The October-December quarter (Q3FY25) results of fast moving consumer goods (FMCG) major Hindustan Unilever (HUL) indicated weak demand, with urban growth muted and rural showing recovery. Consolidated revenue grew by 1.6 per cent (volume was flat) to Rs 15,818 crore, due to price hikes. Prices of key raw materials such as palm oil and tea remained elevated, leading to compression of gross margin.
Fitch Ratings on Monday said India's steady GDP growth outlook, improved banking sector's financial health and expected interest-rate cuts in 2025 will support credit access for corporates in FY26.
Taxing the rich will fetch nothing; only votes, argues Debashis Basu.
'As negotiations continue, the path forward demands not only diplomatic skill, but also vigilance against legal asymmetries embedded in America's trade playbook.'
The pre-sales volume of Godrej Properties (GPL) for third quarter of the financial year 2025 (Q3FY25) declined 6 per cent year-on-year (Y-o-Y) -- down 21 per cent quarter-on-quarter (Q-o-Q) -- to 4.1 million square feet (msf), resulting in a pre-sales value of Rs 5,450 crore, down 5 per cent each Y-o-Y and Q-o-Q. About 77 per cent came from newly launched projects. For 9MFY25, pre-sales were up 48 per cent Y-o-Y to Rs 19,300 crore.
The fitment committee under the Goods and Services Tax (GST) Council, comprising central and state officials, has begun a rate rationalisation exercise afresh, checking the possibility of dropping some of the rates, particularly the 12 per cent slab, to achieve a revenue-neutral structure, a senior official with direct knowledge of the matter
Bharti Airtel on Monday reported a 168 per cent year-on-year rise in consolidated net profit to Rs 3,593 crore for the September quarter, and the company unveiled top-level changes, including Gopal Vittal moving into the role of executive vice chairman on January 1, 2026. India's second-largest telco - that competes with Reliance Jio and Vodafone Idea in the Indian telecom market - clocked quarterly revenues of Rs 41,473 crore, 12 per cent higher than the year-ago period, aided by strong momentum in India and growth in Africa.
Because of the economic slowdown, the actual corporation tax collection in 2012-13 was at Rs 3,56,326 crore (Rs 3,563.26 billion), up 10.4 per cent year-on-year as against 15.6 per cent estimated in the Budget.
The scheme offers waiver of interest, penalty, and prosecution for settling tax disputes.
The "weaponisation" of economic activity - through tariffs and sanctions - is now a reality, with countries leveraging these tools strategically, External Affairs Minister S Jaishankar said at the Raisina Dialogue recently.
Recommendations on direct taxes vary from seeking cut in corporate tax, re introduction of standard deduction for salaried employees, removal of STT, DDT, etc.
Shares of Tata Consultancy Services (TCS), the country's largest IT services provider, continue to remain under pressure, hitting a new eight-month low of Rs 3,624.90 intraday on Tuesday before closing at Rs 3,631, down 1.19 per cent. In the past two trading sessions, the stock price has declined 4 per cent on fears of a slowing US economy.
PVR Inox shares hit a 44-month low of Rs 1,154, declining 8 per cent on the BSE in Tuesday's intra-day trade in an otherwise firm market, driven by growth concerns. The stock has slipped 23 per cent from its December high of Rs 1,620, touched on December 5, 2024. It has fallen below its previous low of Rs 1,203.7 from June 4, 2024, and is trading at its lowest level since May 2021.
Revenue from divestment has fetched Rs 40,000-50,000 crore against target of Rs 2.10 trillion.
As per ICC norm, the host nation is required to get tax exemption from the government for hosting tournaments organised by the global body. Since India's tax rules don't allow such exemptions, the BCCI has already lost close to Rs 193 crore as the government didn't exempt tax surcharge for hosting the 2016 ICC T20 World Cup. The ICC is expecting US$ 533.29 million (Rs 4400 crores approx) from the broadcasting revenue of the 2023 event in India.
Finance Minister Nirmala Sitharaman on Wednesday said the government has made the new income tax regime more attractive for taxpayers and has thus brought about 'substantial changes' in its structure for the benefit of the middle class. The Budget 2023-24 has proposed changes in the optional tax regime, which was introduced in 2020-21. Speaking to reporters after presentation of the Budget, Sitharaman said the country has been waiting for a direct tax regime which is simplified and easy in compliance.
The panel, headed by the Union finance minister and comprising of representatives of all states and UTs, decided on tax rate based on recommendation of a group of ministers that looked at taxing casinos, horse racing and online gaming.
Mumbai, which contributes about 30 per cent of country's direct collections, saw the rate of contraction in advance tax collection lower to 20 per cent as against an over 33 per cent decline in Q1.
'Consider 40% to 50% in equities, 10% in gold as a hedge, and the remaining 30% to 40% split between multi-asset funds and hybrid funds.'
Disputes or otherwise, the government is yet to receive over Rs 1 trillion in taxes from corporates and other entities and add to it other arrears worth about Rs 47,000 crore (Rs 470 billion), the total outstanding equals more than half of the total revenue deficit this year.
The Group of Ministers (GoM) on goods and services tax (GST) rate rationalisation, which convened in Goa on Wednesday, reviewed the GST rates for over 100 items, including textiles, handloom goods, agricultural products, fertilisers, and educational materials. However, no consensus was reached on any of the items, with further discussions scheduled for next month in Delhi.
'Growth for some companies has been hard to come by and this is a smart way to get there.'
Delhi faces a severe financial crunch and the deficit is largely due to numerous welfare schemes without adequate revenue flowing in. The success of welfare schemes and electoral promises will need careful financial planning and out of the box thinking to whip up additional revenue, notes Ramesh Menon.
Online food delivery aggregator Zomato on Wednesday said it has received a GST demand order along with interest and penalty amounting to Rs 17.7 crore from the Assistant Commissioner of Revenue, West Bengal. The demand order, received by the company on Tuesday, is with respect to non- payment of GST on delivery charges and interest, penalty thereon.
'If such a practice were feasible, every state would seek additional funds, posing a significant risk to the overall health of the economy.'
Every option before the finance minister comes with a price tag, observes T N Ninan.
Home Minister P Chidambaram, who as finance minister had slashed taxes, on Wednesday suggested that rich should be taxed more even though 'many people' would not like the idea.
India has bilateral tax agreements with more than 70 nations.
Chidambaram stresses importance of addressing the issue of escalating costs and prices.
"Unprecedented" direct taxes collection of Rs 7.90 lakh crore in 2010-11 has "greatly strengthened" the country's efforts for fiscal consolidation, Finance Minister Pranab Mukherjee said.
Oil-to-telecom conglomerate Reliance Industries Ltd (RIL) has surprised the street with a better than expected performance in its oil-to-chemicals (O2C) division in October-December 2024 (Q3FY25). RIL executives attributed it to favourable feedstock sourcing and higher volumes. However, they also listed cost optimisation and other measures.
With India's EV penetration at just 2.5 per cent, the market presents an opportunity -- provided Tesla gets its pricing right.
Taiwan in 1951 came up with an ingenious plan to improve tax compliance: citizens taking receipts for purchases could use them as lottery tickets. Customers were incentivized, and businesses found it hard to evade taxes. The plan's success prompted other countries, Slovakia and Greece among them, to launch similar initiatives. India doesn't seem to find the need yet for such schemes amid surging goods and services tax (GST) collections.
The budgeted indirect tax collection target is Rs 9.26 trillion, and the Centre has collected around Rs 5 trillion in the first 8 months. So it needs another Rs 4.2 trn in the last four months
The 3G mobile licence bonanza is expected to generate over Rs 40,000 crore for the central exchequer this year, as a result of which the fiscal deficit may stand at 1.75 per cent of GDP in 2008-09, lower than the 2.5 per cent projected in the Budget. "The important thing, from a public finance perspective, is to remember that this is a one-time inflow and we should treat it as such," said Finance Secretary Subbarao.
Simplifying investment policies at the micro level and introducing a time-bound framework will be critical for India's growth targets, notes Krishna Ella.
The upward revision in the tax collection target comes in the wake of 8.9 per cent economic growth during the first half of the current fiscal.
Finance Minister Nirmala Sitharaman will present the Union Budget for 2023-24 in Parliament on February 1. The Budget is a statement of the government's estimated receipts and expenditures for a fiscal year (April 1 to March 31). It's divided into Revenue and Capital Budget. The Revenue Budget includes the government's revenue receipts and expenditures while the Capital Budget includes its capital receipts and payments.
The government on Tuesday announced withdrawal of the 2 per cent equalisation levy or digital tax on overseas e-commerce supplies.
The Union government's revenue from securities transaction tax (STT) is on track to exceed its Budget projection for the current fiscal year, with the mop-up already surpassing 50 per cent of the annual estimate. Provisional figures reveal that the Centre has collected approximately Rs 14,000 crore in the first half of this fiscal year up to September, according to a government official. This amount exceeds half of the full-year target of Rs 27,625 crore set for FY24.
