The Supreme Court has said that selling land or property is not a service under the Finance Act, 1994, so such sales cannot be charged with service tax.
'Customers are coming in; if they aren't buying, they are at least visiting the stores, which was not the case before the Budget.'
The Centre is staring at a combined shortfall of up to Rs 1 trillion in excise and Customs revenues in the current financial year (FY23) compared to the Budget estimates (BE), mainly because of duty cuts on edible oil and petroleum products. The government set a target of Rs 3.35 trillion for excise and Rs 2.13 trillion for Customs mop-up for FY23 while presenting the Budget in February. "As excise duty collection is mainly driven by diesel volumes, we might see a clear gap in the level budgeted for FY23, following the reduction in cesses on petrol and diesel in May. We are expecting somewhere between Rs 80,000 crore and Rs 1 trillion dip in excise and customs duty collections," a senior government official told Business Standard.
By 2025, natural gas will comprise 20% of the Indian primary energy basket. Natural gas will substitute crude oil for a host of applications due to its non-polluting and economic nature.
The Indian chemical industry has an output of around USD 80 billion and ranks 12th in the world while the size of the global chemical industry is in the region of USD 3 trillion.
Indian and US officials will begin deliberations on the proposed bilateral trade agreement in Washington from Wednesday with an aim to iron out issues and give an impetus to the negotiations.
rediffGURU Nayagam PP, founder of EduJob360, breaks down the top government competitive exams aspirants can target in 2026, along with their eligibility criteria, important dates, syllabus essentials and preparation strategies.
The Election Commission defends its directive to verify the identity of burqa-clad women at Bihar polling stations, citing a 1994 order issued during T N Seshan's tenure.
Gold prices tumbled by Rs 3,350 to Rs 72,300 per 10 grams in the local market in New Delhi on Tuesday amid subdued demand by jewellers after the government announced the customs duty cut on the yellow metal and silver to 6 per cent.
While the surcharge on super-rich would help garner additional income of around Rs 12,000 crore this fiscal on the direct tax side.
Commerce and Industry Minister Piyush Goyal will accompany Prime Minister Narendra Modi to London for the signing of the free trade agreement between India and the UK on July 24, an official said on Monday. The two countries announced the conclusion of the negotiations for the trade agreement on May 6.
The total turnover of tyre industry covering 36 companies stood at Rs 22500 crore.
The government has identified 50 public-private partnership (PPP) projects worth over Rs 60,000 crore, significantly surpassing the original targets of the National Monetisation Pipeline, said Ports, Shipping, and Waterways Minister Sarbananda Sonowal at the Business Standard Infrastructure Summit on Thursday.
From 12:01 am eastern daylight time on August 27, 2025, higher tariffs will apply to all products of India that are either entered for consumption in the United States or withdrawn from warehouses for consumption.
Revenue intelligence officers have detected Rs 4,389 crore duty evasion by Chinese smartphone maker Oppo by misdeclaration of imports, the Finance Ministry said on Wednesday. The Chinese company deals in mobile brands -- Oppo, OnePlus and Realme. During an investigation of Oppo Mobiles India Private Limited, a subsidiary of Guangdong Oppo Mobile Telecommunications Corporation Ltd - China (Oppo China), the Directorate of Revenue Intelligence (DRI) has detected Customs duty evasion of around Rs 4,389 crore.
Merely saying merely 'I am bored' may be a weak reason for a transfer. Your reason to switch should be stronger and purposeful, advises Shruti Swaroop, founder of Embrace Consulting and co-founder of International Inclusion Alliance.
Of the total proposed allocation, over Rs 1 lakh crore is meant for BSNL and MTNL-related expenses, including Rs 82,916 crore infusion in BSNL for technology upgradation and restructuring at BSNL.
The Union health ministry has been allocated Rs 99,858.56 crore in the Budget 2025-2026, an around 11 per cent hike over the Rs 89,974.12 crore in the budget (revised estimates) of 2024-2025 with the government announcing setting up daycare cancer centres at all district hospitals over the next three years.
Almost 30 per cent of Maruti's auto-component exports are to the US, and about half of that is facing a duty of 25 per cent and the other half 50 per cent.
With lower GST rates taking effect, fast-moving consumer goods players face challenges in setting reduced prices for their products in round figures, but expect the magical price points to be restored within two months.
While India has become the largest data generating nation, and hosts more than 152 data centres, it is fed by only 18 undersea cables.
The US on Tuesday again placed India on its 'priority watch list' stating that New Delhi remains one of the world's most challenging major economies with respect to protection and enforcement of intellectual property (IP) rights.
The comments come ahead of Trump's high-profile meeting with Russian President Vladimir Putin, scheduled for Friday in Anchorage, Alaska.
As the 50 per cent US tariffs on the Indian imports came into effect on Wednesday, the stakeholders of the diamond industry in Surat believe that the market will be affected due to US' decision only for a short period of time as India controls 90% of diamond production.
Lower rates effectively increase disposable income, strengthen purchasing capacity, and support broader consumption growth.
The USTR report, released just ahead of the US' April 2 deadline for implementing reciprocal tariffs, has also cited high tariffs and price caps, which have not increased in line with inflation, as key obstacles for US businesses.
A day ahead of the interim Budget, India slashed import duty on spare parts, like battery cover, lens and SIM socket, used in mobile phone manufacturing to 10 per cent, from 15 per cent. The duty cut is aimed at boosting local production and exports, as well as reducing prices in local markets. The finance ministry on January 30, notified the cut in duty on all goods for use in manufacture of cellular mobile phones to 10 per cent.
'In case a particular industry has not passed on the benefits and if we receive complaints, we will take up the matter with the industry body concerned.'
US President Donald Trump on Wednesday slapped an additional 25 per cent tariff on goods coming from India as penalty for New Delhi's continued buying of Russian oil.
India and the visiting US officials have decided to hold a wrap-up session on Saturday morning to conclude the three-day talks on the proposed bilateral trade agreement, government sources said. They said the discussions are at a "very" early stage.
Finance Minister Nirmala Sitharaman on Saturday said she is likely to introduce the new income tax bill, which will replace the six-decade-old I-T Act, in the Lok Sabha in the coming week.
A vaccine to fight cancers affecting women will be available in five to six months, and those in the age group of nine to 16 years will be eligible for inoculation, Union Minister Prataprao Jadhav said on Tuesday. The Union Minister of State for Health, Family Welfare and Ayush (Independent Charge) said that research on a vaccine is nearly complete and trials are underway. The government has also waived off customs duty for medicines used in cancer treatment.
Here is a list of Q & As to explain these issues and implications of the US move.
The trade war between the US and China is expected to benefit Indian exporters in increasing their shipments to the American market, sources said. They said the country was the fourth-largest gainer when the US imposed higher duties on Chinese goods during US President Donald Trump's first tenure.
The doubling of Clean Energy Cess from Rs 200 to 400 per tonne would further increase the input cost for domestic producers.
Of Trump's reciprocal tariffs and trade deals
Budget has hiked customs duty on all ores and concentrates from 2 per cent to 2.5 per cent.
Starlink's application for offering satcom services in India had been held up for the company's inability to comply with mandatory ownership disclosure norms.
Excise duty cut to boost Polymers sector.
Multiple tailwinds for the automobile sector, including a cut in goods and services tax (GST) rates, are keeping analysts bullish on auto stocks from a long-term perspective, even as they see the rally running its course in the near term.
