Tax

Vivek Chaturvedi appointed CBIC chairman, to take charge on December 1

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

Swiss wealth tax proposal to test public appetite for redistribution

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 files curative plea against SC ruling on states' power to tax mines

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

India's new test for Permanent Establishment: Control over Presence

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

Govt notifies capital gains scheme, expands digital payment options

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

PFRDA chief calls for more awareness, tax support to expand NPS reach | BFSI Summit 2025

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

Assocham for easing direct tax measures to spur investor confidence

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

Pre-Budget meeting: Ficci seeks faster resolution of tax disputes

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

GST rationalisation to lift organised apparel revenue by 200 bps: Report

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 gets GST demand order, penalty worth ₹128 crore from UP officials

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 direct tax collections rise 6%; what’s driving the surge? | Income Tax | ITR | Finance

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

SC upholds trade tax on ink, chemicals used in printing lottery tickets

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 gets over ₹3.5 cr demand notice from Assam tax authorities

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.

I-T dept imposes penalty of ₹23.07 crore on Adani Cement entity ACC

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

No income tax refund yet? Why is your refund delayed, and what can you do? | ITR 2025

Taxpayers across India are facing long delays in income tax return (ITR) processing and refunds. Experts attribute a mix of compliance mismatches and technical slowdowns as the primary causes.

Exporters seek RBI relief amid US tariff, insurers seek GST input tax relief, Netbanking 2.0 & more

Banks and NBFCs are looking to raise funds overseas in the next two to three quarters, taking advantage of tighter dollar bond spreads after S&P upgraded India’s sovereign rating.

CBIC chief to meet industry bodies on implementation of GST reforms

To ensure smooth implementation of the GST reform, CBIC chairman Sanjay Kumar Agarwal will be meeting representatives from various sectors, like industry chambers, beginning on Wednesday. The GST council in its 56th meeting last week decided to make Goods and Services Tax (GST) a two-tier structure of 5 and 18 per cent against the current four-slab regime of 5, 12, 18 and 28 per cent, plus a compensation Cess. The new rates will be effective September 22. Sources said the CBIC chief will meet various trade bodies and industries, including Assocham, Ficci, CII and PHDCCI, on September 10 to discuss the GST reforms, rate rationalisation and their implementation. The chairman would also be meeting representatives of the consumer electronics sector, FMCG, common man items, handicrafts, sports goods, toys, miscellaneous sector, and the medical/pharma sector on Wednesday. On September 11, the CBIC chief will also meet representatives of the hospitality, renewable energy, construction ..

India's net GST kitty increases 10.7% to ₹1.67 trillion in August

Gross GST collections in August, for transactions undertaken in July, stood at about Rs. 1.86 trillion, 4.8 per cent lower than the previous month

Telangana may face ₹7,000 cr annual loss from GST reform: Deputy CM

With the proposed GST rate rationalisation, Telangana is estimated to lose nearly Rs 7,000 crore annually, Deputy Chief Minister Bhatti Vikramarka said on Friday, requesting the Centre to properly compensate states for the losses expected from the new tax measure. Addressing the media in the national capital, Vikramarka said Telangana's accumulated losses since the introduction of GST are estimated to be nearly Rs 80,000 crore. "Estimates are saying that Telangana alone may lose Rs 7,000 crore annually (after the GST rate rationalisation). So when a state is estimated to lose Rs 7,000 to Rs 10,000 crore, it would impact welfare and developmental programmes of the respective states. However, we welcome the rate rationalisation and request the Centre to properly compensate," Vikramarka said. In order to compensate states for the losses due to rate rationalisation, the Centre should channel the revenue collected from taxes or cess on sin and luxury products to the states, he opined. H

India's GST cuts risk delay as states demand safeguards for revenue loss

Gross GST collections hit a record ₹22.1 trillion in fiscal year 2025, 9.4 per cent higher than a year earlier