The Central Board of Indirect Taxes and Customs (CBIC) announced the implementation of the Eligible Manufacturer Importers (EMI) scheme from April 1, allowing eligible importers to defer customs duty payments.
Total collection of indirect taxes -- excise, customs and service tax -- stood at about Rs 3,55,003 crore (Rs 3,550.03 billion) during the first nine months of 2013-14 as against Rs 3,34,309 crore (Rs 3,343.09 billion) in the year-ago period, sources in the Finance Ministry said.
The government's Budget announcements providing tax holiday for data centres, setting up of city economic regions (CERs) and funding to improve infrastructure in Tier-II and -III cities may give an indirect boost to India's realty sector, said industry executives.
Centre likely to miss collection target for '09-10
Around 24 paise will come from borrowings and other liabilities, 10 paise from non-tax revenue like disinvestment, and 2 paise from non-debt capital receipts, the Budget documents showed.
India's gross GST collection increased by 8.1 per cent to over Rs 1.83 lakh crore in February, driven by higher import revenues and improved domestic sales. Despite some states reporting negative or below-average growth, experts see the overall trend as a sign of a maturing tax ecosystem and a confident domestic market.
The food delivery platform sector in India employed 1.37 million workers in the financial year 2023-24 (FY24) and is growing at a compound annual growth rate (CAGR) of 12.3 per cent, estimates a new report released by the Delhi-based think tank National Council of Applied Economic Research (NCAER).
A recent data released by the Central Statistics Office (CSO) confirm that both the manufacturing and mining sectors shrunk in 2013-14 with fall in output.
Rahul Gandhi accuses Mamata Banerjee of not directly fighting the BJP, alleging that this indirect approach benefits the ruling party. He also criticised her government's performance on job creation and handling of corruption.
Total pending Customs arrears, including amounts under litigation, court stays and cases where the appeal period has not expired, stood at about Rs 1.36 trillion at the end of December 2024.
With the Union Budget three months away, major industry chambers have submitted to the government proposals on common taxes, seeking simpler compliance and a quicker resolution of tax disputes.
The Centre mopped up Rs 2.46 lakh crore from indirect taxes in the last fiscal, as much as Rs 2,000 crore (Rs 20 billion) more than the revised target, despite stimulus packages.
Any reduction on purifiers would need consensus among state finance ministers.
The Centre's indirect tax collections grew by 16.2 per cent at Rs 1,53,988 crore (Rs 1539.88 billion) till January this fiscal from Rs 1,32,501 crore (Rs 1325.01 billion) during same period of 2004-05.
With inflation under control, the Monetary Policy Committee's (MPC's) job is to support growth because the economy had recovered well from the lows in the initial months of the pandemic, according to the panel's members, who met in the first week of this month. The minutes of the meeting show the Reserve Bank of India (RBI) governor in his statement said: "Given the sharp moderation in inflation along with a stable near-term outlook, monetary policy needs to continue with the accommodative stance to ensure that the recovery gains greater traction and becomes broad-based." Ashima Goyal, external member of the MPC, said: "The current macroeconomic configuration and its expected future evolution imply there is space for the MPC to continue to support the revival of the economy with inflation remaining in the target band."
Analysts are increasingly optimistic about India's capital markets, with HDFC AMC, CAMS, and KFin Technologies identified as top investment picks. This optimism stems from a structural shift in household savings towards financial instruments and an expected multi-year earnings expansion for market infrastructure providers and asset management companies.
The signing of Pakistani spinner Abrar Ahmed by Sunrisers Leeds in The Hundred auction has ignited controversy, drawing criticism from figures like Lalit Modi and Sunil Gavaskar due to the historical exclusion of Pakistani players from the IPL and concerns over financial contributions to Pakistan.
'Whether it is an Indian entity or an overseas subsidiary of the entity that is making the payment, if the owner is Indian, then he or she is contributing to the Indian casualties.'
The Finance Ministry on Friday said indirect tax collections are likely to cross Rs 2,00,000 crore (Rs 2000 billion) this fiscal, well above the target of Rs 1,92,215 crore (Rs 1922.15 billion).
Base revisions are technical exercises, but history shows they can significantly reshape the narrative around India's growth performance.
Here are the key numbers to watch out for in the Union Budget for 2025-26:
The government has realised Rs 3.75 lakh crore as indirect tax in the April-January period, 74.41 per cent of the target for 2012-13 fiscal, Parliament was informed on Friday.
A shift appears underway in India's tax landscape. States with relatively smaller tax collections like Odisha and Telangana are emerging as the fastest-growing contributors to indirect and direct tax collections, respectively.
India's economy experienced a growth of 7.8 per cent during the October-December quarter of 2025-26, according to the new series of national accounts with 2022-23 as the base year.
The GST Council at its next meeting may consider a reduction in taxes on air and water purifiers as air quality across the country worsens and access to safe drinking water remains uneven.
'Global uncertainty is something which definitely occupies the minds of officials when we are preparing for the Budget.'
Brokerage firm Jefferies maintains a 'Buy' rating for Paytm, citing its dominant merchant payments platform and projected revenue growth.
The central government has proposed just two tax rates of 5 per cent and 18 per cent in the revamped Goods and Services Tax (GST), slated to replace the current indirect tax regime by Diwali this year, highly placed sources said.
The crackdown on black money has led to seizing of Rs 3,963 crore of smuggled goods in two years.
The Union Budget for 2026-27, presented by Finance Minister (FM) Nirmala Sitharaman on Sunday, which was a first, had an excellent domestic macro backdrop. According to the first advance estimates, gross domestic product (GDP) in constant prices is projected to grow 7.4 per cent in the current financial year, against 6.5 per cent in 2024-25.
Fino Payments Bank asserts its compliance with GST regulations following the arrest of its MD and CEO, Rishi Gupta, by the Directorate General of GST Intelligence (DGGI). The bank clarifies that the investigation pertains to program managers associated with multiple banks and not the bank's own GST compliance.
The fiscal tilt towards capex benefits companies in investment-related sectors like capital goods, defence equipment, engineering & construction and metal & mining. The planned cut in revenue expenditure will weigh on companies in consumption sectors like FMCG, consumer durables and retail.
The Indian economy is growing at a robust pace, driven by strong domestic demand, low inflation, and the healthy balance sheets of banks, said a Reserve Bank report released on Wednesday.
India's brittle energy security is inextricably linked to two opposing paradigms - fossil fuels, and the transition to green energy. The first powers the present; the second paves the way for Viksit Bharat in 2047.
The Central Board of Excise & Customs will develop the process over the next few months.
Customs regimes can lead to labyrinthine legal disputes. Budget 2026 must recognise that an excessively defensive Customs posture can itself become a trade barrier, point out Mukesh Butani and Shankey Agrawal.
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).
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.
Ports-to-energy conglomerate Adani Group saw a 29 per cent rise in tax outgo across portfolio companies to nearly Rs 75,000 crore, it said on Thursday. This includes both direct and indirect taxes paid, as well as payments towards employee social security.
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