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    7th India–Japan CEPA Joint Committee Meeting Held in Tokyo; Secretary, Department of Commerce Shri Rajesh Agrawal Co-Chairs Discussions.
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March 5, 2026
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Comprehensive Economic Partnership Agreement promotes diversified trade and investment, enhancing tariff certainty and regulatory predictability.
The Comprehensive Economic Partnership Agreement was reviewed with focus on implementation, using the Agreement to secure tariff certainty and regulatory predictability, facilitate movement of natural persons, and promote diversification of bilateral trade. Officials highlighted export potential in textiles, pharmaceuticals, agriculture and services and underlined domestic measures to improve ease of doing business that complement CEPA's facilitative framework for deeper trade and investment cooperation.
March 5, 2026
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Combination approval permits Central Bank of India to increase shareholding in Generali insurers, subject to a regulatory order.
The Competition Commission has granted combination approval for Central Bank of India to increase its equity stakes in Generali Central Insurance Company Limited (general insurance) and Generali Central Life Insurance Company Limited (life insurance), expanding the bank's ownership in entities that supply distinct insurance products in India; a detailed Commission order will follow.
March 5, 2026
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Merger control approval permits an investment firm to acquire shareholding in a national packaged foods manufacturer.
The Competition Commission of India approved the acquisition whereby General Atlantic Singapore BWP Pte. Ltd. will acquire certain fully diluted shareholding in Balaji Wafers Private Limited from existing shareholders, clearing the notified combination under the merger control framework; a detailed order will follow.
March 5, 2026
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Combination approval: REIT to acquire developers and issue units in exchange for target shareholdings.
The Commission approved a proposed combination where Bagmane Prime Office REIT will directly acquire Bagmane Developers Private Limited (including Bagmane Green Power LLP), indirectly acquire Bagmane Rio Private Limited and, through BDPL, acquire the Luxor asset from Bagmane Constructions; Sponsor and certain third party shareholders will receive units of the Acquirer REIT in consideration for transfer of their shareholdings. The Acquirer REIT is SEBI registered and the Target Entities operate in commercial real estate, hospitality and renewable power generation.
March 5, 2026
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Image-based underwriting using Generative AI standardizes income estimation and speeds credit decisions in underserved micro enterprise markets.
Aye Finance piloted an in house system using Generative AI and ML-including a Multimodal Large Language Model integrated with proprietary models-to estimate monthly sales of trading stores from store images and related parameters, automating income estimation to reduce manual fieldwork, lower cost to serve, increase processing speed, and standardise underwriting, thereby facilitating credit inclusion for micro scale MSMEs.
March 5, 2026
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Economic growth target lowered to prioritise consumption, jobs and fiscal measures amid global and domestic uncertainties.
China reduced its economic growth target and set accompanying macro targets-including urban unemployment, urban job creation, CPI moderation, income growth alignment, balance of payments stability, steady grain output, and lower carbon emissions intensity-while announcing demand-side fiscal measures: an income-growth plan, targeted support for low-income groups and property income, reforms to remuneration and social security, issuance of special treasury bonds for consumer trade-in schemes, and a fiscal-financial coordination fund to expand domestic consumption.
March 5, 2026
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Economic growth target provides policy leeway amid external trade risks and domestic demand pressures.
China sets an economic growth target modestly lower than recent practice and presents it as a tool to preserve policy flexibility for structural adjustment, risk prevention, and reform in the opening year of a new five year plan. The report links the target to responses to external trade and geopolitical risks and to domestic challenges including a supply demand imbalance, while emphasising strengthening the domestic economy and promoting technology development.
March 4, 2026
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Family Benefit Management System directive to build integrated household database and issue universal family cards across the state.
The administration directed creation of a Family Benefit Management System compiling twenty-six household attributes-such as family identity, Aadhaar, rice card identity, education, profession, and contact details-and integrating records from multiple public and utility sources to build a comprehensive beneficiary registry. Officials reported most data is already available and the government intends to issue a family card to every household, instructing continued interagency data integration to operationalize the system for welfare delivery.
March 4, 2026
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Data protection breach: probe sought after mass discovery of identity cards, with UIDAI inquiry and legal action requested.
A data protection and public safety concern arose when a large number of Aadhaar identity cards were found on the Nethravathi riverbank, prompting the Karnataka Assembly Speaker to ask UIDAI Bengaluru for immediate intervention, a thorough investigation to determine how the cards were disposed and identify those responsible, and initiation of appropriate legal action through the concerned department.
March 4, 2026
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Bail refusal upholds detention of accused amid documentary evidence and witness-influence concerns, despite prior PMLA order.
Court denied bail to an accused in a cheating conspiracy who allegedly promised plots and flats from a government quota and used forged government documents; the magistrate found the chargesheet and documentary material crystallise his role, noted the seriousness of offences and risk of witness influence, and held that filing of the chargesheet and a separate money-laundering bail order did not by themselves justify release.
March 4, 2026
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Supply chain disruption delays exports from Sambhajinagar, raising transport costs and risking customer loss for manufacturers.
Supply chain disruption from the US Israel conflict has delayed containers at Jawaharlal Nehru Port Authority and suspended certain shipping services, causing longer transit times, higher transport costs, halted agricultural shipments to affected regions, and commercial risks such as customer attrition, repatriation of cargo, and potential post conflict surcharges that would raise export costs for manufacturers in Chhatrapati Sambhajinagar.
March 4, 2026
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Force majeure suspends LNG deliveries, disrupting contracted supplies and straining city gas distribution and industrial feedstock.
Reciprocal force majeure notices have been issued following attacks that prevent LNG tankers transiting the Strait of Hormuz, excusing non performance by the exporter and importer and prompting the importer to issue corresponding notices to downstream offtakers; the supply shortfall has reduced contracted gas availability for industrial and city gas distribution consumers, who seek confirmation on continued allocations while market participants assess costly spot replacements and insurance exclusions for acts of war.
March 4, 2026
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Tariff reduction boosts export prospects while domestic demand weakness keeps manufacturing contraction risk elevated in coming months.
China's official manufacturing PMI returned to contraction, driven by weak domestic consumption and real estate weakness, while private-sector PMI showed export-led expansion. A judicial reduction of reciprocal tariffs has lowered US tariff levels globally and is expected to provide a modest boost to exports. Upcoming high-level bilateral talks and China's national congress, which will set a growth target and approve a five-year plan focused on technology and self-reliance, are poised to influence near-term manufacturing prospects.
March 4, 2026
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Currency depreciation driven by crude oil price shock and capital outflows, worsening trade balance risk and market volatility.
Rupee depreciation accelerated as a spike in international crude prices amid geopolitical tensions prompted safe-haven flows and foreign portfolio outflows, driving the currency to a record low, pressuring equity markets and raising the risk of a larger fuel import bill that could strain the trade balance and market stability.
March 3, 2026
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GST input tax credit fraud exposed; arrests and shell company network identification trigger criminal and financial probes.
An organised racket used stolen identity documents to register shell firms, obtain GST numbers and open bank accounts to perform large-scale GST Input Tax Credit (ITC) fraud by issuing fake invoices and generating fraudulent e-way bills; funds were routed through multiple accounts, criminal cases for cheating and forgery filed, evidence recovered and coordination with tax authorities and banks is underway.
March 3, 2026
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Fraudulent GST registrations enabling Input Tax Credit misuse uncovered; coordinated raids, electronic forensics and an arrest followed.
A large-scale operation procured GST registrations for non-existent firms through forged and fraudulently obtained KYC documents, producing fake taxpayers and fraudulent invoices that enabled the wrongful availment and passing on of Input Tax Credit; coordinated IP tracking and searches led to seizure of electronic evidence and documents and to the arrest and judicial remand of a key suspect, with further investigation ongoing.
March 3, 2026
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Supply chain resilience measures initiated to monitor West Asia risks and coordinate trade, logistics and customs responses.
The government has set up an inter-ministerial group to monitor West Asia developments daily, assess vulnerabilities in shipping, logistics, exports and critical imports, and coordinate inter-ministerial actions. Measures include procedural flexibility in export authorisations, coordination with customs and port authorities to ensure smooth clearance, engagement with financial and insurance institutions to safeguard exporter interests, and a 24x7 DGFT help desk. The IMG for supply chain resilience includes departments of financial services, external affairs, shipping, petroleum and customs to facilitate coordination, monitoring and follow-up amid exporter concerns about surcharges, insurance gaps, route diversions and increased transit times.
March 3, 2026
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Force majeure declaration halts key LNG deliveries, prompting contractual supply cuts and reliance on pricier spot procurement.
Qatar declared force majeure on LNG deliveries after production halted due to regional hostilities and maritime disruptions, prompting curtailed supplies to industry and relief from supplier performance obligations. Importers are assessing long term contract entitlements, pursuing spot market purchases, and reallocating available cargoes while contending with higher war risk insurance, shipping costs, and transit constraints through the Strait of Hormuz.
March 3, 2026
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Fuel stock coverage ensures short-term supply continuity by using strategic reserves and diversified sourcing to mitigate disruptions.
India maintains sufficient crude and refined fuel inventories to manage short-term disruptions from West Asia hostilities, with strategic petroleum reserves and commercial stockpiles providing roughly six to eight weeks' coverage. The government has a 24x7 control room for continuous monitoring and contingency measures include drawing on strategic reserves, using commercial stocks, and diversifying sourcing from suppliers outside the Strait of Hormuz to sustain availability and affordability while managing price and freight risks.
March 3, 2026
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Debt-to-GSDP reduction signals fiscal consolidation as borrowings largely went to service prior liabilities under current administration.
The administration reports a reduction in the state's debt-to-GSDP ratio from its level at the start of the term and asserts that most recent borrowings were applied to servicing legacy debt, including repayment of significant portions of past principal and interest. The Finance Minister also highlights increased mobilisation of GST and excise revenues during the current four-year period relative to prior administrations, presented as strengthening fiscal capacity.

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News and Press Release

Annual Survey of Unincorporated Sector Enterprises (ASUSE) Results for 2025 (Survey period: January 2025 to December 2025)

March 24, 2026

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Snapshot:

  • The estimated number of establishments increased from 7.34 crore in ASUSE 2023–24 (October 2023–September 2024) to 7.92 crore during in ASUSE 2025 (January–December 2025), reflecting a growth of about 7.97 per cent during the period.
  • Employment in the sector grew by 6.18%, with more than 74.52 lakh new jobs being added during the period.
  • Gross value Added (GVA) also grew by 10.87% (at current price) during this period over ASUSE 2023-24. This growth has been primarily driven by 16.77% growth in trade sector followed by 8.52% growth in manufacturing and 7.36% growth in other services sectors.
  •  The emolument per hired worker increased by 3.88% in 2025 compared to the previous ASUSE 2023-24, signalling improvements in wage levels.
  • Women-owned proprietary establishments remained substantial at 27%, up from 26.2% in the previous round (ASUSE 2023-24).
  • The share of establishments using internet increased significantly from 26.7% in ASUSE 2023–24 to 39.4% in ASUSE 2025, highlighting the growing digital integration of the sector.

The Ministry of Statistics and Programme Implementation (MoSPI) has released the results of Annual Survey of Unincorporated Sector Enterprises (ASUSE) for 2025 for the reference period January, 2025 - December, 2025 referred to as ASUSE 2025 in this press note. A brief overview of the survey in terms of coverage, sampling strategy, data collection mechanism, etc., is provided in the Endnote.

The unincorporated non-agricultural sector is an important pillar of the Indian economy, contributing significantly to employment generation and Gross Domestic Product (GDP). The sector sustains livelihoods for millions of people and supports the production and distribution of goods and services across the country. By complementing the activities of the incorporated sector and strengthening domestic value chains, it plays a crucial role in the overall socio-economic development of the country.

The Annual Survey of Unincorporated Sector Enterprises (ASUSE) is conducted with the primary objective of measuring the economic and operational characteristics of unincorporated non-agricultural establishments engaged in manufacturing, trade and other services sectors (excluding construction). The survey collects information on key economic indicators such as number of workers, Gross Value Added (GVA), emoluments paid, fixed assets owned and outstanding loans, along with operational characteristics such as type of ownership, nature of operation, registration status and use of Information and Communication Technology (ICT).

The survey data serves as an important input for policymaking, supporting compilation of National Accounts Statistics, and meets the information needs of Ministries such as Micro, Small and Medium Enterprises (MSME), Textiles, etc., while enabling stakeholders to make informed decisions.

Key highlights from the ASUSE 2025 results:

The ASUSE 2025 results highlight a steady expansion of the unincorporated non-agricultural sector reflected in growth in establishments, employment, and productivity, indicating the sector's resilience and sustained momentum.

Growth in Establishments, Gross Value Added and Productivity Metrics:

The total number of establishments in the sector increased substantially from 7.34 crore in ASUSE 2023-24 (Oct 23 – Sept 24) to 7.92 crore in ASUSE 2025 (Jan 25 -Dec 25), representing a healthy 7.97% growth. Among the broad sectors covered, the number of establishments in the "Other Services’ sector recorded a robust growth of 10.29% followed by a 6.48% increase witnessed by the Manufacturing sector and 6.18% by Trade sector. This increase reflects broad-based expansion across sectors and highlights the steady growth of the unincorporated non-agricultural sector.

During the same period, the Gross Value Added (GVA) which is a key indicator of economic performance rose by 10.87% driven by 16.77% growth in trade sector followed by 8.52% growth in manufacturing and 7.36% growth in other services sectors. Among the broad sectors, however, other services sector had the highest share in GVA (42%) followed by trade (37%) and manufacturing (21%).

Gross Value Added (GVA) per worker which is a measure of labour productivity of the sector, rose to Rs. 1,56,539 in 2025 from. Rs. 1,49,742 in 2023-24 in current prices showing a 4.54% increase. During the same period, the Gross Value Added (GVA) per establishment also increased from Rs. 2,45,687 to  Rs. 2,52,699.

Strong Labour Market Performance

The sector employed about 12.81 crore workers during January-December 2025, adding more than 74.52 lakh jobs from 2023-24 (Oct 23 – Sept 24) reflecting robust labour market expansion. Among the broad activities, "Other Services" sector showed the highest growth of 7.40% generating about 35 lakh new employment.

Women-Led Enterprises Rise as Worker Earnings Improve

The percentage of female-owned proprietary establishments increased marginally from 26.2 per cent in 2023–24 to 27.0 per cent in ASUSE 2025 pointing to an encouraging trend in women-led enterprises.

The emolument per hired worker increased by 3.88% in 2025 compared to the previous ASUSE 2023-24, signalling improvements in wage levels. The highest increase in this metric was observed in trade sector which recorded a growth of about 8.5%.

Better Digital Penetration

Percentage of establishments using internet has also grown significantly from 26.7% in 2023-24 to 39.4% in ASUSE 2025. This substantial growth reflects a strong trend toward digital adoption among establishments, highlighting the increasing reliance on the internet for business operations.

Fig 4: Key Operational Indicators

Percentage of Establishments using Internet

ASUSE 2023-24

ASUSE 2025

Percentage of Female Owned Proprietary Establishments

ASUSE 2023-24

ASUSE 2025

Annual estimates of key indicators (value figures in current price), of ASUSE 2022-23, ASUSE 2023-24 and ASUSE 2025 are given in Table 1 below. The annual estimates for ASUSE 2025 for the broad activity categories are provided in the factsheet which is available in the website of the Ministry (https://www.mospi.gov.in). Further, interactive tables and visualizations on ASUSE results may be accessed on the Data Catalogue section of https://esankhyiki.mospi.gov.in/. Report of ASUSE 2025 as well as unit level data will be released in April, 2026 with detailed insights from the survey.

Table 1: Key indicators of ASUSE 2022-23, ASUSE 2023-24 and ASUSE 2025

all-India

Indicator

ASUSE 2022-23

(October,2022 – September, 2023)

ASUSE 2023-24

(October,2023 – September, 2024)

ASUSE 2025 (January, 2025 – December, 2025)

(1)

(2)

(3)

(4)

Number of Establishments (in ’00)

6,50,484

7,33,995

7,92,465

Number of Workers (in ’00)

10,96,260

12,05,998

12,80,518

Gross Value Added (Rs. Crore)*

15,42,409

17,97,278

19,92,577

GVA per establishment*(Rs.)

2,38,168

2,45,687

       2,52,699

GVA per worker* (Rs.)

1,41,769

1,49,742

       1,56,539

Emolument per Hired Worker (Rs.)

         1,24,842

1,41,071

       1,46,550

           *pertaining to market establishments

Endnote: A brief about the coverage, sampling scheme, sample size and data collection mechanism in the Annual Survey of Unincorporated Sector Enterprises (ASUSE):

A. Coverage of ASUSE:

A.1. Geographically, ASUSE covers the rural and urban areas of whole of India (except the villages in Andaman and Nicobar Islands, which are difficult to access).

A.2. Sector-wise, this survey captures unincorporated non-agricultural establishments belonging to three sectors viz., Manufacturing, Trade and Other Services.

A.3. Ownership-wise, unincorporated non-agricultural establishments pertaining to proprietorship, partnership (excluding Limited Liability Partnerships), co-operatives, societies/trusts etc. have been covered in ASUSE.

B. Sampling Scheme:

The survey has been conducted following a multi-stage stratified sampling scheme, where first stage units (FSUs) are census villages in rural area (except for rural Kerala, where Panchayat wards have been taken as FSUs) and UFS (Urban Frame Survey) blocks in urban areas.  The ultimate stage units (USUs) are establishments for both the sectors. In the case of large FSUs, one intermediate stage of sampling has been done in the form of hamlet groups in rural and sub-blocks in urban. 

The sampling design of ASUSE 2025 has been revised to enable quarterly selection of sample units. To facilitate this shift, the sample size has been increased by approximately 1.5 times over the previous survey. This improvement also makes it possible to produce quarterly estimates in addition to annual results. By adopting districts within a state as the basic strata, the design also allows participating states to generate annual estimates at the district level.

C. Sample Size:

In ASUSE 2025, data were collected from a total of 6,70,289 establishments (2,94,144 in rural and 3,76,145 in urban) pertaining to 24,153 surveyed FSUs (10,219 in rural and 13,934 in urban).

D. Data Collection Mechanism:

ASUSE 2025 has been conducted based on area frame and establishments have been listed in the selected FSUs of both rural and urban sector. Mostly, data were collected from the selected establishments through oral enquiry pertaining to the ‘monthly’ reference period barring a few big establishments, which had provided annual data from their audited Books of Accounts. The data for the survey were collected in tablet using Computer Assisted Personal Interviewing (CAPI).

E. Know your Survey- ASUSE:

The Factsheet of ASUSE 2025 (January, 2025 – December, 2025) is available on the website of the Ministry (https://www.mospi.gov.in)

Scan QR code to access MoSPI Publications/ Reports

 

For more detailed understanding of the objectives, coverage, concepts, methodology and data quality practices of ASUSE in a simple, transparent, user-friendly language, one may refer to the Know Your Survey: A User Guide to the Annual Survey of Unincorporated Sector Enterprises (ASUSE) published by NSO, MOSPI and available on the website of the ministry (https://www.mospi.gov.in).

****

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