Tax

Tax experts said the ruling brings finality to the treatment of inter-office expenses for foreign banks and other multinational enterprises with Indian branches

The annual target of the state excise department is ₹63,000 cr in revenue; in the first eight months, the state has logged nearly 55% of this target at ₹35,144 cr

States have been provided financial assistance of Rs 4,24,227 crore since 2020-21 under the Scheme of Special Assistance to States for Capital Expenditure and Investment

India is a "strong champion" in implementing transparency measures against offshore tax evasion and its recent campaign asking taxpayers to correctly report their undisclosed foreign assets has led to disclosure of properties worth more than Rs 29,000 crore, a top OECD official has said. Head of the Organisation for Economic Cooperation and Development (OECD) Secretariat Zayda Manatta told PTI in an interview that these "notable" outcomes were a result of India's "commitment" to global tax transparency and automatic exchange of information standards. Manatta was here recently for the OECD annual plenary meeting of the 'Global Forum on Transparency and Exchange of Information for Tax Purposes' hosted by New Delhi between December 2 and 4. The France headquartered OECD is a globally recognised body that works for economic and social policy promotion. The Global Forum had 172 countries as its members. "India is a strong champion in tax transparency and has been supporting the work of

Cities are experimenting with online portals, waivers and service linkages, yet India's property tax collections remain weak, undermining municipal finances even as urban responsibilities keep rising

The Lok Sabha on Friday passed a bill to levy a cess on manufacturing units of pan masala, and utilise the fund for strengthening national security and improving public health. Replying to the debate on the Health Security se National Security Cess Bill, 2025, Finance Minister Nirmala Sitharaman said the cess will be shared with the states, as public health is a state subject. The bill was later passed by voice vote by the Lok Sabha. The bill seeks to augment the resources for meeting expenditure on national security and for public health by levying a cess on the machines installed or other processes undertaken to manufacture pan masala and similar goods. The purpose of the bill is to create a "dedicated and predictable resource stream" for two domains of national importance -- health and national security, she said. Sitharaman said pan masala will be taxed at the maximum 40 per cent rate under Goods and Services Tax (GST) based on its consumption, and there will be no impact of t

Chaturvedi's service record shows that his deepest and longest experience lies in the Directorate of Revenue Intelligence (DRI)

Around 2,500 taxpayers in Switzerland have assets worth more than 50 million francs, according to Swiss tax authorities, with a total wealth of about 500 billion francs

Centre has filed a curative plea in SC challenging the nine-judge verdict that upheld states' powers to tax mineral rights, after earlier bids to limit or review the ruling were rejected

The Hyatt case has reignited a debate over what constitutes a permanent establishment, with courts increasingly focusing on the 'form over substance' principle

The Capital Gains Accounts (Second Amendment) Scheme, 2025 adds digital payments, e-statements and mandatory online closure from 2027, modernising the 1988 framework for reinvesting capital gains

Pension Fund Regulatory and Development Authority (PFRDA) Chairperson S Ramann on Thursday said India must focus on improving financial literacy, expanding pension coverage beyond government employees

Chamber urges fiscal clarity for global data players, IBC loan waiver relief, and revival of the 15 per cent corporate tax rate to attract new investments

Industry body calls for clearing ₹18 trillion in pending tax appeals, TDS rationalisation and tax neutrality for fast-track demergers ahead of Union Budget 2026

The recent goods and services tax (GST) rationalisation is set to lift revenue growth of organised apparel retailers by about 200 bps this fiscal, keeping the topline steady at 13-14 per cent for the second financial year in a row, a report said on Monday. The GST rate cut on apparel priced below Rs 2,500 is likely to lift demand in the mid-premium segment, while the fast fashion or value segment will continue to drive the momentum, Crisil Ratings said in a report. Though limited, the GST relief provides timely support to sustain growth, the report stated. The uniform 5 per cent GST rate -- versus the previous dual structure of 5 per cent below Rs 1,000 and 12 per cent between Rs 1,000 and Rs 2,500 -- has widened the consumption base, it added. Conversely, Crisil Ratings said, the increase in the GST rate on apparel priced above Rs 2,500 from 12 per cent to 18 per cent has weighed on premium categories, including wedding wear, woollens, handlooms, and embroidered clothing. The pre

Eternal, which owns the Zomato and Blinkit brands, on Sunday said it has received a goods and services tax (GST) demand order from the Uttar Pradesh tax authorities along with applicable interest and penalty amounting to over Rs 128 crore. The demand order received from Deputy Commissioner, State Tax, Lucknow, Uttar Pradesh is with respect to short payment of output tax and excess availment of input tax credit for the period April 2023 to March 2024 with interest and penalty thereon. Eternal said it believes it has a strong case on the merits and will file an appeal against the order before the appropriate authority. In a regulatory filing, Eternal said, "This is to inform that the Company has received an order on 18 October 2025 for the period April 2023 to March 2024 passed by Deputy Commissioner, State Tax, Lucknow, Uttar Pradesh confirming demand of GST of Rs 64,17,43,503 with interest as applicable and penalty of Rs 64,17,43,503." The company re-branded itself as Eternal in .

India’s net direct tax collections have risen over 6% this year, powered largely by higher inflows from individuals and non-corporate taxpayers.

The Supreme Court on Tuesday upheld the levy of trade tax on ink and processing materials used by a firm in printing lottery tickets, while deciding an over 25-year-old matter. A bench comprising Justices J B Pardiwala and K V Viswanathan held that ink and processing materials used in printing lottery tickets form part of the goods transferred in the execution of a works contract under Section 3F of the Uttar Pradesh Trade Tax Act, 1948. The verdict came on an appeal of Ghaziabad-based printing company, M/s Aristo Printers Pvt Ltd, against a 2010 verdict of the Allahabad High Court which had allowed the revenue department's revision petitions and restored the tax demand. The firm undertook printing of lottery tickets using paper supplied by its clients and procured its own ink, processing chemicals and other materials for carrying out the printing work. The Trade Tax Officer, Ghaziabad, had in assessment orders dated October 28, 1999, levied trade tax on the value of ink, chemicals

Bajaj Auto on Tuesday said it has received a tax demand of over Rs 3.5 crore from Assam authorities. The company has received an order for excess input tax credit availed in GSTR-3B as compared to GSTR-2A for FY 21-22, and demanded the difference as tax amounting to Rs 3,51,87,014 along with applicable interest and penalty of Rs 35,18,701, the Pune-based firm said in a regulatory filing. The company availed input tax credit after fulfilling all the conditions as per the provisions of the GST law, it added. Accordingly, based on the merits of the case, the company will be filing an appeal against the Order, Bajaj Auto said. The order does not have any major financial implications on the company, it added. Bajaj Auto shares on Tuesday ended 1.25 per cent up at Rs 8,903.90 apiece on BSE.

The Income Tax (I-T) department has imposed two separate fines on ACC Ltd, totalling Rs 23.07 crore, which will be contested by the Adani Group firm before the appellate authorities. The I-T department has slapped a penalty of Rs 14.22 crore allegedly "for furnishing of inaccurate particulars of income" for Assessment Year 2015-16. The department has also levied a penalty amounting to Rs 8.85 crore "for under-reporting of income" for Assessment Year 2018-19. "The company will be contesting both orders by filing appeals before the Commissioner of Income Tax (Appeals) within the prescribed timelines and, in parallel, will seek a stay on the penalty demands raised under the respective orders," ACC said in regulator filings on Thursday. The company received these two demands on October 1, 2025, and said that these penalties will have no impact on financial activity. ACC is a subsidiary of Ambuja Cement, the Adani Cement entity, which owns over 50 per cent of the company. Both the I-T