Loading...

Top
Help
×

By creating an account you can:

Logo TaxTMI
Call Us / Help / Feedback

Contact Us At :

E-mail: [email protected]

Call / WhatsApp at: +91 99117 96707

For more information, Check Contact Us

FAQs :

To know Frequently Asked Questions, Check FAQs

Most Asked Video Tutorials :

For more tutorials, Check Video Tutorials

Submit Feedback/Suggestion :

Email :
Please provide your email address so we can follow up on your feedback.
Category :
Description :
Min 15 characters 0/2000
Make Most of Text Search
  1. Checkout this video tutorial: How to search effectively on TaxTMI.
  2. Put words in double quotes for exact word search, eg: "income tax"
  3. Avoid noise words such as : 'and, of, the, a'
  4. Sort by Relevance to get the most relevant document.
  5. Press Enter to add multiple terms/multiple phrases, and then click on Search to Search.
  6. Text Search
  7. The system will try to fetch results that contains ALL your words.
  8. Once you add keywords, you'll see a new 'Search In' filter that makes your results even more precise.
  9. Text Search
Add to...
You have not created any category. Kindly create one to bookmark this item!
Create New Category
Hide
Title :
Description :
❮❮ Hide
Default View
Expand ❯❯
Close ✕
🔎 News - Adv. Search
TEXT SEARCH:

Press 'Enter' to add multiple search terms. Rules for Better Search

Search In:
Main Text + AI Text
  • Main Text
  • Main Text + AI Text
  • AI Text
Category: ?
Categorized by AI
---- All Categories ----
  • ---- All Categories ----
  • Income Tax
  • GST
  • Customs, DGFT & SEZ
  • FEMA & RBI
  • Corp. Laws, SEBI & IBC
  • PMLA, Black Money & ED
  • Budget
  • News and Press Release
  • PTI News
Month:
---- All Months ----
  • ---- All Months ----
  • January
  • February
  • March
  • April
  • May
  • June
  • July
  • August
  • September
  • October
  • November
  • December
Year:
---- All Years ----
  • ---- All Years ----
  • 2026
  • 2025
  • 2024
  • 2023
  • 2022
  • 2021
  • 2020
  • 2019
  • 2018
  • 2017
  • 2016
  • 2015
  • 2014
  • 2013
  • 2012
  • 2011
Sort By: ?
In Sort By 'Default', exact matches for text search are shown at the top, followed by the remaining results in their regular order.
Relevance Default Date
    SIDBI organizes a conclave of the Heads of Regional Rural Banks (RRBs) on expanding SIDBI-RRB MSME Co-Lending arrangement
    SC sets aside show cause notice to Tata Steel over input tax credit availed during FY19-23
    HC flags fraudulent use of Aadhaar by infiltrators to get Indian citizenship; calls for action
    IVCA Welcomes Consultative Approach on Draft FEMA NDI Rules
    India to be among top 5 Nestle markets in coming years, a major export hub : Global CEO
    Build Credit Awareness with a Free Credit Score Check from Bajaj Finance
    CARD91 Introduces Five-Point Credit Lifecycle Consistency Framework for Credit Line on UPI
    RBI's Proposed Shift from Revolving Credit to Term Loans: SwiffyLabs Lending Platform Already Supports the New Construct
    The US and Canada could pull back from an all-out trade war. It's not clear that they will
    Indian Community in Japan Playing Key Role in Strengthening India-Japan Ties: Commerce and Industry Minister Shri Piyush Goyal
    Union Minister of Commerce and Industry Shri Piyush Goyal Chairs India-Japan Industry Roundtable on Semiconductors and Artificial Intelligence in Toky...
    National Traders’ Welfare Board Holds 100th VC Meeting to Strengthen Engagement with Traders Across the Country
    CCI approves acquisition of 100% share capital of Tao Digital Solutions by Cyient Ltd
    CCI approves acquisition of 100% stake in Kestrel Coal Group Pty Ltd. by Yancoal Australia from certain sellers
    HC bench releases Skoda Volkswagen USD 1.4 billion tax case sans verdict; matter to be heard afresh
    Canada strikes back at US with retaliatory tariffs as trade war escalates
    Rupee rises 26 paise to close at 95.44 against US dollar
    Economy shows resilience to global headwinds with buoyant domestic demand: RBI bulletin
    Goyal promises BIS certification relief for high-tech sector firms
❯❯
Maximize Maximize Maximize
0 / 200
Expand Note
Add to Folder

No Folders have been created

+

Are you sure you want to delete "My most important" ?

NOTE:

News
Showing Results for :
Reset Filters
Results Found:
Show All Summaries Hide All Summaries
August 26, 2026
Show AI Summary
Alternative dispute resolution enabled settlement of long-pending disputes, alongside reporting on court administration and regulatory compliance concerns.
Legal developments include resolution of long-pending tenancy, commercial and property disputes through a special Lok Adalat mechanism, including a digitally signed international settlement. Other matters concern a challenge to a riot-related murder conviction, allegations of administrative irregularities and selective case listing, fast-track court pendency, cancellation of a recruitment process following suspected examination malpractice, fraudulent identity documents used to claim citizenship, medical-qualification standards, and opposition to uranium exploration and mining.
August 26, 2026
Show AI Summary
MSME co-lending supports digital paperless credit delivery through rural banks for underserved rural and semi-urban enterprises.
SIDBI-RRB MSME co-lending arrangement is proposed for expansion to increase credit access for micro, small and medium enterprises in rural and semi-urban areas. The arrangement combines SIDBI's understanding of MSME credit requirements with Regional Rural Banks' local reach. SIDBI's Co-Lending Origination Platform provides an end-to-end digital credit process intended to enable faster, paperless loan processing, in-principle sanction communication, documentation and direct account disbursement without branch visits.
August 26, 2026
Show AI Summary
Input tax credit mismatch alone cannot support fraud-based GST demand without an assessing officer's recorded satisfaction of fraud or suppression.
Section 74 GST demand proceedings require the assessing officer's independent satisfaction of fraud, wilful misstatement or suppression of facts. An input tax credit mismatch or alleged short payment alone cannot establish these conditions. Unsupported assertions of suppression for invoking extended limitation are insufficient, and audit objections cannot replace the assessing officer's satisfaction. A show cause-cum-demand notice lacking factual allegations of a deliberate device to evade tax or avail excess input tax credit is vulnerable.
August 26, 2026
Show AI Summary
Fraudulent Aadhaar procurement exposes identity-verification gaps and prompts disclosure, expedited investigation, deportation, and statutory review measures.
Fraudulent procurement of Aadhaar and other identity documents by foreign nationals who infiltrate borders may undermine identity verification, immigration control and national security. Coordinated action is required to trace and deport such persons, prevent re-entry, strengthen document verification, and complete investigations without delay. Amendments to the Aadhaar Act are to be considered to assist investigating agencies, while a dedicated procedure is required to address border infiltration and human trafficking. Aadhaar enrolment records are to be supplied to police, followed by timely deportation proceedings.
August 26, 2026
Show AI Summary
Foreign investment liberalisation proposals receive industry support, subject to preserving AIF treatment, grandfathering, and prospective application.
Proposed foreign-investment liberalisation, including treatment of stakes below 10 per cent and a greater role for market forces in valuation, is welcomed. Preservation of the existing treatment of Alternative Investment Funds under the IOCC framework is emphasised, together with grandfathering of transactions and funds undertaken under the current regulatory position. Newly introduced requirements should operate prospectively to support a simpler, predictable and investment-friendly foreign-investment framework.
August 26, 2026
Show AI Summary
India market expansion guides Nestle 's volume-led growth, export-hub development and long-term investment without compromising product quality.
Nestle 's India strategy focuses on volume-led growth, wider consumer reach, portfolio development, efficiency improvements and sustained long-term investment. Growth is intended to combine increased household penetration with pricing, premiumisation, affordability and value offerings. India is also intended to develop further as a production and export hub for global markets, supported by manufacturing capacity and expanding overseas supplies. Product quality and consumer interests remain constraints on the pace of expansion.
August 26, 2026
Show AI Summary
Credit awareness through regular score and report review supports responsible borrowing, error detection, and informed credit management.
Free online access to the Credit Pulse Report is available through the Bajaj Finance website. Users verify their registered mobile number through OTP authentication, provide identifying particulars including PAN and date of birth, and then view the available credit score. The report may be reviewed and downloaded to examine repayment history, active credit accounts, recent enquiries and other recorded credit information. Periodic review can help identify unfamiliar accounts, inaccurate repayment records, overdue amounts, unupdated information and changes in credit utilisation.
August 26, 2026
Show AI Summary
Credit lifecycle consistency requires facility-specific treatment so UPI-linked credit records, repayments and customer obligations remain aligned.
CARD91's Credit Lifecycle Consistency Framework calls for facility-specific treatment of Credit Line on UPI transactions and continuing credit events. Credit limits, outstanding balances, repayments, refunds, reversals and EMI conversions should be accurately connected to the relevant customer account and applied according to the underlying facility's terms. Bank policy, customer consent, transaction controls and portfolio actions should remain aligned. Customer-facing applications, statements and alerts should consistently reflect available credit, outstanding obligations and repayment schedules, while disputes and manual corrections follow documented, reviewable processes.
August 26, 2026
Show AI Summary
Non-revolving credit lines require term-loan structures supporting multiple drawdowns without replenishing sanctioned limits for NBFC lending products.
Proposed restrictions on revolving credit facilities for most NBFCs would generally require credit products to operate as term loans, rather than facilities in which principal repayment automatically restores the available borrowing limit. Compliance may require technology capable of managing multiple drawdowns within an approved sanction, separate repayment schedules, amortisation and servicing workflows, while preventing repaid principal from replenishing the sanctioned limit.
August 26, 2026
Show AI Summary
Reciprocal trade tariffs intensify as negotiations confront market access, cultural protections, industrial safeguards, and sovereignty concerns.
US-Canada tariff escalation involves reciprocal import duties following failed negotiations over market access and trade in dairy, alcoholic beverages, automobiles, steel, aluminium and softwood lumber. United States tariff action relies on a rarely used trade-law power permitting duties against countries considered to discriminate against American businesses, without a prior investigation or stated time limit. Negotiations also raised concerns about protection of major industries, cultural protections and Canada's freedom to conclude trade agreements with other countries.
August 26, 2026
Show AI Summary
Diaspora engagement supports skilled mobility, investment links, remittances, and citizen welfare while encouraging compliance with local laws.
Indian diaspora engagement in Japan supports bilateral goodwill, business links, investment opportunities and people-to-people ties. Skilled Indian professionals are encouraged to understand local requirements, learn Japanese language and culture, and pursue opportunities in healthcare, trades, engineering, artificial intelligence, accountancy and maritime work. Diaspora members are also encouraged to maintain connections with India, contribute through digital education and knowledge-sharing, and comply with local laws and regulations. Remittances and government support for citizens' welfare, safety and crisis assistance abroad are recognised as important aspects of diaspora engagement.
August 26, 2026
Show AI Summary
Semiconductor and AI cooperation advances through industry engagement, investment facilitation, and accelerated economic partnership review.
India-Japan cooperation in semiconductors and artificial intelligence is being strengthened through industry engagement, investment facilitation, technology partnerships and an economic-security-oriented framework. India's semiconductor strategy covers chip design, machinery and materials, fabrication, ATMP/OSAT, research, and talent development, supported by Semicon India initiatives. Bilateral engagement also seeks to address industry concerns, expand manufacturing and innovation partnerships, and accelerate review of the Comprehensive Economic Partnership Agreement to reflect emerging economic opportunities.
August 26, 2026
Show AI Summary
Virtual trader engagement platform strengthens weekly grievance feedback, policy information sharing, and institutional dialogue between government and trading communities.
The Virtual Conference Interaction Meetings provide a weekly, accessible forum for retail traders to engage with the Government, receive information on relevant schemes, policies and reforms, and submit grievances and suggestions. The platform enables recurring concerns to be identified and communicated to concerned Ministries and Departments for consideration and redressal. It seeks to strengthen institutionalised dialogue, feedback, transparency, trust and cooperation between the Government and the trader community.
August 26, 2026
Show AI Summary
Competition clearance for full acquisition permits Cyient to acquire Tao Digital Solutions, a global digital transformation and technology services provider.
Competition Commission of India approved Cyient Limited's acquisition of 100% of Tao Digital Solutions Inc.'s share capital from its existing shareholders. The full share capital acquisition transfers complete ownership of Tao Digital Solutions to Cyient. Tao Digital Solutions provides global digital transformation and technology services, including product engineering, managed services, cybersecurity, payments, digitization and AI, cloud services, and data services, and operates in India through its wholly owned subsidiary, Tao Digital India Private Limited.
August 26, 2026
Show AI Summary
Competition clearance for full coal-sector acquisition addresses limited Indian market links through metallurgical and thermal coal sales.
Competition approval covers Yancoal Australia Limited's acquisition of 100% equity interest and warrants in Kestrel Coal Group Pty Ltd. The target holds an 80% interest in the Kestrel Joint Venture, which operates a Queensland coal mine producing principally metallurgical coal and a smaller volume of thermal coal. Neither the acquirer nor the target has a physical presence in India. Their Indian nexus is limited to coal exports and the joint venture's sales of metallurgical coal into India.
August 25, 2026
Show AI Summary
Customs classification of unassembled vehicle imports requires fresh hearing after reserved tax challenge was released without verdict.
The dispute concerns customs classification of imported unassembled vehicle parts. Customs authorities allege that parts imported in separate shipments should have been declared as completely knocked down (CKD) units, attracting the higher duty applicable to CKD imports, rather than as individual components subject to lower duty. The manufacturer contests the resulting customs demand. Proceedings have been released for fresh hearing before the regular indirect-tax writ bench, with status quo maintained for four weeks.
August 25, 2026
Show AI Summary
Retaliatory tariffs on imported goods escalate trade measures, targeting key sectors while maintaining support for affected domestic businesses.
Canada has imposed retaliatory tariffs on United States-origin industrial and consumer goods following increased United States tariffs on Canadian goods. Effective 8 September, the measures apply at rates of 15%, 25% and 50% across more than 700 products, including steel, aluminium, appliances, dairy products, seafood, furniture, clothing, pulp and paper, and electronics. Existing countertariffs on automobiles remain in force. The measures seek to protect domestic businesses and reduce imports, supported by assistance for affected workers and businesses amid risks to integrated cross-border supply chains.
August 25, 2026
Show AI Summary
Foreign-exchange market intervention and lower crude prices supported rupee appreciation, while USD/INR remained range-bound amid shifting dollar conditions.
Foreign-exchange market conditions supported rupee appreciation against the US dollar, driven by stronger domestic equity markets, a weaker US dollar and lower crude oil prices. The USD/INR pair remained broadly range-bound, with oil-price movements and Reserve Bank intervention identified as key near-term influences. The special USD-INR foreign-exchange swap facility for FCNR(B) deposits, overseas foreign-currency borrowings and external commercial borrowings mobilised substantial foreign-exchange inflows.
August 25, 2026
Show AI Summary
Section 301 tariffs may have lower impact where major exports remain outside their scope amid resilient domestic demand.
Economic resilience is attributed to buoyant domestic demand, increased manufacturing and services activity, improving liquidity conditions, credit growth, investment activity and rebounding foreign capital inflows. Recovery in the southwest monsoon improved kharif sowing and reservoir storage, partly mitigating agricultural-sector risks. US Section 301 tariffs are expected to have a comparatively lower effect because major Indian exports to the United States, including smartphones, petroleum products and pharmaceuticals, remain outside their scope. Foreign direct investment improved with higher gross inflows, while outward foreign direct investment continued to decline.
August 25, 2026
Show AI Summary
BIS certification exemptions may be structured for high-tech manufacturers to ensure timely equipment imports and support domestic manufacturing operations.
Mandatory Bureau of Indian Standards (BIS) certification requirements for equipment and components used by high-technology manufacturers may be addressed through a proposed exemption framework. Possible exemptions may be structured at the company, industry, product, project or bulk level to support timely availability of imported equipment, goods and services for manufacturing operations. The approach is directed at high-technology industries generally, particularly semiconductor and artificial intelligence sectors, while addressing delays associated with mandatory certification and complex procedures for specialised imported parts and equipment.

News

Back

All News

Showing Results for :
Reset Filters
No Records Found

News

Back

All News

Showing Results for : Reset Filters

SERVICE SECTOR'S CONTRIBUTION TO TOTAL GVA RISES FROM 50.6% IN FY14 TO 55.3% IN FY25: ECONOMIC SURVEY 2024-25

January 31, 2025

Contents
Summary
Note

Note

-

Bookmark

Print

Print

SERVICE SECTOR GREW AT 8.3% FROM FY 23 TO FY 25, FUELS GDP GROWTH: ECONOMIC SURVEY 2024-25

SERVICES EXPORT GROWTH SURGED TO 12.8% DURING APRIL–NOVEMBER FY25

SKILLED LABOUR FORCE, SIMPLIFYING PROCEDURES AND REGULATIONS KEY FOR PROGRESS OF MANUFACTURING AND SERVICE SECTORS: ECONOMIC SURVEY 2024-25

GLOBAL CAPABILITY CENTRES GIVE EMPLOYMENT TO 19 LAKH PROFESSIONALS

AVERAGE MONTHLY DATA USAGE PER USER IN FY24 GROWS TO 19.3 GB, FROM 12.1 GB IN FY21

 

Acknowledging the importance of the Service Sector, it has been termed as ‘Old War Horse’ in the Economic Survey 2024-25 tabled in the Parliament today by Union Minister of Finance and Corporate Affairs, Smt. Nirmala Sitharaman. ‘The service sector has been fuelling growth both domestically and globally. In FY25 so far, services propped up GDP growth when manufacturing has been affected by dampening global merchandise trade. The critical role of services exports in strengthening India’s external balance and the increasing ‘servicification’ of the industrial sector adds to its importance to the Indian Economy’, highlights the Economic Survey 2024-25.

India’s services sector has been the steadiest contributor to the Gross Value Added (GVA) in the economy. Its contribution to the total GVA at current prices has increased from 50.6% in FY14 to about 55% in FY25. The growth in the service sector, as measured by YoY change in the real GVA by services, has been above 6% in each year in the last decade, except for the Covid-19 pandemic that affected FY21. The average services growth rate before the pre-pandemic year was 8%. The average services growth in the post-pandemic Year, i.e. FY23 to FY25 has risen to 8.3%. The service sector also provides employment to approximately 30% of the workforce. Services also contribute indirectly to the GDP through the ‘servicification’ of manufacturing, i.e., increasing utilization of services in manufacturing production and post-production value addition.

India’s share in global services exports has been steadily rising for the last two decades. This has helped compensate the impact of oscillation in the share of merchandise exports in global merchandise exports to some extent. India ranks seventh globally, representing a 4.3% share in the global services export.

Referring to the HSBC’s India services PMI, the Economic Survey 2024-25 highlighted that the service sector remained in the expansionary zone for continuous 41 months since August 2021. The index remained above the 60 mark for the first five months of FY25. However, in September, the index witnessed a ten-month low, but it quickly rebounded in October. The recent data indicates demand buoyancy continued to drive new business inflows higher, which in turn supported output growth and prompted firms to recruit additional workers.

TRADE IN THE SERVICES

India remained amongst the top five major countries in terms of growth in services exports in FY25 (April-September). India’s services export growth accelerated to 12.8% in April-November FY25 from 5.7% in FY24. Computer services and business services exports account for around 70% of India’s services exports. In April-November FY25, services imports grew by 13.9%, in contrast to a decline of 2.9% during the same period in FY24.

SOURCES OF FINANCING: BANK CREDIT AND FDI

Total outstanding bank credit to services sector stands at 48.5 lakh crore rupees as of November 2024. The YoY growth in the credit to the services sector was recorded at 13%. Within the service sector, computer software and professional services recorded the highest YoY credit growth at 22.5% and 19.4% respectively.

FDI equity inflows stood at USD 29.8 billion in FY25 (April- September), while the services sector witnessed USD 5.7 billion inflow in the same period. In FY25 (April- September), insurance services received the highest FDI inflows of over 62%, followed by the financial sector, which received over 18% of the total FDI equity inflows to the services sector.

STRATEGY FOR SERVICE SECTOR

NITI Aayog working paper on “Identifying Potential Service Sub-Sectors: Insights from GVA, Exports, and Employment Data” studies the potential of services in transforming the Indian economy from various dimensions such as the contribution to output /value added, employment and exports. Based on the analysis of the performance of the various service sub-sectors on these key dimensions, the Survey classifies services into four categories, each with its own set of policy recommendations: defend, accelerate, transform, and untapped.

LOGISTICS AND PHYSICAL CONNECTIVITY BASED SERVICES

Indian Railways (IR) is the fourth largest network in the world. Passenger traffic of Indian Railways achieved a growth of 8 per cent over the previous year. Revenue earning freight in FY24, achieved a growth of 5.2 per cent, the survey said.

Road transport generates the highest GVA within transport services. During FY23, road transport accounted for 78 per cent of the total GVA of transport services. Enhancing user convenience on national highways is central to the growth of road transport. In this direction, the government has moved from traditional ways of tolling to digitised tolling by adopting FASTag. In a major step towards road safety, the government has formulated a comprehensive strategy to improve road safety standards on National Highways.

India is the fastest-growing aviation market globally. To accommodate the substantial growth in air traffic, Indian airlines have placed amongst the largest orders for aircraft globally.

Further, the Economic Survey 2024-25 highlights that, with 140 remote pilot training organisations, 18,862 remote pilot certificates issued, 26,659 registered drones, and 82 approved drone models, India has seen a notable rise in drone activities

Major ports of India are enhancing their capacity to accommodate increased trade demand. The cargo movement in FY24 was 819 MT. In FY25, in line with the annual target of 870 MT, around 622 MT has been handled upto December 2024.

Inland water transport holds great untapped potential as a means for the transport of goods and passengers. As of October 2024, the country has 26 operational waterways of more than 4,800 km. The government is also putting efforts into promoting river cruise tourism on national waterways.

TOURISM AND HOSPITALITY

The tourism sector’s contribution to GDP regained the pre-pandemic level of 5% in FY23. The tourism sector created 7.6 crore jobs in FY23. International tourist arrivals (ITAs) in India have rebounded to pre-pandemic level in 2023. The share of India’s ITAs in World ITAs stands at 1.45 per cent in 2023.

REAL ESTATE: BUILDING THE ECONOMY

India’s real estate market witnessed robust performance under office demand as well as residential sales driven by economic stability and positive market sentiment. The demand for real estate is emerging not only in tier 1 and tier 2 cities but across the country due to the expansion of metro networks, enhancement to road networks, and improvements in connectivity. The residential real estate market scaled an 11-year high in sales volume in the first six months of 2024. Housing demand in India is expected to touch 93 million units by 2036.

INFORMATION TECHNOLOGY (IT) SERVICES

The Indian IT/ ITeS industry has a leading position globally and has been a significant contributor to the growth of exports. The industry has estimated revenues of USD 254 billion, marking a 3.8% YoY growth in FY24 (excluding e-commerce). Tech exports reached nearly USD 200 billion, reflecting a growth of 3.3%, while the domestic market is expected to expand by 5.9%, crossing USD 54 billion in FY24.

GLOBAL CAPABILITY CENTERS

India’s Global Capability Centres (GCCs) are emerging as strategic hubs reshaping the Indian corporate landscape while influencing global business dynamics. The number of GCCs in India has grown from approximately 1430 in FY19 to over 1700 in FY24. As of FY24, GCCs in India employ nearly 1.9 million professionals.

TELECOMMUNICATION

India's telecom sector is expanding with the smart phone boom, surging data consumption, and the advent of technologies like 5G. India stands as the second largest telecommunications market, with over 1.18 billion telephone subscribers, an overall teledensity of 84%, and 941 million broadband users as of 31st October, 2024. The country also leads in mobile data consumption per subscriber and offers the world's most affordable data rates. The average monthly wireless data usage per user in FY24 grew to 19.3 GB, up from 12.1 GB in FY21.

As per annual survey of unincorporated sector enterprises 2022-23, the number of estimated enterprises belonging to the unincorporated sector stands at 6.5 crore. 72.6% of these enterprises operate in the service sector. These enterprises, though contributing to the overall development of the economy in terms of employment and income, are losing out on benefits normally offered by incorporation, the Survey says.

The Economic Survey says that one of the primary conditions for manufacturing and service sector progress is the focus on appropriate skilling of the labour force. The significant initiatives taken in the Budget 2024-25 need to be carried forward into action by the synergic efforts of all tiers of the government, private sector and skilling institutions.

Topics

Acts Income Tax