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.
Finance minister Pranab Mukherjee included some more services within the service tax ambit in the Budget 2009-10.
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 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.
Nomura has increased its March 2027 target for the Nifty 50 to 25,900, driven by strong corporate earnings and attractive market valuations, even as risks from the West Asia conflict and high oil prices persist.
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.
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 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.
The Delhi High Court has directed the GST Council to consider lowering or abolishing the goods and services tax on air purifiers, citing worsening air quality in the national capital. The court has asked the council to meet at the earliest, even via video conference if necessary, to address the issue.
Electronic filing of service tax will be made compulsory in the next two months," CBEC member Y G Parande told reporters on the sidelines of a PHD chamber seminar.
Veena T, daughter of former Kerala Chief Minister Pinarayi Vijayan, appeared before the Enforcement Directorate in Kochi for questioning regarding a money laundering case involving her defunct IT firm, Exalogic Solutions Private Ltd, and mining company CMRL. The probe focuses on alleged payments made without services and loans extended despite repayment failures, leading to accusations of generating "proceeds of crime."
The Adani Group-owned Navi Mumbai International Airport is slated to commence international passenger and freighter operations from July 15. This marks a significant expansion for the airport, which began domestic services last December. Air India Express and IndiGo are expected to operate international flights, with customs readiness reviews already completed. The airport anticipates a substantial increase in daily passenger footfall and air traffic movements by the year-end.
Contribution of the service sector in the GDP is 56 per cent but the share of the service tax in the GDP is just 1.1 per cent, Chairman of Central Board of Excise and Customes P C Jha said in a interaction meeting organised bythe Bangalore Chamber of Industry and Commerce on Friday night.
The Union Budget on Sunday proposed a tax holiday till 2047 for foreign companies that provide cloud services to customers globally using data centres located in India, signalling the government's push to make the country a major hub for AI and digital infrastructure.
"There is a sharp jump that we have seen in bookings of EVs... The jump, at least in our case, in just two months, it is about 2 to 2.5 times of what it used to be"
The Karnataka State Cyber Command has uncovered a fake call centre racket operating in Bengaluru, where individuals impersonated a US-based accounting firm to defraud US citizens.
Stocks to watch: Container Corp, Snowman Logistics & Transport Corp
India's GST revenues experienced significant growth in March, reaching pre-tax cut levels, driven by increased imports and domestic sales. The report analyses the impact of tax rate changes and provides insights into future trends and economic stability.
The other two components of indirect tax collections -- excise and customs duties -- were already in negative territory since October 2008. In particular, excise -- a levy on factory production levied at the gates - has started declining from September.
Automobile manufacturers have informed NITI Aayog that they face significant challenges in tracing 20-25-year-old vehicles due to multiple ownership changes, hindering their ability to meet Extended Producer Responsibility (EPR) targets for end-of-life vehicles (ELVs). They are seeking government support, including access to updated Vahan registration records, to locate these vehicles and encourage owners to use authorised scrapping centres.
The Enforcement Directorate has issued a fresh summons to Veena T, daughter of former Kerala Chief Minister Pinarayi Vijayan, for questioning on June 17 in a money laundering case involving Cochin Minerals and Rutile Ltd (CMRL). The probe focuses on alleged payments of Rs 2.78 crore from CMRL to Veena's IT firm, Exalogic Solutions, without services rendered, and loans from an associated company.
Indian cement manufacturers, despite a stable Q4FY26, are bracing for significant profitability pressures from Q1FY27 onwards due to escalating input costs, primarily driven by the West Asia conflict's impact on coal and petcoke prices.
'When I look at India's relative valuations, these are by far the lowest I have seen in my 35-year career.' 'The relative 12-month trailing performance is among the weakest I have seen, and foreign investor positioning is at a 16-17 year low.'
The start of the West Asia conflict has led to a sharp increase in crude-linked raw material prices, pushing up the price of helmets across the country.
Accenture's revised annual revenue growth forecast and weaker-than-expected fourth-quarter guidance have sent shockwaves through the Indian IT sector, causing major IT stocks and the Nifty IT index to tumble significantly.
The Union Budget on Sunday proposed a tax holiday till 2047 for foreign companies that provide cloud services to customers globally using data centres located in India, signalling the government's push to make the country a major hub for AI and digital infrastructure.
A new white paper released by the Tamilaga Vettri Kazhagam (TVK) government reveals that Tamil Nadu's direct debt has nearly doubled to an alarming 10 trillion in the past five years, exposing significant fiscal strain and a substantial debt burden on every citizen.
Last week, Railway Minister Mukul Roy had written to Prime Minister Manmohan Singh, who is now looking after the Finance portfolio, requesting him not to introduce service tax on passenger fare and freight traffic from July 1.
India's services sector growth witnessed the slowest pace of expansion in five months in October, as competitive pressures and heavy rains in parts of the country led to a slower increase in output, according to a monthly survey released on Thursday.
For members, the message is simple: don't be misled by headlines about '100% withdrawal'. The basic purpose of the EPF remains unchanged -- to help employees build a financial cushion for retirement while allowing limited access to savings for genuine needs during their working lives.
Akasa Air, despite facing headwinds from the West Asia conflict and rising aviation turbine fuel prices, expects to maintain a 30-40 per cent growth trajectory over the next five years and aims for an initial public offering (IPO) within two to four years, according to CFO Ankur Goel.
Service tax collection is likely to cross the Rs 40,000 crore (Rs 400 billion) mark this fiscal, far exceeding the target of Rs 35,000 crore (Rs 350 billion), a senior Finance Ministry official said on Thursday.
Revenue from service tax, which has become a new focus area for Finance Ministry, has grown up substantially by over 300 times in past about two decades.
Official sources said such norms form the benchmark of costing, which helps in working out the price of inputs required for manufacturing or producing a certain quantity of output.
The most common mistake is investing without assessing suitability and long-term implications.
Tata Motors' MD and CEO, Girish Wagh, has identified rising diesel prices as the most significant threat to India's commercial vehicle (CV) industry recovery, despite the sector recently surpassing its pre-FY19 wholesale peak. Diesel costs account for 25-50% of a truck operator's total cost of ownership, making any increase a critical concern for fleet economics.
The government may take the first step towards fiscal consolidation in Budget 2010-11 by partially rolling back tax cuts given to the industry last year. The service tax rate may be restored to 12 per cent, while excise duty could be increased marginally.
