Page 3 - Tax

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

Centre releases additional ₹1.01 trn tax devolution to state governments

The Centre has released an additional instalment of tax devolution of Rs 1,01,603 crore to state governments ahead of the upcoming festival season. In view of the upcoming festive season and to enable states to accelerate capital spending and finance their development/welfare-related expenditure, the Union government has released an additional tax devolution of Rs 1,01,603 crore to state governments on October 1, 2025, the finance ministry said in a statement on Wednesday. This is in addition to the normal monthly devolution Rs 81,735 crore due to be released on October 10, 2025, it said. The additional instalment of devolution to states is in line with the principle of cooperative federalism and the aim of becoming 'Viksit Bharat' by 2047. Currently, 41 per cent of taxes collected by the Centre is devolved in instalments among states during a fiscal year.

September GST collection increases to ₹1.89 trillion vs ₹1.86 trn in August

GST mop-up in September 2024 stood at ₹1.73 trillion, while collections in August 2025 were at ₹1.86 trillion

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.

Tax notice? Joint owners must save documents showing who funded asset buy

At the time of purchase, both sides ought to make a formal declaration of beneficial interest and financial contribution

GST rate cut: Agri minister to meet farm equipment industry on Sep 19

Agriculture Minister Shivraj Singh Chouhan will hold discussions with industry players on Friday to ensure the smooth implementation of the recent cut in Goods and Services Tax (GST) on tractors and other farm equipment. The government has reduced GST from 12-18 per cent to 5 per cent on various agricultural machinery and equipment effective September 22. This will reduce the retail prices by 7-13 per cent. "Farmers will also gain the dual benefit of subsidy schemes combined with lower taxation, while indigenous agricultural machinery manufacturers will receive a competitive edge under the vision of Atmanirbhar Bharat," an official statement said. The meeting will focus on ensuring the benefits of GST rate cuts are widely passed on to farmers. Representatives of the Tractor and Mechanisation Association (TMA), Agricultural Machinery Manufacturers Association (AMMA), All India Combine Harvester Manufacturers Association (AICMA), Power Tiller Association of India (PTAI), and ...

GST 2.0 promises relief on many fronts, but unfinished agenda persists

Despite the sweeping rate and slab reductions, several issues remain unresolved and need to be tackled in the next round of reforms to make GST more viable for businesses, say experts

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 ..

GST revamp: Will reduce prices of ICE vehicles, says TVS CEO Radhakrishnan

TVS Motor Company on Monday said it will pass on the full benefit of the GST rate reduction to customers across its internal combustion engine portfolio. With the GST Council reducing GST rates on ICE vehicles from 28 per cent to 18 per cent, there will be significant savings on the company's products, TVS Motor Co said in a statement without divulging details. Electric vehicles remain unaffected and continue to enjoy the concessional rate of 5 per cent GST. The benefits will be available to customers starting September 22, 2025, it added. "The GST rate rationalisation is a bold and transformative move that will accelerate consumption across society...We will pass on the full benefit of GST rate reduction to customers across our ICE portfolio," TVS Motor Company Director & CEO, KN Radhakrishnan said. Further, the company said it will be undertaking extensive communication measures to apprise customers of the benefits accruing from GST rate reductions.

UK Deputy PM Angela Rayner resigns over tax issues, triggering reshuffle

Rayner's resignation came after the government's independent ethics adviser, Laurie Magnus, delivered a report to the premier on Friday that found she had breached the ministerial code of conduct

GST rate cut on tyres to bring down vehicle operating costs: ATMA

Automotive Tyre Manufacturers' Association on Thursday said the cut in GST rates on tyres will help bring down vehicle operating costs, which in turn reduces overall logistics expenses in the economy. Welcoming the GST Council's decision to reduce the rate on tyres to 18 per cent from 28 per cent, Automotive Tyre Manufacturers' Association (ATMA) also said the step will make tyres more affordable for users across all segments and contribute positively to road safety by encouraging timely tyre replacement and maintenance. "Lower GST on tyres will translate into more affordable mobility for millions of users - from farmers and small traders to transporters, motorists, and logistics operators. It will also help bring down vehicle operating costs, which in turn reduces overall logistics expenses in the economy," ATMA Chairman Arun Mammen said in a statement. The long-awaited move will make tyres more affordable for users across all segments and contribute positively to road safety by ..

Govt increases GST on exploration, production of oil and gas to 18%

Oil and gas exploration and production will cost more after the GST Council approved raising the tax on services rendered for the same to 18 per cent from the current 12 per cent. The new tax rates will be effective from September 22. Services relating to exploration, mining or drilling of petroleum crude or natural gas have been increased to 18 per cent with input tax credit (ITC), according to an official note. The same has also been done for support services to exploration, mining or drilling of petroleum crude or natural gas or both. The increase in GST "would lead to an increase in the cost of production of crude oil and natural gas," said Prashant Vasisht, Senior Vice President and Co-Group Head, Corporate Ratings, Icra Ltd. As crude oil and natural gas are outside the purview of GST, an increase in the cost of production without an offset available on the sale of these products will lead to stranded taxes, he said. "As oil and gas prices have moderated significantly since

Only two GST rates, cuts part of structural reforms: FM Sitharaman,

The GST Council on Wednesday took a decision to reduce the GST rates to just two, 5% and 18%, with many items also moving to a zero tax slab

GST Council begins work to rejig rates; Oppn states seek revenue protection

The work to overhaul the tangled goods and services tax (GST) began on Wednesday as the government looks to cut the tax rate on common-use items, ranging from butter to certain footwear and apparel, in an attempt to boost domestic spending and cushion the economic blow of US tariffs. The marathon 56th meeting of the GST Council, the apex decision-making body on indirect taxes, headed by Union Finance Minister Nirmala Sitharaman and comprising representatives of all states, discussed reducing GST on life and health insurance premiums and easing compliance rules for business on the first day of the two-day meeting. According to sources, the panel is likely to have discussed a three-way registration process for non-risky business and issuance of refunds, in case of exports, in seven days, among a host of measures to ease compliance burden. It also reviewed the final blueprint of simplifying the GST from the current four slabs - 5, 12, 18 and 28 per cent, to a two-rate structure - 5 and

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

Gross GST mop-up rises 6.5% to ₹1.86 trillion in August, shows govt data

Gross GST collection increased 6.5 per cent to over Rs 1.86 lakh crore in August on higher domestic revenues, as per government data released on Monday. Gross Goods and Services Tax (GST) mop-up was Rs 1.75 lakh crore in August 2024. Last month, the collection was Rs 1.96 lakh crore. The gross domestic revenue grew 9.6 per cent to Rs 1.37 lakh crore, while tax from imports dipped 1.2 per cent to Rs 49,354 crore in August. GST refunds were down 20 per cent year-on-year to Rs 19,359 crore. Net GST revenue stood at Rs 1.67 lakh crore in August 2025, recording 10.7 per cent year-on-year growth. The data is released just two days before the meeting of the GST Council, comprising Centre and states, which will deliberate on rate rationalisation and reducing number of tax slabs.

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