The Central excise department slapped a notice on King's XI Punjab cricketer Yuvraj Singh seeking payment of service tax to the tune of Rs 1.15 crore raised on his income from two seasons of Indian Premier League (IPL) and endorsements.
One 97 Communications Ltd, operating Paytm, is set to issue its first bonus shares, following a landmark year of achieving its maiden full-year profit and gaining significant market share. The board will meet on July 20 to decide on the bonus issue, reflecting confidence in its financial strength and aiming to improve stock accessibility for retail investors.
Can lead to imprisonment up to seven years.
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.
The failure of the State when it directly affects our lives, through a corrupt exam system, has produced this current anger, points out Aakar Patel.
This Budget positions India's taxation ideology as not merely a revenue source but as a strategic catalyst for growth, inclusion and long-term confidence.
At present, the service tax rate stands at 12 per cent. Added to this is a 2 per cent education cess, bringing the incidence to 12.24 per cent.
The penalty can be a maximum 50 per cent of the tax.
Reliance Industries Ltd reported a 22 per cent year-on-year decline in consolidated net profit for the June quarter, primarily because the previous year's earnings were inflated by a one-time gain from the sale of its stake in Asian Paints.
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.
A courier company owner was arrested for allegedly evading service tax of about Rs 70 lakh
In a stern warning to service tax evaders, the government asked them to either pay their dues by tomorrow or face penal action which could include arrest and prosecution.
The government has broadened the ambit of services exempted from service tax for Special Economic Zones as services provided to these zones even from outside would not be taxable.
Restoration of Customs duty on crude oil & rollback of exemptions likely.
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.
The Point of Taxation Rules, first introduced during the Union Budget in February, says service tax, which was so far paid after the collection of dues from clients, would now have to be paid on the 5th or 6th of every month once the invoice for the service was raised.
The net liquidity surplus in the banking system fell to Rs 16,875 crore on Thursday the latest data by the Reserve Bank of India (RBI) showed, lowest since 22 January.
Bharat Sanchar Nigam Ltd is all set to emerge as a major service tax payer to the central government with the amount expected to touch Rs 1,800 crore (Rs 18 crore) during 2003-04.
Nokia India Ltd, the wholly owned subsidiary of Finnish cellular equipment maker Nokia, on Thursday suffered a legal setback when a tax appellate tribunal ordered it to pay service tax on consultancy services offered by it to the parent company's cli
The finance minister also provided some relief to readymade garment manufacturers by raising the abatement available for levy of taxes on retail price of some branded garments and textile made-ups.
Ask rediffGURU Reetika Sharma your insurance, mutual fund and personal finance-related questions.
In the midst of a tax probe into finances of IPL, authorities have issued notices to several sponsors of the first edition of the Twenty20 event, including DLF, Adidas and Religare for non-payment of service tax.
'There has to be a safe harbour for licensed entities, which have followed all the norms prescribed by the RBI.'
Asked to share details of income from all its 16 zones, especially through tatkal, ticket cancellation and bed roll charges
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.
Will have to pay 12% tax besides 3% education cess.
Move a step towards goods and services tax.
Common return for excise duty and service tax was envisaged when 119 services were taxed.
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'.
Indian insurance companies are bracing for reduced profitability in Q4FY26, primarily due to the rationalisation of GST on retail life and health policies, leading to a loss of input tax credit, coupled with volatility in equity markets impacting investment income.
The post-mortem report of a senior IRS officer's daughter, who was murdered in her Delhi residence, reveals strangulation as the cause of death, along with multiple injuries indicating a struggle and assault. A former domestic help has been arrested in connection with the crime.
The government has already allowed reimbursement of service tax on about 19 services used by exporters while selling goods overseas. These include commission paid to foreign agents whose services are subscribed by exporters to book orders with overseas clients. However, a list of 16 services used by exporters is not reimbursed. These include service tax paid on bank charges, packaging services and travel agents' services.
