Creative Bharat
The recent rationalisation of Goods and Services Tax (GST) rates is likely to create a net revenue loss of around 0.1 per cent of GDP in the current financial year. However, this shortfall may be compensated by the higher dividend payout from the Reserve Bank of India (RBI), according to a report by CareEdge Ratings. […]
The case involved an increase in the taxpayer’s income from Rs 3.09 crore to Rs 27.91 crore by the Assessing Officer. (AI image) Imagine getting a tax notice from the Income Tax Department – the tax demand on which is partly a result of purported rulings that AI suggested to tax officials! The use of […]
Strong RBI dividend to help stabilise finances The recent rationalisation of Goods and Services Tax (GST) rates is likely to create a net revenue loss of around 0.1 per cent of GDP in the current financial year. However, this shortfall may be compensated by the higher dividend payout from the Reserve Bank of India (RBI), […]
Small SUVs have emerged as the biggest winners from the Centre’s recent tax cuts, with their share in total passenger vehicle (PV) sales climbing to 30.4 per cent in the first 10 months of 2025. In contrast, hatchbacks saw their share decline to 21.9 per cent over the same period, according to industry wholesale data […]
The Bombay High Court has observed that the income tax department has relied on AI (artificial intelligence) to reference three non-existent judicial rulings and issued a tax notice for Rs 22 crore income of a taxpayer. The court noted that there are no such rulings that the income tax department is trying to use for […]
New Delhi: The Supreme Court on Monday dismissed the Central Goods and Services Tax department’s appeal to levy service tax of ₹119 crore plus penalty of ₹125 crore on Bharti Airtel on the call free allowance waiver given by the telecom company to its employees. A bench led by Justice JB Pardiwala upheld the January […]
The garments and textiles industry, reeling under the effect of US import tariffs, has asked the government for a slew of measures, including tax concessions for new units, depreciation allowance, interest subvention and rationalisation of key schemes in recent pre-budget consultations. “Representatives of the textiles and garments industry, including exporters, met the Textiles Secretary recently […]
India’s goal of meeting its full-year financial targets for FY26 may prove difficult, with a new report from Union Bank of India flagging slower-than-expected growth in corporate and income tax collections. The bank’s report points out that the Centre’s fiscal strategy for FY26 relies heavily on strong tax revenues, even as capital expenditure continues at […]
Achieving the full-year Financial Year 2026 (FY26) fiscal targets appears challenging amid subdued growth in corporate and income tax revenues, according to a report by the Union Bank of India. The reduced fiscal deficit target for FY26 was premised on strong tax collections, even as the government maintains its strong capital expenditure push to stimulate […]
NEW DELHI: The impact of pre-GST revamp pause in sale of several products, such as automobiles and white goods, and the lower rates rolled out from Sept 22 slowed down the growth in gross GST receipts but the mop up remained close to the Rs 2 lakh crore-level, data for October showed. Official numbers released […]
