Topic
tax
Business India's GST Collections Jump 15.4% to Over Rs 2.11 Lakh Crore in July
India's gross GST collections rose 15.4% year-on-year to over Rs 2.11 lakh crore in July, according to government data. Refunds climbed 13.1% to Rs 29,968 crore, while net GST revenue stood at over Rs 1.81 lakh crore. KPMG's Abhishek Jain called the momentum healthy and suggested exploring 'GST 3.0' for refunds on input services.
Regulations & Compliance GSTN halts e-way bill enhancements after industry feedback on proposals
GSTN has put planned e-way bill enhancements — mandatory Ship-To GSTIN capture and voluntary closure — on hold until further notice after industry feedback, according to PTI. The deferment follows advisories dated June 9 and 17 that had set an August 1, 2026 implementation. Existing e-way bill obligations for goods valued over Rs 50,000 remain unchanged.
Business Rs 100 Crore+ Income Club Sees Most Entries in 4 Years, Tax Base Widens
The Indian government reported 576 individuals with gross income over Rs 100 crore in FY2024-25, with 161 additions — the highest in four years. The data, disclosed in Parliament, also shows widening direct tax base and rising tax-to-GDP ratio.
Commodities India Panel Proposes GST Link to Pulp Content to Boost Totapuri Mango Demand
An Indian government panel has proposed reserving a concessional 5% GST rate for mango-based beverages containing 22-25% genuine Totapuri pulp, aiming to boost demand after a price crash. The committee also recommended establishing a price stabilization body and reviving ageing orchards through grafting.
Finance No move to scrap LTCG tax on equities: Finance Minister Pankaj Chaudhary tells Lok Sabha
The Indian government informed Parliament that there is no current move to abolish long-term capital gains (LTCG) tax on equities for retail or domestic investors, ending speculation. The minister also clarified that the tax rate for domestic investors is 12.5%, matching that for FPIs in equities, while the government has rationalised tax treatment for FPIs in government securities to align with global standards.
Business Centre Extends GSTAT Appeal Deadline to July 31 After Portal Glitches
The Centre has extended the GSTAT appeal deadline to July 31, 2026 due to portal glitches from a surge in filings. Over 30,000 appeals were filed in the last 15 days. Taxpayers are advised to file early to avoid congestion.
Business GST Rate Reset Drives Consumption Boost and Higher Tax Collections in India
India's GST rate rationalisation, the biggest reset since the tax's launch, has spurred consumption and increased monthly tax collections to an average Rs 1.1 lakh crore, up from Rs 1.01 lakh crore, despite the average tax rate falling from 14.4% to 12.8%. Taxable supply rose over 22% post-reset, with volume growth of up to 60% in precious metals and 21% in vehicles.
Trade India's GST at 9: Experts Urge Reforms to Boost Auto Industry Export Competitiveness
As India's GST completes nine years, tax experts urge targeted reforms to resolve inverted duty structures on EVs, legacy cess credits, and refund inefficiencies. These changes aim to boost export competitiveness for India's third-largest automobile market, which contributes 7% to GDP and supports 37 million jobs.
Business GST Revenue Grows 13.9% in June to Rs 1.94 Lakh Crore, Driven by Import Taxes
India's gross GST collections rose 13.9% year-on-year to Rs 1,94,812 crore in June 2026, driven by a 34.6% surge in import-related tax revenue. Net GST after refunds increased 11.2% to Rs 1,62,377 crore. The Finance Ministry data also showed strong domestic growth of 6.5% and higher refund disbursements, signalling improving tax administration.
Trade Shippers Say Renewed Tax on Chinese Ships Could Put Some U.S. Ag Producers Out of Business
Democratic Senators Mark Kelly and Elizabeth Warren are urging the Trump administration to reinstate port fees on Chinese cargo vessels, which were suspended until November 2026. The Agriculture Transportation Coalition warns the fees could put some U.S. agricultural producers out of business by dramatically increasing shipping costs and singling out exports for the harshest measures.
Business ITAT Ruling Exposes TDS Traps for Property Buyers
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) deleted a TDS demand exceeding Rs 5.8 lakh against a property buyer, ruling that the seller's subsequent PAN-Aadhaar linkage regularised the deduction. Tax experts caution that buyers face significant compliance obligations, especially for non-resident sellers and jointly held properties, and often require professional assistance.
Commodities India Exempts Higher Ethanol Blend Grades from Excise Duty
The Central Board of Indirect Taxes and Customs (CBIC) has issued notifications exempting ethanol blended petrol grades E22, E25, E27, and E30 from central excise duties, provided excise duty has already been paid on petrol and GST on ethanol. The move mirrors existing treatment for lower blends and aims to avoid double taxation, according to officials. Joint Secretary Sujata Sharma stated it is a preliminary prerequisite for eventual introduction of higher blends after extensive testing.
Logistics Tax Strategies: Own or Lease Your Truck?
Understanding the tax implications of owning versus leasing a truck can significantly impact logistics operations. Key tax provisions like Section 179 allow for substantial deductions, influencing the decision-making process for freight operators.
Business GST Collection Growth Slows to 3.2%, Lowest in Six Months
India's GST collection growth decelerated to 3.2% in May, marking the slowest pace in six months. The total collection stood at Rs 1,94,184 crore, with domestic revenue declining by 2.6%. Adjusted for a one-time telecom payment, the growth would have been 9%.
Regulations & Compliance Tax Relief on Inherited Flat Without Gift Deed
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Business India's GST Revenue Climbs 3.2% to Rs 1.94 Lakh Crore in May
India's gross GST collections rose by 3.2% year-on-year to over Rs 1.94 lakh crore in May, driven primarily by a 19.1% increase in import revenues. Despite a decline from April's record collections, the growth underscores the significant role of imports in the country's tax revenue.