Providing relief to exporters hit by the rise in rupee value, the government on Monday announced they would be exempted from tax on services rendered by ports, road transport and railways.
The government should exempt micro-insurance from payment of service tax to make products cheaper and encourage penetration of insurance services in low income rural and social sectors, a UN report has suggested.
Service tax waived for online train ticket booking till Dec 31
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.
Interest, penalty and other consequences will be waived.
The government has been taking steps to promote cashless or digital transactions to take India towards a less-cash economy
Building on last year's clearance of 172K cases, I-T department is pushing for faster appeal disposals, penalty reforms and system-driven processes to curb litigation and boost tax certainty.
India is growing fast, but to keep growing strong, the government must make more things at home, create jobs, and spend money wisely, suggests Rajiv Memani, regional managing partner, Africa-India Region, EY.
Budget 2026 sticks to fiscal discipline, shuns populist measures despite five key state elections coming up, but ends up rattling stock markets with a higher transaction tax on derivatives trading.
Despite forging an alliance with the faction led by his uncle, Nationalist Congress Party chief and Maharashtra deputy Chief Minister Ajit Pawar on Friday failed to protect the party's traditional bastions of Pune and neighbouring Pimpri-Chinchwad, as the Bharatiya Janata Party decimated both the NCPs in the municipal corporation elections.
Shiv Sena (UBT) and MNS release a joint manifesto for Mumbai civic polls, promising free power, allowances for domestic helps, and property tax waivers.
Banks and NBFCs are launching festival offers, including lower loan rates, cashback, EMI schemes and GST-linked benefits to tap rising demand ahead of Diwali
After three straight quarters of decline, India's housing market is pinning hopes on the ongoing festival season to revive sales momentum. While 2025 may still end with sales volumes below 2024 levels, developers believe the seasonally strong October-December quarter could narrow the gap, aided by stable interest rates, festive incentives, and resilient demand in the premium segment.
Despite the benefits of hybrid technology, a lack of government backing and few launches have kept the segment from gaining ground.
Infusion of additional capital can fuel the growth of these companies, help them in further geographical expansion to more tier II and tier III cities and also cater to the requirements of rural markets.
State governments have requested the Centre for export incentives, lifting of import duty in the case of cotton for the textile sector and GST exemptions.
Municipal corporations penalise late property tax payments. 'Penalties can include attachment of properties, bank accounts, rent and other movable assets," says Anand Moorthy, co-founder, Square Yards.
The move would help tax authorities get leads on evasion.
In order to reduce government litigations, the Union Finance Minister Nirmala Sitharaman on Saturday said the GST Council has fixed a monetary limit for filing appeals by the tax department before the various appellate authorities. It has recommended a monetary limit of Rs 20 lakh for GST Appellate Tribunal, Rs 1 crore for the High Court and Rs 2 crore for the Supreme Court for filing of appeals by the department before these legal forums, she said after the 53rd GST Council meeting held in New Delhi.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
Increased income tax collection is going to be a major consequence of going cashless and this should promise a future of lower taxes and higher purchase power soon, says Anil Rego
'Appellants may not lap up the scheme because, first, to do so would amount to admission of guilt, and second, they may have smelled victory before higher appellate forums,' notes S Murlidharan.
Ahead of the Union Budget 2023, insurers are hoping that the Centre will act on their recommendations, which includes increasing the limit for tax deduction under 80D of the Income Tax Act. Also among them are issuance of long-term bonds, tax incentives for home insurance premiums, and a separate section to claim deduction for term-insurance premium, among others. These suggestions would help improve the penetration of insurance in the country.
Gandhi said farmers asked him during his Bharat Jodo and Bharat Jodo Nyay yatras about why they were not getting the benefit of loan waivers like billionaire industrialists or MSP (minimum support price) for farm produce.
Monthly and seasonal suburban railway tickets purchased through digital mode will get 0.5 per cent discount from January 1
Average monthly GST collection rose from Rs 90,000 crore during the first year of its implementation -- 2017-2018 -- to Rs 1.68 trillion during 2023-2024, representing an 87 per cent rise.
Rajasthan Congress chief Sachin Pilot said the manifesto was prepared after taking opinions through multiple platforms such as social media.
The government could look at providing deductions for expenses incurred by salaried employees while working from home in the upcoming Budget as it looks to boost demand, consulting firm PwC India said on Thursday. Addressing a pre-Budget session, Pwc India senior tax partner Rahul Garg said demand creation is particularly focussed on money being given or left in the hands of the individuals.
What stood out in his 15-year journey as a member of the political executive at the Centre was his glowing record as India's most successful and effective finance minister. Both as prime minister and finance minister, he understood the importance of gradualism, except when the economy or the polity was in a crisis.
The indirect tax reform Goods and Services Tax is stuck in the Rajya Sabha.
If electric cars with a real range of more than 400 km are launched, the anxiety regarding the charging points will come down, and more people will buy EVs.
By November 3, only 17,000 applications with tax payable amounting to Rs 1,100 crore have been received by the government, under the Sabka Vishwas Legacy Dispute Resolution Scheme. The scheme gives a deep discount of 70 per cent for cases pending appeal where tax demand is more than Rs 50 lakh, and 50 per cent waiver beyond that amount.
Atishi will have a brief tenure in office as assembly elections in the national capital are due in February.
As taxpayers face technical glitch on the GST portal, the government on Tuesday said it is considering extending the April tax payment deadline and has directed Infosys for early resolution of the problem. The Central Board of Indirect Taxes and Customs (CBIC) said a technical glitch has been reported by Infosys in generation of April 2022 GSTR-2B and auto-population of GSTR-3B on portal. "Infosys has been directed by Govt for early resolution. Technical team is working to provide GSTR-2B & correct auto-populated GSTR-3B at the earliest," the CBIC tweeted.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
Airlines say ATF fuel prices in India are 40 per cent higher than in countries such as Singapore. Jharkhand, Chhattisgarh and Maharashtra
The central government's clarification on the 2 per cent equalisation levy on foreign digital operators in the Budget, which considerably expands the scope of the levy, might be challenged in court, with several companies contemplating filing a writ petition in the coming few weeks. The writs might be filed on the grounds of the levy's alleged extra-territorial overreach, as it aims to cover those entities that do not have a physical presence in India, going against international taxation rules.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your personal income tax queries.
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