Taxation News - Latest Updates, Headlines & Analysis

CII expects Indian Economy to grow in the range of 6.4-6.7 per cent in FY26

New Delhi, July 3: The Confederation of Indian Industry (CII) on Thursday said that it sees India's economy growing at a pace of 6.4-6.7 per cent in 2026-27, boosted by strong domestic demand.

India's tax reforms, digital push have increased revenue, cut compliance costs: FM Sitharaman

New Delhi, July 1: Union Finance and Corporate Minister Nirmala Sitharaman on Tuesday said that India's tax reforms and digital transformation in tax administration have increased revenue and reduced compliance costs.

GST collections in May 2025 up 16.4% to Rs 2.01 lakh crore

New Delhi, June 1: The gross Goods and Services Tax (GST) collection rose 16.4 per cent to Rs 201,050 crore, according to official data released on Sunday.

CII urges Govt to set up centralised oversight mechanism for tribunals

New Delhi, May 25: Apex business chamber CII has urged the Government to set up a centralised oversight mechanism to ensure uniformity, policy coherence, and improvement in the overall performance of tribunals that adjudicate a large volume of cases in critical areas such as labour, environment, and taxes.

8 years of GST: CBIC celebrates 'Sundays on Cycle'

New Delhi, May 18: In the run-up to the completion of eight years of GST, the Central Board of Indirect Taxes and Customs (CBIC), in coordination with the ‘Fit India Movement’, on Sunday organised a nationwide cyclothon titled “Sundays on Cycle”.

Punjab traced Rs 1,549-crore transactions of bogus bills, says minister

Chandigarh, May 12: Punjab Excise and Taxation Minister Harpal Singh Cheema on Monday said the investigative wings of the state's Taxation Department have detected transactions of Rs 1,549 crore involving bogus billing or paper transactions and have successfully blocked fraudulent Input Tax Credit (ITC) claims amounting to Rs 108.79 crore in this fiscal.

Centre notifies new rules for GST Appellate Tribunal

New Delhi, April 25: The government has notified the Goods and Services Tax Appellate Tribunal (GSTAT) (Procedure) Rules which make it online filing of applications mandatory, provide for hybrid hearings and listing of cases on an urgent basis steps that will make the adjudication process simpler for businesses.

Punjab govt 'looting' traders, says BJP

Chandigarh, April 22: The BJP blamed the Aam Aadmi Party (AAP) government in Punjab on Tuesday for "looting" traders in the state to cover expenses of its leaders in Delhi.

ICICI Prudential Life gets Rs 3.67 crore GST demand order

Mumbai, April 18: ICICI Prudential Life Insurance on Friday said that it has received an order from the GST Commissioner (Appeals), Mumbai, upholding a tax demand of around Rs 3.67 crore.

Union Minister HD Kumaraswamy slams Karnataka govt over taxes, defends Centre on fuel price

Bengaluru, April 12: Union Minister and JD(S) state president HD Kumaraswamy on Saturday accused the Karnataka state government of "burdening the common man" through excessive taxation.

BRS demands rollback of hike in prices of petroleum products

Hyderabad, April 9: Bharat Rashtra Samithi's (BRS) Working President K.T. Rama Rao on Wednesday demanded that the Central government immediately reverse the hike in petrol, diesel, and LPG prices.

Gujarat CM takes key decisions to ensure effective implementation of Stamp Duty Act in State

Gandhinagar, April 8: Under the guidance of Chief Minister Bhupendra Patel, the Revenue Department of the State Government has made several amendments and additions to the provisions of the Gujarat Stamp Act.

Swiggy faces tax demands worth over Rs 165 crore, says no major financial impact

New Delhi, April 6: Online food and grocery delivery platform Swiggy is facing fresh tax troubles after receiving two assessment orders related to the financial year 2021-22.

Punjab sees record-breaking excise revenue of Rs 10,743.72 crore: Minister

Chandigarh, April 1: Punjab Finance Minister Harpal Singh Cheema said on Tuesday that the state's Excise and Taxation Department has reported a record-breaking excise revenue of Rs 10,743.72 crore for 2024-25, marking an impressive annual growth rate of 16.36 per cent compared to the previous fiscal.

Over 9 cr people filed ITR till Feb 28, high-income taxpayers stand over 4.6 lakh

New Delhi, March 18: More than 9 crore people have filed their income tax returns (ITR) for the financial year 2025 (as of February 28), according to latest data from the Income Tax Department.

High-end electric vehicles will be costlier in Maharashtra from April

Mumbai, March 11: People wanting to buy high-end electric vehicles in Maharashtra must rush to the showrooms now as the cars would get costlier from next month, once the taxes proposed in the state Budget comes into effect.

Israel sees 16.8 per cent drop Year-to-Year in February vehicle imports

Tel Aviv, March 11: In February 2025, vehicle imports to Israel totaled 13,312 vehicles (private) compared to 15,998 in February 2024, a decrease of 16.8 per cent. Imports of commercial vehicles amounted to 737 vehicles compared to 867 in February 2024, a decrease of 15 per cent.

GST collection increases by 20 pc in Haryana

Chandigarh, March 3: Haryana's Excise and Taxation Department on Monday achieved significant growth in the collection of Goods and Services Tax (GST).

IOCL among highest taxpayers to Mizoram govt: CM Lalduhoma

Aizawl, Feb 28: The state-owned Indian Oil Corporation Limited (IOCL) is one of the highest taxpayers to the Mizoram government and contributes a lot for the welfare and development of the state, Chief Minister Lalduhoma said here on Friday.

Punjab adds 46,338 GST taxpayers: Finance Minister Cheema

Chandigarh, Feb 18: Punjab Finance Minister Harpal Singh Cheema on Tuesday said the Excise and Taxation Department has conducted targeted GST registration drives to broaden the tax base, resulting in the addition of 46,338 taxpayers in 2023-24 and approximately 33,000 new taxpayers up to December 2024.

If we borrow, we borrow to build, says FM Sitharaman

Mumbai, Feb 17: Finance Minister Nirmala Sitharaman on Monday said that Prime Minister Narendra Modi-led government's "big shift in Budget-making" is ensuring a responsible approach to handling taxpayers' money which is reflected in borrowings directed toward capital asset building.

Questions raised on Bengal's govt claims over higher SGST collection in 2025-26

Kolkata, Feb 15: Economists in West Bengal have raised questions over the state government's claims for getting the higher collection from state goods services tax (SGST) during the next financial year of 2025-25 despite a shortfall in the collection under the same head in 2024-25.

Baijayant Panda to chair Select Committee on Income-Tax Bill

New Delhi, February 15: Lok Sabha Speaker Om Birla constituted a 31-member Select Committee of Lok Sabha MPs to examine the new Income Tax Bill, which aims to simplify tax laws, modernise definitions, and provide more clarity on various tax-related matters.

Punjab to disburse arrears of Rs 14,000 crore of employees, pensioners

Chandigarh, Feb 13: In a bonanza to employees and pensioners of the government, the Punjab Cabinet led by Chief Minister Bhagwant Mann on Thursday accorded consent to disburse arrears of Rs 14,000 crore to them.

Switzerland's MFN clause adjustment won't impact India-Swiss trade relations: Swiss Official

New Delhi, February 13: Switzerland's decision to adapt the Most Favored Nation (MFN) clause in its double taxation agreement with India will not impact bilateral financial and economic relations, according to Alexandra Fasel, State Secretary at the Swiss Federal Ministry of Foreign Affairs.

New simpler Income Tax Bill slashes volume of Income Tax Act, 1961 by half

New Delhi, Feb 13: The Income-Tax Bill, 2025 tabled in Parliament on Thursday, marks a significant step toward simplifying the language and structure of the Income-tax Act, 1961 based on global best practices, according to a statement issued by the Finance Ministry.

FM Sitharaman introduces new Income Tax Bill in Lok Sabha

New Delhi, Feb 13: Finance Minister Nirmala Sitharaman introduced the new Income Tax Bill, 2025, in the Lok Sabha on Thursday as part of the tax reforms to streamline and simplify the provisions so that they are easier to understand and reduce the scope for legal disputes.

FM Sitharaman tables new Income Tax bill in Lok Sabha, virtual assets like crypto defined under income from other sources

New Delhi, February 13: The government on Thursday tabled the New Income Tax Bill, 2025, which aims to simplify tax laws, modernize definitions, and provide more clarity on various tax-related matters.

Explained: Why Income-Tax Bill 2025 is a much-needed reform

New Delhi, Feb 12: As India moves closer to a major tax overhaul, the new Income-Tax Bill 2025 seeks to simplify the tax structure and to make it more transparent, efficient, and business-friendly.

SC says lottery distributors not liable to pay service tax to centre; states alone can impose taxes

New Delhi, February 11: The Supreme Court on Tuesday held that lottery distributors are not liable to pay service tax to the central government.

Average tax under GST dips from 15.8 % to 11.3 %: Nirmala Sitharaman in Rajya Sabha

New Delhi, February 11: Finance Minister Nirmala Sitharaman on Tuesday informed the Rajya Sabha that indirect tax under the Goods and Services Tax (GST) has significantly reduced over the years since its implementation.

New Income Tax Bill to raise transparency in tax laws, say experts

New Delhi, Feb 10: The new Income Tax Bill is contemplated to raise the level of transparency in tax laws by adopting clear and unambiguous language in tax provisions which allows the taxpayers to easily understand their obligations and rights, industry experts said on Monday.

UAE: Ministry of Finance announces issuance of cabinet decision on introduction of top-up tax for multinational enterprises

Abu Dhabi, February 8: The UAE's Ministry of Finance has announced the issuance of Cabinet Decision No. 142 of 2024 on the introduction of the Top-up Tax for Multinational Enterprises, providing further details on the UAE Domestic Minimum Top-up Tax (UAE DMTT). This follows the announcement made by the Ministry on December 9, 2024.

Indirect tax to rise by 8.3 pc, corporate tax by 10.4 pc in FY26: Report

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