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.
Foreign companies now pay less tax relative to their earnings than at any time in more than three decades. Foreign private companies paid 24.36 per cent of their pre-tax profit as tax in 2023-24, show numbers from the Centre for Monitoring Indian Economy (CMIE).
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.
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.
To shield against US President Donald Trump's tariff shock, analysts have been advising investors to focus on stocks of domestic-oriented companies, rather than export-centric ones, to minimise potential losses.
'That is going to have an impact on literally every one, whether you buy a toothpaste, a safety pin, a car, shoes or medicines or you go to a diagnostic centre.'
The tax department has created many circular traps -- flawed reporting formats, penalties for those who point out the flaws, and faceless assessors with no accountability. The result: Millions of taxpayers face needless harassment and procedural dead ends, highlights Harsh Roongta.
India's 18 largest states, accounting for over 90 per cent of the country's gross state domestic product (GSDP), are likely to record a marginal uptick in revenue growth to 7-9 per cent this year, from 6.6 per cent clocked in 2024-25 (FY25), rating agency Crisil said in a report on Tuesday. This growth, slower than the decadal average of about 10 per cent, would lift these states' cumulative revenue to around Rs 40 trillion in FY26 from Rs 37.26 trillion in FY25.
Top real estate developers are expected to report improved earnings and resilient presales growth, even as overall housing sales across major Indian cities declined during the July-September quarter (Q2) of 2025-26. The anticipated earnings growth in what is typically a subdued quarter is credited to steady sustenance sales, improved collections, the strong positioning of listed developers, and sustained demand for premium homes.
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.
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.
Service tax waived for online train ticket booking till Dec 31
GST, net of refunds, now yields close to 20 trillion to both the Centre's and states' exchequer.
The fee hike for the US H-1B visa by the Donald Trump administration has no short-term impact on Tata Technologies Ltd, although it will change resourcing plans for the future, according to its CEO and managing director, Warren Harris.
Given the stronger rural activity, and potential goods and services tax (GST) impact, investors are bullish on the two-wheeler (2W) segment. In August, dealers in the domestic market picked up 11 per cent more 2Ws year-on-year (Y-o-Y), despite only 2 per cent growth in retail registrations. This indicates inventory stocking ahead of the festival season. Export trends were good. TVS Motor and Royal Enfield may have gained domestic market share.
The Board of Control for Cricket in India, is locked in a legal battle with the Service Tax (ST) department, which has demanded an amount of Rs 536 crore (approx) as taxes on cricket board's earnings from royalty and media rights in the last one decade.
For every rupee in the government coffer, the biggest pie of 66 paise will come from direct and indirect taxes, according to the Union Budget 2025-26 documents. Around 24 paise will come from borrowings and other liabilities, 9 paise from non-tax revenue like divestment, and 1 paise from non-debt capital receipts, the Budget documents said.
The department found that Microsoft India's Gurgoan unit carried out marketing activities for its India operations and not for the Singapore unit as it had claimed in its reply to a show cause notice served by the department earlier. Microsoft officials, however, said they have not received any official communication from the tax department in this regard.
Amendments to RBI Act likely soon
Ahead of the passage of the Finance Bill in Parliament, Civil Aviation Minister Ajit Singh is understood to have shot off a letter to the Finance Ministry protesting the proposal on the grounds that the move would not only hit passengers but spell more trouble for the airlines which were already reeling under severe financial stress.
Industry body Assocham on Monday said service tax is likely to fetch Rs 60,000 crore (Rs 600 billion) by 2010 if government doubles the existing service tax list of 72 items.
When and how you can access EPF money before retirement without jeopardising your long-term retirement savings.
Addressing the nation on 79th Independence Day, Modi said the time has come to undertake reforms in GST as the indirect tax regime has completed 8 years.
'Reinvention is not a hugely difficult task. With technology as available today, you can reinvent yourself pretty quickly.'
In a furious post on his blog, senior Bharatiya Janata Party leader Arun Jaitley on Tuesday slammed the Congress for allegedly using the Excise Department to impose a tax on the mammoth rallies addressed by the saffron party's prime ministerial candidate Narendra Modi.
Fitch Ratings on Wednesday raised India's GDP growth forecast to 6.9 per cent for current fiscal year, from 6.5 per cent earlier, citing strong June quarter growth and domestic consumption-led demand.
No one appeared for Mallya and Kingfisher Airlines on Friday.
Lower rates effectively increase disposable income, strengthen purchasing capacity, and support broader consumption growth.
Daily essentials and food products will be cheaper from Monday, as leading FMCG companies have slashed prices, extending GST cut benefits to consumers.
'In diabetes remission, you go below a 6.5 HbA1c without medication.' 'And this happens only when you lose 10 to 15 per cent of your body weight with a good amount of lifestyle and dietary changes, exercise and sometimes medication.' 'You have to be able to sustain your HBA1C below 6.5 for at least a year without medication to say that the patient is in remission.'
India's net revenues from the Goods and Services Tax (GST) rose at a three-month high pace of 10.7 per cent in August even as growth in gross collections slowed to 6.5 per cent from 7.5 per cent in the previous month, thanks to a nearly 20 per cent decline in refunds to taxpayers during the month.
Despite a strong 7.8 per cent growth in the first quarter, the Indian economy is expected to grow at 6.5 per cent in the current financial year as the impact of US tariffs on Indian exports will reduce prospects, particularly in the second half, ADB said on Tuesday.
Some individuals opt for the new regime without a comparative analysis of the tax liability under the two regimes.
Indian information technology (IT) service providers are expected to deliver low single-digit sequential growth in the first quarter (April-June) of 2025-26 (FY26), even as macroeconomic uncertainties continue to persist due to the volatile geopolitical environment.
Budget likely to list tax-exempt items as finance ministry, states agree
Central Board of Excise and Customs chairman V Sridhar has also said the realty sector would not attract 10 per cent service tax in effect.
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