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Patna, Apr 2 (PTI) The commercial taxes department of Bihar recorded revenues worth Rs 43,324 crore in the 2025-26 financial year, achieving 93.17 per cent of the target of Rs 46,500 crore, a senior official said on Thursday. The collection was 4.09 per cent more than the figure in 2024-25, he said. Secretary-cum-Commissioner of the department, Sanjay Kumar Singh, said it collected Rs 32,801 crore as GST in 2025-26, an increase of 11.67 per cent year-on-year. "However, after the deduction of ...Read More >
The benefit, however, is tightly targeted ShowQuick Read Summary is AI-generated, newsroom-reviewed * HRA exemption cap of 50% extends to cities like Hyderabad, Pune, Ahmedabad, Bengaluru from April 1 * The change benefits salaried employees under the old tax regime paying high rents in these cities * Exemption is the lowest of actual HRA, rent minus 10% of salary, or 50%/40% of salary by city Did our AI summary help? Let us know. Switch To Beeps Mode A major income tax shift is set to ...Read More >
India's Goods and Services Tax (GST) collections closed FY2025-26 on a steady note, with March revenues crossing the ₹2 lakh crore mark, underscoring resilient consumption, strong import activity, and improving compliance even amid global economic uncertainty. Official data show gross GST collections for March 2026 at ₹2,00,064 crore (about $24 billion), marking an 8.8% year-on-year increase from ₹1,83,845 crore a year earlier. Net collections for the month rose 8.2% to ₹1,77,990 crore ($21.4 b ...Read More >
New Delhi: With the goods and services tax (GST) rate cut in the next-gen tax reforms, the indirect tax collections impacted to some extent as the GST collection in November recorded meagre growth of 0.7 per cent to reach over Rs 1.7 lakh crore, marking the lowest monthly mop-up since February 2024. The GST collection is related to the goods consumed and services availed in October. The GST rate cut came into effect from September 22, the first day of Navratri. As per the finance ministry's dat ...Read More >
The GST 2.0 impetus coupled with the festive sentiment gave a fillip to automotive retail in October to record highs, though dealers now expect momentum to moderate as the post-festive phase sets in. October 2025 will go down as the month that redefined records for India's automobile retail industry. The Federation of Automobile Dealers Associations (FADA) on Friday reported that total vehicle registrations surged a whopping 40.5 per cent year on year to 40.24 lakh units, marking the highest-ev ...Read More >
NEW DELHI, Oct. 7, 2025 - Aon plc (NYSE: AON), a leading global professional services firm, projects that salaries in India will increase by nine percent in 2026 according to the firm's Annual Salary Increase and Turnover Survey 2025-26 India. The study, now in its 31st year, is one of the largest and most comprehensive rewards studies in India and analyses data from over 1,060 companies across 45 industries. The survey's nine percent projection for 2026 marks a slight increase from the actual ...Read More >
New Delhi: In an effort to curtail litigation, provide greater certainty, and facilitate compliance for multinational firms in India, the government think tank NITI Aayog has suggested an optional presumptive tax regime for foreign companies. The suggestion was contained in the first paper of its recently released Tax Policy Working Paper Series, which was presented on Friday by B.V.R. Subrahmanyam, CEO of NITI Aayog. If adopted, the suggestion could represent a significant change in India's t ...Read More >
The recent GST reforms will spur market consumption and boost the domestic economy, Minister of State for Finance Pankaj Chaudhary said on Monday. He said the impact of these reforms will be known in the next four to six months. Chaudhary interacted with businessmen, entrepreneurs, and tax experts in Indore regarding the Goods and Services Tax reforms. "Prime Minister Narendra Modi believes that when GST reforms bring additional money into the hands of the common people, it will definitely bo ...Read More >
Kurnool: The directions from the Centre to implement the new GST rules and keep display boards in every shop with revised and old prices have fallen on deaf ears. Traders in the Kurnool and Nandyal districts are openly flouting the rules and not effecting the promised price reductions for most items. In many shops, there are no boards and traders continue to sell goods at old prices, claiming that they are "clearing the old stock" purchased under the previous tax rates. There is no visible rel ...Read More >
Kolkata: The government's recent circular has brought clarity on trade discounts and credit notes under the GST regime, but has shifted compliance obligation and cash-flow pressure onto FMCG distributors, experts said. Indirect Tax Expert at LexVed Vedika Agrawal said the GST circular 251 makes it clear that financial or commercial credit notes - those issued without GST - do not require distributors to reverse their input tax credit (ITC). Input tax credit is the tax a business unit pays on i ...Read More >
The Karnataka State Hoteliers' Association expressed its inability to pass on GST benefits to consumers, citing unchanged taxes on cooking gas cylinders and property rents. Association president G K Shetty highlighted that the 18% GST on these essential inputs prevents price reductions for hotel food and room tariffs. The Karnataka State Hoteliers' Association on Thursday said it is constrained to pass on the GST benefits to consumers as the taxes on cooking gas cylinders and property rents hav ...Read More >
New Delhi [India], September 26 (ANI): Indian households are set to benefit from tax savings of up to 27 to 30 per cent under the new GST 2.0 regime, according to a report released by the Federation of Indian Chambers of Commerce and Industry's Committee Against Smuggling and Counterfeiting Activities Destroying the Economy (FICCI CASCADE) along with the Thought Arbitrage Research Institute (TARI). The joint report, titled "Decoding the Journey of GST Reforms: GST and Its Effect on Economy, Bus ...Read More >
New Delhi [India], September 13 (ANI): Prices of everyday goods and services could start to come down in the coming days, as recent cuts in indirect taxes by the government begin to show their effect, according to a report by Bank of Baroda (BoB). The report added that overall inflation (CPI) will likely settle at around 3.1 per cent in the financial year 2025-26, with a good chance it could go even lower. "We may see episodes of disinflation in the coming days as government support through lo ...Read More >
US President Donald Trump has acknowledged that his decision to impose tariffs on India over its purchase of Russian oil has strained ties with New Delhi. "Look, India was their biggest customer. I put a 50 per cent tariff on India because they're buying oil from Russia. That's not an easy thing to do. That's a big deal and it causes a rift with India," Trump said in an interview with 'Fox and Friends' on Friday when asked what clamping down on Russian President Vladimir Putin involves. "But I ...Read More >
New Delhi: The government's plan to simplify the Goods and Services Tax (GST) structure, replacing the existing four-slab GST system with a simpler two-slab structure, is set to bring considerable relief to the consumers, with lower tax rates expected to make a wide range of goods more affordable, according to a new report. This move will directly benefit 11.4 per cent of India's Private Final Consumption Expenditure (PFCE), with taxable consumption estimated at Rs 150-160 lakh crore, Bank of B ...Read More >
NEW DELHI, Aug 15 (Reuters) - Indian Prime Minister Narendra Modi said on Friday the goods and services tax (GST) would be reformed and taxes lowered by Diwali, the Hindu festival of lights, set to be celebrated in October this year. "This Diwali, I am going to make it a double Diwali for you. Over the past eight years, we have undertaken a major reform in goods and services tax. We are bringing next-generation GST reforms that will reduce the tax burden across the country," he said during a sp ...Read More >
New Delhi, Aug 18 (PTI) Amid concerns about the revenue impact of the Centre's pro-middle-class 'Next Gen GST' with a proposed two-slab structure, government sources clarified that the Centre is an equal partner in revenue sharing with the states and that its proposal anticipates a revenue boost over time, driven by increased consumption. Under the current Goods and Services Tax (GST) framework, revenues are shared equally between the Centre and the states. Additionally, 41 per cent of the Cent ...Read More >
New Delhi: Delhi govt has announced a city-wide rollout of underground electric wiring as part of a Rs 100-crore initiative. The move aims to ensure a safer, cleaner and uninterrupted power supply for residents across the capital, chief minister Rekha Gupta said on Saturday while launching the city's first pilot project of underground wiring in Shalimar Bagh.Gupta said the work at her constituency Shalimar Bagh would be completed in approximately three months. At least 5,500 families residing in ...Read More >
NEW DELHI, July 12: The Goods and Services Tax (GST) Council is expected to meet soon to review the tax regime. This could be the most significant review since the scheme was announced on July 1, 2017, eight years ago. According to reports, a sweeping reassessment of tax rates on consumer goods, which are currently taxed at the highest slab, and compensation cess might be among the top agenda items of the forthcoming meeting. Moving pure term insurance policies from the current 18 per cent rat ...Read More >
New Delhi: U.S. President Donald Trump calls it his "Big Beautiful Bill". Behind the grand name lies a controversial piece of legislation. It mixes tax cuts, deep spending shifts, new defense boosts and changes to healthcare and social aid. The Senate passed it after a marathon session. Now, it heads to the House, where the debate could get even more intense. Here's a breakdown of what the bill actually does and why it is causing so much uproar. At the centre of the bill lies Trump's push to e ...Read More >
Raipur, Jul 2 (PTI) Chhattisgarh Chief Minister Vishnu Deo Sai on Wednesday noted public revenues are vital for development of a state and the country as he warned of action against entities resorting to Goods and Services Tax (GST) frauds. He made the remarks while presiding over a review meeting of the Commercial Tax (GST) department at Mantralaya's Mahanadi Bhavan, said an official statement. At the meeting, officials informed that Chhattisgarh registered an impressive 18 per cent increase ...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 eq ...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 Gove ...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 ...Read More >
Mumbai, Feb 7 (PTI) Reserve Bank Governor Sanjay Malhotra on Friday said India can certainly achieve over 7 per cent growth rate and the nation should aspire for that. The Reserve Bank of India (RBI) in its bi-monthly monetary policy has projected 6.7 per cent growth for financial year 2025-26, up from 6.4 per cent estimated for the current fiscal. "I would like to stick my neck out and say that, certainly India can achieve a 7 per cent and plus growth rate. We should certainly aspire for that ...Read More >
India Budget: The Union Budget 2025-26 should prioritise giving tax relief to common taxpayers by raising the basic exemption limit in the new tax regime from ₹3 lakh to ₹5 lakh and lowering tax rates, according to Ernst & Young India (EY India), a global consulting firm. EY India also recommended delaying the tax deduction at source (TDS) on provident fund (PF) interest above ₹2.5 lakh until the withdrawal stage to reduce the compliance burden on taxpayers. Also Read: India to simplify decade ...Read More >
New Delhi [India], January 8 (ANI): The upcoming union budget 2025-26 should focus on giving personal tax relief to common taxpayers by raising the basic exemption limit in the new tax regime from Rs 3 lakhs to Rs5 lakhs and reducing tax rates, suggests global consulting and professional services firm Ernst & Young India (EY India). EY India also asks for deferring tax deduction at source (TDS) on PF interest rate (above 2.5 lakhs) until the withdrawal stage to reduce compliance burden. In the ...Read More >
The GoM on GST has proposed raising taxes on sin goods like cigarettes, tobacco, and aerated beverages to 35% from the current 28%, impacting stocks like ITC and Godfrey Phillips. (Read more below) The Group of Ministers (GoM) on Goods and Services Tax (GST) rate rationalization has proposed significant changes to tax rates, sparking debates and market reactions. Among the headline recommendations is a steep tax hike for sin goods like aerated beverages, cigarettes, and tobacco products, raisin ...Read More >
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