« Top Headlines » Open DEMAT Account in 24 hrs  New Income Tax Act: ITR forms to be issued prior to FY28, says govt  GSTR-9C Explained: Turnover Limit, Due Date, Statement Format & How to Prepare It in Tally Prime (2025 Update)  Will Income Tax Department release new ITR forms by January 2026? Finance Ministry says this  The Government of India has strengthened MSME protection through strict payment rules, ensuring that Micro & Small Enterprises receive timely payments from buyers. Under the MSME Development Act (MSMED Act), 2006, buyers must make payments within:  ITR Refund Delays in India: Why They Happen & How to FastTrack Your Refund in 2025  ITR Refund Delay: From Bank Errors To Department Checks, 5 Big Reasons Your Refund Gets Stuck  Income Tax Slabs 2025: New Vs Old Regime; Which One Is Better For You For FY2025-26?  Seamless Integration: How Tally Prime Connects Businesses to the Digital Economy  Govt to notify new ITR forms, Income Tax Act 2025 rules by January 2026: CBDT chief  Digital Efficiency for MSMEs: The Tally Prime Advantage  5 Ways Tally Prime Reduces Cost and Boosts Productivity for Startups «  CBDT norms to address taxpayers` grievances... Govt may bring excise duty, service tax closer... » Budget may seek fresh excise, service tax rates October, 27th 2006 The forthcoming budget could seek some tweaking of the excise and service tax rates as part of efforts to converge the rates at a later stage. At present, the average excise rate stands at 16 per cent, while it is 12 per cent for service tax. While finance ministry officials admit that a complete convergence of the two rates is not possible in the immediate future, there is merit in moving towards a common rate since at present a company can avail a 16 per cent cenvat on a service which attracts 12 per cent tax. Officials said a single rate would also be essential to ease the transition to a general goods and service tax. They pointed out that though the service tax base had been widened, the new services were not generating greater revenue. “The increased service tax collection is mainly on account of a wider base and not because of higher collection from new taxes,” an official said. The government has collected Rs 12,412 crore by way of service tax in the April-August period, which is around 65 per cent more than the collection of Rs 7,527 crore in the same period last year. Another proposal which the ministry is working on relates to introduction of mandatory electronic filing of tax returns for individuals.