India registered its protest at the board of IMF, which met on Friday to review the EFF lending programme for Pakistan.
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.
In a decision that will affect the lawyers specialising in sales tax laws as well as former sales tax officers' who work as sales tax practitioners, Bombay High Court has held only Chartered Accountants (CAs) can audit and certify accounts for traders. Hitherto, traders had to hire only sales tax lawyers or former sales tax officers as advisors in tax matters. It allows lawyers & other sales tax practitioners to represent traders before tax authorities but not audit accounts.
The GST Council on Saturday postponed a decision on cutting tax rate on life and health insurance premiums, officials said. The 55th meeting of the GST Council, chaired by Union Finance Minister Nirmala Sitharaman and comprising state counterparts, decided that some more technicalities needed to be ironed out and tasked the GoM for further deliberations.
Value added tax regime has not proved superior to sales tax system in tackling tax avoidance so far as inter-state and intra-state movement of goods are concerned, says a survey.
Eternal (formerly known as Zomato) reported a net profit of Rs 39 crore for the fourth quarter of FY25, down 77.7 per cent year-on-year from Rs 175 crore in the same period a year ago. On a sequential basis, profit was also down 33.8 per cent from Rs 59 crore in the preceding quarter (Q3FY25).
The income tax department on Saturday said it has launched a campaign to send messages to taxpayers who have not disclosed high-value foreign income or assets in their ITRs for AY 2024-25. The Central Board of Direct Taxes (CBDT) has launched a Compliance-Cum-Awareness Campaign for Assessment Year (AY) 2024-25 to assist taxpayers in accurately completing Schedule Foreign Assets (Schedule FA) and reporting income from foreign sources (Schedule FSI) in their income tax returns (ITR).
If life has become a little less taxing, thank the reform measures initiated by Finance Minister Jaswant Singh in tax administration.
Government-owned Life Insurance Corporation of India (LIC) has seen substantial gains from its investments in Adani group shares, which have experienced a significant recovery over the past year. The value of LIC's stake in Adani group companies surged by 51.6 per cent, or Rs 22,591 crore, reaching Rs 66,388 crore as of Friday's close. This compares to Rs 43,797 crore on May 31 last year, according to stock exchange data.
Rediff.com spoke to registered investment advisors to figure out how best the extra Rs 17,500 saved ever year can be invested to create a decent corpus in the years ahead. This is what they said.
Correcting a serious anomaly in the value added tax structure, an official committee on Monday prevailed upon Delhi, Rajasthan, Uttar Pradesh and Gujarat to maintain uniform tax rates on bullion.
The Centre is planning to establish a Taxation Information Exchange System to track inter-state trade of all commodities after the phase-out of Central Sales Tax.
Over 65 per cent of respondents of a survey conducted by arabianbusiness.com said they could leave the UAE if the tax burden is added to the skyrocketing cost of living. The UAE could face a mass exodus of expatriates who were considering leaving the UAE as an option. ''Tax is on the way, and that's not part of the bargain I made when I came here,'' remarked the respondents.
Adani Ports and JSW Infrastructure, India's leading private port operators, are expanding their logistics services to capture extra cargo while they run integrated transport services. "With incrementally less availability of lucrative port assets that can drive cargo volumes, port operators have naturally shifted their focus on deriving value in the upstream integration, i.e., the logistics space.
Food delivery aggregator Swiggy saw its loss widen for the fourth quarter (January-March) of financial year 2024-25 (Q4FY25). The firm reported a consolidated loss of Rs 1,081.1 crore for the quarter, compared to a loss of Rs 554.7 crore in the corresponding quarter of FY24.
Adding petrol and diesel to GST was a challenging task due to their significant role as revenue generators for both the central and state governments.
Tata group retail firm Trent Ltd reported a 34 percent increase in consolidated net profit to Rs 496.54 crore in the December quarter, helped by the expansion of the store network and increase in attractive value propositions. The company's consolidated revenue from operations grew 34.32 per cent to Rs 4,656.56 crore during the quarter under review. Trent is also pursuing store portfolio optimization, which involves upgrading or consolidating smaller footprint stores with newer stores in more attractive micro markets.
Will have to pay 12% tax besides 3% education cess.
Engineering and construction major Larsen & Toubro (L&T) reported a 25 per cent rise in net profit attributable to the owners of the company for the January-March quarter of 2024-25, owing to higher revenues and an exceptional gain. For the quarter under review, L&T posted a consolidated net profit of Rs 5,497.3 crore, while revenue rose 10.9 per cent year-on-year (Y-o-Y) to Rs 74,392.28 crore.
Meanwhile, Uttarakhand, Kerala and Delhi have already announced cut in value added tax on petrol.
The Centre earned nearly Rs 8.02 lakh crore from taxes on petrol and diesel during the last three fiscal years, of which more than Rs 3.71 lakh crore was collected in FY21 alone, Finance Minister Nirmala Sitharaman informed Parliament on Tuesday. The minister was responding to queries on the hike in excise duty on petrol and diesel during last three years and the details of the revenue earned through various taxes on these fuels. The excise duty on petrol rose from Rs 19.48 per litre as on October 5, 2018 to Rs 27.90 a litre as on November 4, 2021.
Industry body Assocham has asked the government to retain both excise duty and service tax at existing rate of 10 per cent in the Budget for 2012-13.
The new tax is expected to subsume various indirect taxes, including excise and value-added tax.
Some major contracts coming up for renewal include TCS' deals with Star Alliance, a consortium of airlines based in Germany, and Nielsen; Infosys' deals with GE Appliances and Daimler; HCLTech's with UK-based life insurer Chesnara; Wipro's with German electric utility company E.ON and Petrobras of Brazil; and Tech Mahindra's with Circle Health.
The official said there are both challenges and opportunities for India as many of its competitor countries in exports, such as China Vietnam, Bangladesh, Cambodia and Thailand, face higher duties.
The finance minister, in her Budget speech, should focus more on what she is directly responsible for, rather than on programmes where her role is largely supportive, notes Nitin Desai.
Kerala Finance Minister K Sankaranarayanan has spared the common man of any new taxes but announced development measures to the tune of Rs 453.21 crore to be met through enhanced revenue collection and prudent fiscal management.
'It is over and I can clearly state without fear of being contradicted that Maradona has never been a tax evader.'
These are the highlights of the Union Budget 2025-26 presented by Finance Minister Nirmala Sitharaman in Parliament on Saturday.
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