kg car than for the 1500-kg car.
The Monsoon session of Parliament saw the passage of several key bills in both the Lok Sabha and Rajya Sabha, despite repeated disruptions and adjournments.
Finance Minister Nirmala Sitharaman on Tuesday said that raising the FDI limit to 100 per cent in the insurance sector will help attract more capital, improve competition and increase insurance penetration by making policies more affordable.
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.
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.
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.
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.
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 GoM of state ministers on GST rate rationalisation on Thursday accepted the Centre's proposal to move to a two-slab structure of 5 and 18 per cent. Bihar Deputy Chief Minister and convenor of rate rationalisation GoM Samrat Choudhary said the six-member state ministerial panel has also accepted the proposal of removing the 12 and 28 per cent slabs.
'We currently have new proposals worth Rs 1.48 trillion in the pipeline.'
Prime Minister Modi urged the people of the country to take pride in selling and buying indigenous goods.
'High taxes have kept away art collectors who will now embrace the new GST.'
The Central Excise and Service Tax Appellate Tribunal ordered the BCCI pay Rs three crore interim payment towards service tax dues.
As per norms, the returns have to be filed online on www.aces.gov.in.
Taking a serious note of the situation, the civil aviation ministry said it has invoked regulatory powers to ensure fair and reasonable fares across all affected routes.
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.
State-owned insurer LIC on Thursday reported a 32 per cent jump in net profit to Rs 10,053 crore for the second quarter ended September 30, aided by a lower commission outgo. The country's biggest insurer had reported a net profit of Rs 7,621 crore in the year-ago period.
'Non-compatible with Western Civilization' is about as vague and jingoistic as it gets and Trump saying this gives full license to his acolytes to go full throttle on making life as difficult and scary as possible for as many non-white people as possible,' notes Sree Sreenivasan.
Total disputed liability of Mallya with respect to service tax to the tune of Rs 535 cr
Indian cricket fans, who love turning up for IPL matches across the country, will have to shell out more for tickets next season with government raising the Goods and Services Tax.
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.
'Always keep accurate and transparent records of the source of the investment or property's funding: Loan agreements, transfer records of the property, and bank statements of co-owners if available.'
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.
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