Latest news with #ServicesTax
&w=3840&q=100)
Business Standard
25-05-2025
- Business
- Business Standard
Delhi HC bars GST coercive action against CCI in ₹10.36 cr dispute
The Delhi High Court has restrained the Goods and Services Tax (GST) authorities from initiating any coercive action against the Competition Commission of India (CCI) in connection with a ₹10.36-crore tax demand. A division bench of Justice Prathiba M Singh and Justice Rajneesh Kumar Gupta issued the interim relief on 21 May after hearing CCI's plea challenging the demand raised by the Central GST Commissionerate, Delhi South. The CCI argued that it is a statutory regulatory body under the Competition Act, 2002, and does not engage in any commercial activity that would warrant a GST levy. In support, it cited the High Court's earlier ruling in Central Electricity Regulatory Commission v. DGGI, where the court had held that show cause notices issued under similar circumstances could not be sustained. Taking note of this precedent, the court directed that no coercive steps be taken against the CCI. The GST department has been asked to file its response within six weeks, with the rejoinder due in four weeks thereafter. The matter has been listed for further proceedings before the Joint Registrar on 29 July, and before the court on 8 September.
The Hindu
23-05-2025
- Business
- The Hindu
Coimbatore Corporation proposes revised estimate for 24x7 water supply project
Coimbatore Corporation has proposed a revised administrative sanction of ₹829.27 crore for the ongoing 24x7 drinking water supply project, which is being implemented by Suez India Pvt. Ltd. in the 60 wards that were part of the city prior to its 2011 expansion. Approximately 80% of the work has been completed. The project was initially sanctioned at ₹646.71 crore under the Centre's AMRUT scheme in 2015. According to the Corporation data, the contract includes construction, operation, and maintenance for 25 years, with an Engineering, Procurement and Construction (EPC) cost of ₹646.71 crore and an Operation and Maintenance (O&M) cost of ₹2,328.45 crore. Following the introduction of the Goods and Services Tax (GST) in July 2017, a 12% GST was applied to the project, adding ₹77.61 crore to the cost and increasing the EPC component to ₹724.32 crore. This revised estimate was approved by the council in July 2021 and submitted to the Directorate of Municipal Administration. In July 2022, the GST rate on construction services was increased to 18%, resulting in further cost escalation. The cumulative GST liability now stands at ₹109.94 crore. The Corporation also encountered delays in obtaining permissions from the National Highways Authority of India (NHAI) for pipeline-laying works. As a temporary arrangement, with the consent of the NHAI divisional engineer, trenching was allowed on the condition that road restoration would be carried out to national highway standards. The estimated cost of restoring these stretches is ₹35.50 crore. Additional restoration and permission-related payments include ₹1.81 crore to the Railways and ₹35.31 crore to the State Highways Department. Together with the NHAI-related works, the total expenditure for inter-agency coordination stands at ₹72.62 crore. In the light of these additional expenses, the Corporation is seeking a further grant of ₹182.56 crore over the original sanctioned amount, bringing the total revised administrative sanction request to ₹829.27 crore.
The Hindu
18-05-2025
- Business
- The Hindu
Tamil Nadu's own tax revenue grew by 7.6% in 2024-25
Tamil Nadu's own tax revenue stood at ₹1,80,225.53 crore in fiscal 2024-25, up about 7.6% from ₹1,67,105.18 crore in fiscal 2023-24, as per the preliminary un-audited provisional figures from the Comptroller and Auditor General of India (CAG). In 2024-25, State's Own Tax Revenue (SOTR) was estimated at ₹1,92,752.43 crore in Revised Estimates, when compared to the projection of ₹1,95,173 crore made in the Budget Estimates, as per the State Budget for 2025-26. The SOTR contributes 75.3% of Tamil Nadu's total revenue receipts. Among its components, the State Goods and Services Tax (SGST) increased by 14.4% from ₹61,960.29 crore in 2023-24 to ₹70,886.65 crore in 2024-25, as per the numbers from the CAG. The State also saw its revenue from Stamps and Registration Fees increase to about 15% from ₹19,013.36 crore in 2023-24 to ₹21,878.27 crore in 2024-25. Marginal growth Other components have seen only marginal growth, according to the CAG's the preliminary figures. Land revenue increased from ₹255.87 crore in 2023-24 to ₹277.72 crore in 2024-25, as per preliminary numbers. Revenue from Taxes on Sales, Trade etc., (which includes VAT on petrol, diesel, and liquor) increased from ₹60,026.96 crore in 2023-24 to ₹62,335.08 crore in 2024-25. The State Excise Duties (which reflect liquor revenue) increased from ₹10,774.29 crore in 2023-24 to ₹11,055.41 crore in 2024-25. Revenue from other taxes and duties declined from ₹15,074.41 crore in 2023-24 to ₹13,792.40 crore in 2024-25. The balance of Tamil Nadu's total revenue receipts come from Non-Tax revenue, the Share in Central taxes, and grants-in-aid from the Union government. The Share in Central taxes for 2024-25 was ₹52,491.88 crore. This is in line with what was projected in the revised estimates for 2024-25. Grants-in aid from the Union government was ₹16,509.38 crore for 2024-25, when compared to ₹20,538.40 crore in the revised estimates for 2024-25. Non-Tax Revenue was ₹31,388.70 crore in 2024-25, when compared to ₹28,124 crore in Revised Estimates. Including these components, the State's total revenue receipts stood at ₹2,80,615.49 crore in 2024-25, as per the preliminary figures from the CAG. The total revenue receipts estimates for 2024-25 was revised to ₹2,93,906.41 crore.
The Hindu
16-05-2025
- Business
- The Hindu
Telangana registers ₹1.67 lakh crore revenue till March end, 75.85% of ₹2.21 lakh cr projected for FY 2024-25
The Telangana government has registered overall revenue receipts of ₹1.67 lakh crore during the financial year 2024-25. The revenue receipts, including capital receipts in the form of market borrowings to the tune of ₹48,322 crore, indicated that the State could achieve little over 75% target of the ₹2.21 lakh crore projected for the financial year. The State had borrowed ₹64,456 crore till the end of February and reportedly repaid ₹16,134 crore in March, which includes settlement of ways and means advances, taking the total borrowings to ₹48,322 crore. What are revenue receipts? It is the amount earned through tax and non-tax sources, grants in aid and borrowings. It is used for expenditure including payment of salaries, pensions, on welfare schemes including on subsidies. 80% of tax revenue projected realised Tax revenues from all sectors, except for sales tax and State's share of union taxes, remained around 80% of the projections in the budget estimates for the year. The State secured ₹19,149 crore through State's share of Union Taxes against ₹18,384 crore projected in the budget estimates. Sales tax collection too was impressive at ₹31,815 crore, 95.12% of the ₹33,449 crore of the budget estimates, according to the preliminary report on the state accounts submitted to the Comptroller and Auditor General of India. Revenue through Goods and Services Tax up to March was ₹50,343 crore, 85.92% of ₹58,594 crore of the budget estimates and that through State Excise duties was ₹18,603 crore (₹25,617 crore budget estimates) while that through other taxes and duties was ₹7,896 crore (₹10,111 crore budget estimates). Non tax revenue too was good at ₹23,607 crore, 67% of the ₹35,208 crore budget estimates but accruals through Grants in Aid and Contributions continued to bely expectations pegged at ₹7,913 crore, just 36.57% of the ₹21,636 crore of budget estimates. Where was money spent in 2024-25? Expenditure on salaries/wages -> ₹42,245.51 crore Expenditure on pension -> ₹16,950 crore Expenditure on interest payment -> ₹26,688crore Expenditure on subsidy -> ₹11,508crore Expenditure On the expenditure front, payment of salaries and wages and pension continued to account for major chunk of spending followed by interest payment. The government incurred expenditure of ₹42,245 crore on payment of salaries/wages against ₹40,041 crore of budget estimates while the outgo on account of payment of pensions was ₹16,950 crore, 145% of the ₹11,641 crore projected in the budget estimates. Interest payment continued to be on the higher side at ₹26,688 crore, 150% of ₹17,729 crore. Revenue deficit The State reported revenue deficit of ₹8,782 crore at the end of March as against ₹297 crore revenue surplus of budget estimates and the fiscal deficit was at ₹48,322 crore against ₹49,255 crore. The primary deficit till March end was ₹21,633 crore significantly lower than ₹31,525 crore of the budget estimates. Sources of tax revenue Goods and Service Tax Stamps and Registration Land Revenue Sales Tax State Excise duties State's share of Union taxes Other taxes and duties Sources of non-tax revenue Land sale, interest on loas given, accruals on inter-State settlements and others What are Grants in aid and Contributions Grants from union government
Mint
10-05-2025
- Business
- Mint
Stock market this week: Top gainers and losers—unexpected surges and surprising slumps
India's Goods and Services Tax (GST) collections saw a significant rise in April, reaching ₹ 2.37 lakh crore—a 12.6% increase compared to the same month last year. This marks a new milestone in the country's economic recovery and reflects growing business activity across sectors. The surge in collections isn't just a number—it represents higher consumption, improved compliance, and a broader tax base. For small businesses and large enterprises alike, it signals a more robust and organized economy. The government attributes this uptick to better technology-driven tracking and stronger anti-evasion measures, helping curb tax leakages. April's figures, often the highest due to year-end transactions, set a strong tone for the fiscal year ahead. For everyday citizens, this can translate into better public services and infrastructure, as higher revenues give the government more fiscal room. Ather Energy made its stock market debut with a modest yet positive start, listing at a 2% premium over its issue price of ₹ 321. Opening at around ₹ 327, the EV startup's listing signals a cautiously optimistic response from investors. The Bengaluru-based company, known for its smart electric scooters, has steadily built a strong brand, and its public listing marks a new chapter in its journey. For early backers and employees, the listing is both a milestone and a moment of validation. For retail investors, it's a sign that sustainable mobility is gaining traction in the mainstream market. Two prominent asset management companies—Baroda BNP Paribas AMC and Canara Robeco AMC—have launched new fund offerings (NFOs) aimed at tapping into evolving investor preferences. Baroda BNP Paribas has introduced the Income Plus Arbitrage Active Fund of Funds (FoF), designed to provide relatively stable returns by leveraging arbitrage opportunities along with active debt allocation. Meanwhile, Canara Robeco's new offering, the Multi Asset Allocation Fund, seeks to diversify investments across equities, debt, and gold, appealing to investors looking for a balanced and risk-mitigated approach. These launches come at a time when market participants are increasingly looking for smart, diversified investment strategies amid global uncertainty and domestic market volatility. The NFO for Baroda BNP Paribas's fund will close on 21st May 2025, while Canara Robeco's will conclude on 23rd May 2025. Index Returns Best Performers Worst Performers Bought and Sold Most Watchlisted Kuvera is a free direct mutual fund investing platform. Unless otherwise stated data sourced from BSE, NSE and kuvera.
