India's economic engine is revving up, but navigating the global headwinds requires sharp strategy. The rupee's recent volatility against the dollar underscores the complexities facing Indian businesses, impacting everything from import-export trade to domestic inflation. This week alone, we've seen significant shifts in the IT sector, with major players announcing restructuring and a renewed focus on AI-driven solutions. Meanwhile, the burgeoning startup ecosystem continues to attract substantial funding, despite a cautious global investor sentiment. The government's recent policy announcements on infrastructure development and digitalization are poised to further shape the business landscape, creating both opportunities and challenges for entrepreneurs and established corporations alike. Understanding these market dynamics is crucial for success in today's rapidly evolving Indian economy. Stay informed with Abtak.com for the latest insights and analysis on key sectors including finance, manufacturing, and technology – empowering your business decisions in a dynamic market. Explore the complete business news section now to stay ahead of the curve.
THIRUVANANTHAPURAM: Finance Minister K N Balagopal, on Tuesday, said that some practical problems of Goods and Service Tax (GST), which were evident from the beginning, are yet to be resolved. "I was one of the few people who expressed dissent over GST in the joint select committee due to these problems," the minister said, after inaugurating the GST Day celebrations of CGST Thiruvananthapuram zone at the Tagore Theatre. "Though said to be barrier-free, certain issues are persistent in the GST domain," said the minister, highlighting the need to increase the state's IGST share. "Even though the state's GST collection growth is 24% between May 2024 and May 2025, the revenue growth in the same time frame is only 9%," said Balagopal. Clarifying that this doesn't imply a complete rejection of the GST system, the finance minister also appreciated the collaborative efforts of central GST and state GST, adding that measures are being taken to bring in a uniform pattern of taxation among various products under the same domain. Actor Mohanlal was awarded the top taxpayer in the performing arts category of the Thiruvananthapuram zone at the ceremony. "Paying taxes properly and guarding the country as a soldier, both are part of serving the nation," said Mohanlal. The function was also attended by chief commissioner (CGST & Customs) Shaik Khader Rahman and commissioner (GST & Central Excise) K Kalimuthu. Commendation certificates for CGST officers and tax compliance excellence recognition awards for institutions were distributed at the ceremony.
New Delhi: With 15 million registered taxpayers and robust growth in the revenue receipts, the Goods and Services Tax (GST) ecosystem is continuing to evolve with a focus on ease of doing business, better compliance and wider economic participation, the finance ministry said on Monday as the indirect tax system completed eight years. Annual revenue from GST, introduced on 1 July 2017, has doubled to ₹22.08 trillion in FY25 from five years ago and micro, small and medium enterprises are finding easier access to credit, the ministry said. In FY21, the combined Central and state GST revenue coll ...Read More >
Vijayawada: Andhra Pradesh recorded highest net GST collections amounting to 78,860 crore, reflecting a growth of 3.40% in first quarter of financial year. Total tax collections in Q1 (including all sectors) stood at Rs 213,361 crore, compared to Rs 13,096 crore in FY 2024-25, showing a growth of 2.02%, which indicates a sustained and healthy growth trajectory over the same period, according to Commissioner of Commercial Taxes Babu A. For three consecutive months - April, May, and June 2025, the State has recorded the highest-ever net GST collections for each respective month when compared to ...Read More >
Patna (Bihar) [India], July 6 (ANI): The ongoing Special Intensive Revision (SIR) campaign of the electoral rolls in Bihar is progressing rapidly and recognizing the efforts of the Polling station officials, the Chief Electoral Officer (CEO) of Bihar has announced a special incentive of Rs 6,000 for each. This additional honorarium is aimed at acknowledging their hard work and commitment during the intensive revision process. Also Read | PM Narendra Modi, Argentine President Javier Milei Agree to Diversify India-Argentina Trade Basket, Vows to Expand Cooperation in Defence, Security and Mine ...Read More >
BALASORE: In a heart-wrenching incident, a man was forced to carry his 17-year-old daughter's body on a trolley rickshaw for around 7 km to a community health centre in Balasore's Baliapal for postmortem after reportedly failing to afford an ambulance. Asha Bindhani, a minor girl suffering from mental illness, reportedly died by suicide on Thursday afternoon in Deula village under Baliapal police limits. After spotting her, locals informed her father Madhu Bindhani and the police. Madhu, a daily wage labourer, rushed to the spot and found his daughter dead. Shortly after, police arrived and ...Read More >
New Delhi, Jun 5 (PTI) Fintech firm BimaPay Finsure on Thursday said it has entered into corporate insurance financing and aims for Rs 20 crore in premiums in 2025-26. Launching the pilot phase with insurance partners, BimaPay said the initiative will allow businesses to pay premiums in easy equated monthly instalments (EMIs) instead of bearing the burden of full upfront costs. Also Read | Who Is Pinaki Misra? From Age to Family Background and Net Worth, Here's All About BJD Leader With Whom Mahua Moitra Reportedly Married. The company aims to finance over Rs 20 crore worth of premiums by t ...Read More >
New Delhi: The ninth year of the Goods and Services Tax (GST), which begins on Tuesday, could actually see the much-awaited rationalisation of the rates, although the shrinking of slabs from four major ones to three is unlikely.While the tax regime stabilised over eight years, this is evidenced by consistent rise in collections - from a monthly average of a little over Rs 1.2 lakh crore to more than Rs 1.8 lakh crore - and the number of taxpayers increasing to over Rs 1.5 crore by March-end.Name any agency or tax expert and rationalisation of tax rates is top item on the wish list. "The next p ...Read More >
New Delhi, July 1 (SocialNews.XYZ) India's Goods and Services Tax (GST) system has emerged as one of the biggest success stories in the last decade, reflecting a growing formal economy and rising compliance, noted economist and former IMF Executive Director, Dr Surjit Bhalla, said on Tuesday. In an exclusive interaction with IANS, Bhalla highlighted that GST has not only increased tax revenue significantly but has also brought more businesses and individuals under the formal tax net. "The GST has performed well, and more individuals have entered the formal tax net. That's a good sign," he sa ...Read More >
Chandigarh, Jul 1 (PTI) Punjab registered a record 44.44 per cent growth in net goods and services tax collections at Rs 2,379.90 crore in June 2025, said Finance Minister Harpal Singh Cheema on Tuesday. Addressing the media here, Cheema said Punjab outpaced the national average in GST collection growth, firmly positioning itself among the top-performing states in tax mobilization despite facing national and geopolitical challenges, including border-related tensions. Also Read | Who Is PVN Madhav? Here's Everything You Need To Know About the Newly Appointed Andhra Pradesh BJP President. The ...Read More >
New Delhi, Dec 3 (PTI) Finance Minister Nirmala Sitharaman will commence customary pre-Budget consultations with various stakeholders beginning Friday. As part of the process, she will meet eminent economists on December 6 to seek their inputs regarding upcoming Budget amid seven-quarter low GDP print of 5.4 per cent recorded in the second quarter of the current financial year. It will be followed by a meeting with farmer associations and agriculture economists and stakeholders in MSME sector scheduled for December 7, sources said. Union Budget 2025-26 is likely to be tabled in Parliament o ...Read More >
New Delhi, Jul 1 (PTI) On the eighth anniversary of the Goods and Services Tax (GST) roll out, Prime Minister Narendra Modi on Tuesday said the indirect tax regime stands out as a landmark reform that has reshaped India's economic landscape. He said on X, "By reducing the compliance burden, it has greatly improved the ease of doing business, particularly for small and medium enterprises. GST has also served as a powerful engine for economic growth, while fostering true cooperative federalism by making states equal partners in this journey to integrate India's market." The GST, which was imple ...Read More >
Jammu, July 01: The Goods and Services Tax (GST), introduced across India on July 1, 2017, marked a transformative shift in the country's indirect tax regime, replacing a complex web of central and state taxes with a unified, consumption-based tax system.In Jammu and Kashmir, the implementation of GST faced distinct challenges but has since played a pivotal role in fostering economic integration and growth.Unlike other states, J&K required specific legislative measures to adopt the Central Goods and Services Tax (CGST) and Integrated Goods and Services Tax (IGST) laws. The state legislature pa ...Read More >
New Delhi: The Income Tax Bill 2025, set to be moved in the monsoon session of Parliament to simplify the direct tax law, will set the stage for another round of reforms which will be more substantive in nature in subsequent years, said two people informed about the discussions in the government The finance ministry is of the view that once the over-six-decade-old Income Tax Act, 1961 is simplified and made more readable, targeted reforms can be achieved in taxation of personal and corporate income. This will be done through the annual Finance Acts, said one of the persons quoted above. Majo ...Read More >
New Delhi: The Goods and Services Tax (GST) on July 1 2025, marks eights years since its launch. GST was introduced in 2017 and was a landmark reform taht simplified India's complex indirect tax system by bringing multiple state and central taxes under one roof. It aimed to make tax compliance easier, reduce business costs, and enable smoother movement of goods across states. Over the years, GST has boosted transparency, improved efficiency, and strengthened the foundation of a more unified national economy. Prime Minister Narendra Modi had called it "a path-breaking legislation for New India ...Read More >
New Delhi, July 1 (SocialNews.XYZ) Prime Minister Narendra Modi on Tuesday said that eight years have passed since GST was introduced, and it stands out as a landmark reform that has reshaped India's economic landscape. "By reducing the compliance burden, it has greatly improved the Ease of Doing Business, particularly for small and medium enterprises", PM Modi stated. "GST has also served as a powerful engine for economic growth, while fostering true cooperative federalism by making states equal partners in this journey to integrate India's market," the Prime Minister said in a statement on ...Read More >
Chandigarh: Punjab finance minister Harpal Singh Cheema on Friday claimed that the state had achieved record tax revenue growth, with the goods and services tax (GST) collection registering a net growth of 32.08% in July 2025 compared to the corresponding period last year."This robust performance is part of the state's consistent trend of setting record-breaking growth in tax revenue year-on-year and month-on-month for the last three and a half years," said Cheema.The minister elaborated that the net GST revenue collected in July this year was Rs 2357.78 crore, a substantial increase of Rs 572 ...Read More >
Chennai (Tamil Nadu) [India], August 4 (ANI): Actor and Makkal Needhi Maiam founder Kamal Haasan made strong remarks on the necessity of education while addressing a gathering at the Agaram Foundation event in Chennai. Education is the only weapon that can break the chains of dictatorship and Sanatan, the Rajya Sabha MP said on Sunday. Kamal Haasan added, Dont take anything else in your hands, only education. We cannot win without it, because the majority can make you lose. Majority Fools (Moodargal) will make u lose; knowledge alone will seem defeated. That why we must hold on to it (Educat ...Read More >
New Delhi: Delhi Chief Minister Rekha Gupta on Sunday said the leaders like US President Donald Trump will get a befitting reply when India becomes the world's third-largest economy. The chief minister asserted the nation is no longer dependent on the United States for exports and global recognition. "The whole world is standing with open arms to do business with India. People like Trump will get a befitting reply when we develop and rise," said Gupta addressing the silver jubilee celebration of the Patparganj CPE Study Circle. "If we all work together then it will not take time to become the ...Read More >
New Delhi, May 23 (PTI) The GST Council is likely to meet soon to discuss rate simplification and rationalisation and the future of compensation cess, according to a source. "There are three or four different aspects relating to making GST simpler. We will take up the issue of compensation cess, rate rationalisation and simplification," the source said. The GST Council, chaired by Union Finance Minister and comprising state counterparts, in its meeting in December last year, did not take up the GoM reports on rate rationalisation and rate reduction in health and life insurance. The two GoMs ...Read More >
New Delhi: The pan-India mythological drama 'Kannappa', starring Vishnu Manchu and featuring cameos by Akshay Kumar, Mohanlal, Prabhas, and Kajal Aggarwal, hit cinemas on June 27, 2025. Despite its star-studded cast and grand production, the film has seen a slow start at the box office. According to early estimates from Sacnilk, 'Kannappa' earned ₹9 crore net in India on its first day of release. Although this marks Vishnu Manchu's biggest opener, it falls short of expectations considering the film's massive budget of ₹200 crore and the presence of big-name stars. The film saw varying occupa ...Read More >
Thiruvananthapuram: Ravada A Chandrasekhar took charge as the new State Police Chief on Tuesday. He succeeds Shaik Darvesh Saheb, who retired on June 30. His tenure will run until July 1, 2027. A 1991-batch IPS officer currently serving as Special Director with the Intelligence Bureau, Chandrasekhar is on central deputation. He was selected over Nitin Agarwal, who topped the official list of probables. The appointment order, issued by Kerala Chief Secretary Dr A Jayathilak on behalf of the Governor, was released soon after a cabinet meeting held on Monday. Hailing from Andhra Pradesh's Godav ...Read More >
India's Goods and Services Tax (GST) collection soared 6.2% year-on-year in June 2025 to cross ₹1.85 lakh crore, compared to ₹1.74 lakh crore in June 2024, according to government data released Tuesday. This strong performance highlights India's resilient economy, growing tax revenue, and improving GST compliance amid global uncertainties. Monthly Dip from May Despite the YoY surge, June's GST mop-up slipped below May's ₹2.01 lakh crore and the all-time record of ₹2.37 lakh crore in April 2025. Analysts attribute the sequential dip to moderating consumption post-festive spending and evolvin ...Read More >
Mumbai, June 29 (SocialNews.XYZ) Tata Steel on Sunday said it has received a show-cause-cum-demand notice from the tax department over an alleged irregular use of input tax credit worth over Rs 1,000 crore for the financial years 2018-19 to 2022-23. In a filing to the stock exchanges, the company said that the notice was issued by the Office of the Commissioner (Audit), Central Tax, Ranchi, on June 28. "On June 28, Tata Steel Limited received a Show Cause cum demand Notice dated June 27, issued by the Office of the Commissioner (Audit), Central Tax, Ranchi, proposing to disallow/demand prima ...Read More >
CHENNAI: In a letter addressed to the Union Minister of Food Processing Industries, Chirag Paswan, Member of Parliament from Dravida Munnetra Kazhagam (DMK), Kanimozhi Karunanidhi has highlighted the problems faced by mango farmers in the country, especially in Tamil Nadu. She underlined the decrease in demand for mango produce by the beverage manufacturing companies and to cut down GST charges. The letter explained that the mango farmers have been facing consistent losses over the past few years due to a significant reduction in the quantity of mango pulp used by beverage manufacturers. Ac ...Read More >
New Delhi, Jul 1 (PTI) With the Goods and Services Tax (GST) completing eight years, Congress leader Rahul Gandhi on Tuesday claimed that it is a "brutal tool of corporate cronyism" and asserted that a reformed GST must be "people-first, business-friendly, and truly federal in spirit". The Leader of the Opposition in the Lok Sabha said India deserves a tax system that works for all, not just the privileged few, so that every Indian, from the small shopkeeper to the farmer, can be a stakeholder in the nation's progress. "Eight years on, the Modi government's GST is not a tax reform - it's a b ...Read More >
Srinagar, Jul 3 (PTI) The annual Amarnath Yatra began on Thursday with the first batches of pilgrims setting off from the twin base camps in Baltal and Nunwan towards the 3880-metre-high cave shrine in the south Kashmir Himalayas, which houses a naturally formed ice-lingam, officials said. The yatra started early morning from the twin tracks -- the traditional 48-km Nunwan-Pahalgam route and the 14-km Baltal route. The batches of pilgrims, including men, women and sadhus, left from the Nunwan base camp in Pahalgam, in south Kashmir's Anantnag, and Baltal base camp in Sonamarg area of central ...Read More >
Mumbai : Tesla's long awaited India debut finally took place with chief minister Devendra Fadnavis inaugurating its showroom in Mumbai on Tuesday. The Elon Musk-led car maker unveiled its Model Y compact all-electric SUV at its 'Experience Centre' in Bandra-Kurla Complex with the CM describing it as the "right city and the right state" for the launch."Mumbai stands for innovation and sustainability. In 2015, when I went to the US, I had my first ride in a Tesla, and then I thought we need such a vehicle for mobility in India. But it took 10 years for it to come to India. But we are very happy ...Read More >
Lucknow, Jul 17 (PTI) To curb illegal mining and transportation, the Uttar Pradesh government is deploying advanced technologies under the Integrated Mining Surveillance System (IMSS), a release said on Thursday. Mining activities are already being monitored through drones, geo-fencing, RFID tags, and AI-powered check gates. Now, the state is set to introduce 'Weigh-In-Motion' (WIM) technology to accurately track vehicle overloading. Also Read | 'Arvind Kejriwal Used Government Funds to Buy Mobiles Costing Up to INR 1.63 Lakh', Claims Delhi Minister Ashish Sood. According to the official re ...Read More >
Gross Goods and Services Tax (GST) collections rose 7.5 per cent year-on-year to Rs 1.96 lakh crore in July (for sales in June), data released by the government on Friday showed. Even though the pace of growth in gross GST collections picked up to 7.5 per cent in July from 6.2 per cent, this is the second consecutive month wherein the growth rate has been in single digits and much lower after posting double-digit growth in the first two months of the ongoing financial year. ARTICLE CONTINUES BELOW VIDEO Net GST collections, after accounting for refunds, took a hit by growing by just 1.7 per ...Read More >
New Delhi: The GST Council will soon decide on having fewer and lower rates as the review work is almost complete, Finance Minister Nirmala Sitharaman said on Tuesday. Currently, Goods and Services Tax (GST) is a four-tier tax structure with slabs at 5, 12, 18 and 28 per cent. Luxury and demerit goods are taxed at the highest bracket of 28 per cent, while packed food and essential items are in the lowest 5 per cent slab. The Council, chaired by Sitharaman and comprising her state counterparts, has set up a group of ministers (GoM) to suggest changes in GST rates as well as reduce slabs. "To ...Read More >
India's Goods and Services Tax (GST) collections have doubled in the past five years, reaching a record ₹22.08 lakh crore in FY25, a 9.4% year-on-year growth. The average monthly GST collection in FY25 stood at ₹1.84 lakh crore, improving from previous years. Since its launch in 2017, GST has seen consistent growth, with registered taxpayers rising to over 1.51 crore.India's gross Goods and Services Tax (GST) collections have doubled over the past five years to reach a record ₹22.08 lakh crore in the financial year 2024-25, up from ₹11.37 lakh crore in FY21, according to government data releas ...Read More >