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Centre expects Rs 5.91 lakh cr from cess and surcharge in FY26

Economic Times

Economic Times · 1m ago

Centre expects Rs 5.91 lakh cr from cess and surcharge in FY26

The Finance Ministry expects to collect Rs 5.91 lakh crore from cess and surcharge in FY26, which is a 9.43% increase over the previous year. This includes Rs 4.18 lakh crore from cess and Rs 1.72 lakh crore from surcharge. These levies fund Centrally Sponsored Schemes and meet specific Union needs. The government operates various cesses, such as agriculture infrastructure, crude oil, GST compensation, and more, alongside surcharges on taxes.

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GST collection rises by 8.5% to Rs 1.82 lakh Cr in Nov

YourStory

YourStory · 9m ago

GST collection rises by 8.5% to Rs 1.82 lakh Cr in Nov

Gross GST collection in November reached over Rs 1.82 lakh crore, showing an 8.5% increase compared to the same period last year. The central GST collection recorded Rs 34,141 crore, state GST reached Rs 43,047 crore, integrated IGST accounted for Rs 91,828 crore, and cess stood at Rs 13,253 crore. Domestic transactions contributed to a 9.4% growth, while tax on imports rose by approximately 6%. After adjusting for refunds, net GST collection rose by 11% to Rs 1.63 lakh crore.

Ninjacart’s gross revenue crosses Rs 1,200 Cr in FY23

Entrackr

Entrackr · 1y ago

Ninjacart’s gross revenue crosses Rs 1,200 Cr in FY23

Ninjacart, a B2B agritech firm, announced that its gross revenue for the fiscal year ending March 2023 surpassed Rs 1,200 crore. The company witnessed a 28% growth in revenue compared to the previous year. Ninjacart connects farmers with retailers, restaurants, and sellers through its platform, and currently serves over 5 million farmers and 1 lakh retailers across seven cities in India. The company aims to achieve a gross revenue of Rs 4,000 crore in FY24 and expects to become profitable by FY26.

GST authorities drop Rs 5.91 Cr tax demand against Zomato

Entrackr

Entrackr · 6m ago

GST authorities drop Rs 5.91 Cr tax demand against Zomato

Zomato Limited has received a favorable order from the Commissioner (Appeals), Gurugram, Haryana, which has set aside a previous demand for Goods and Services Tax (GST) amounting to Rs 5.91 crore. The demand, raised by the Additional Commissioner of CGST, Gurugram, was for the period July 2017 to March 2021 and included a Rs 5.91 crore penalty and applicable interest. Zomato disclosed this development in a regulatory filing with the National Stock Exchange (NSE). This decision provides a significant relief to the food-tech giant, which has been navigating regulatory and taxation challenges in recent years.

EaseMyTrip profit falls 98% in Q1 FY26; spends Rs 370 Cr on 3 acquisitions

Entrackr

Entrackr · 14d ago

EaseMyTrip profit falls 98% in Q1 FY26; spends Rs 370 Cr on 3 acquisitions

EaseMyTrip profit falls 98% in Q1 FY26; spends Rs 370 Cr on 3 acquisitions Online travel aggregator (OTA) platform EaseMyTrip has reported dismal performance during the last quarter, with revenue declining over 25% and profit plunging 98% to Rs 44 lakh. EaseMyTrip’s operating revenue decreased by 25.5% to Rs 114 crore in Q1 FY26 from Rs 25.5 crore in Q1 FY25, as per its financial statements filed with the National Stock Exchange (NSE). Air ticketing contributed 50% of the company’s revenue but fell 47% to Rs 57 crore in Q1 FY26, down from Rs 107 crore in Q1 FY25. Hotel packages accounted for 28.5% of total revenue, generating Rs 32.5 crore. Including other undisclosed income, its total income for Q1 FY26 stood at Rs 120 crore, compared to Rs 156 crore in Q1 FY25. On a quarter-on-quarter basis, EaseMyTrip’s operating revenue fell 18% to Rs 114 crore in Q1 FY26 from Rs 139 crore in Q4 FY25. In line with its scale, total expenses rose 8% to Rs 118 crore in Q1 FY26 from Rs 109 crore in Q1 FY25. Service costs accounted for 15% of the total, falling 5% to Rs 18 crore in Q1 FY26. Payment gateway charges, employee benefits, and advertising were other major costs for EaseMyTrip in the last quarter. EaseMyTrip’s profit after tax (PAT) fell 98.7% to Rs 44 lakh in Q1 FY26 as compared to Rs 34 crore in Q1 FY25. On a unit basis, the Delhi-based company spent Rs 1.04 to earn a rupee of operating revenue with EBITDA of Rs 6.2 crore during the last quarter. In its board meeting, the company also approved an investment of Rs 175 crore in Three Falcons Notting Hill Limited for a 50% stake, the acquisition of 100% stake in AB Finance Private Limited for Rs 194.4 crore, and approved an investment in Vashu Bhagnani Industries Limited. EaseMyTrip closed Thursday's trading session at Rs 9.22, with a 4% increase in its share price. The company’s total market capitalization stood at Rs 3,353 crore (approx $383 million).

I-T Dept Pulls Up Taxpayers For Not Declaring Crypto Transactions

Inc42 · 23d ago

I-T Dept Pulls Up Taxpayers For Not Declaring Crypto Transactions

The Indian Income Tax department issued 44,000 emails and messages to individuals for failing to report cryptocurrency transactions in their FY25 tax returns. The initiative is part of the finance ministry’s "non-intrusive usage of data to guide and enable (NUDGE) taxpayers" campaign. Additionally, raids revealed INR 630 crore of unreported income from virtual digital assets (VDAs), with profits from VDAs being taxed at 30%, plus surcharge, cess, and a 1% tax deducted at source on transactions.

Paytm posts Rs 1,918 Cr revenue and Rs 123 Cr profit in Q1 FY26

Entrackr

Entrackr · 1m ago

Paytm posts Rs 1,918 Cr revenue and Rs 123 Cr profit in Q1 FY26

Fintech firm Paytm announced its financial results for the first quarter of the ongoing fiscal year (Q1 FY26) on Tuesday. The Noida-based company reported a revenue of Rs 1,918 crore and a net profit of Rs 123 crore for the period. According to Paytm’s unaudited quarterly report filed with the National Stock Exchange, its revenue from operations increased by 28% year-on-year from Rs 1,501 crore in Q1 FY25 to Rs 1,918 crore in Q1 FY26. Paytm has not disclosed its revenue breakup. The company also added Rs 241 crore from other non-operating sources, bringing its overall revenue to Rs 2,159 crore in Q1 FY26. For the fintech firm, its employee benefits remained the largest cost center, accounting for 32% of the overall cost, which decreased by 33% to Rs 643 crore in Q1 FY26. Its payment processing charges increased by 12% to Rs 581 crore, and marketing expenses decreased by 55% to Rs 100 crore in Q1 FY26. Software, communication, legal, cashback, and other overheads took the total expenditure to Rs 2,016 crore in Q1 FY26 from Rs 2,476 crore in Q1 FY25. Paytm turned profitable and recorded a net profit of Rs 123 crore in Q1 FY26, in contrast to a loss of Rs 840 crore in Q1 FY25. As of July 22, Paytm’s share price rose 3.5% to Rs 1,053 with the total market capitalization standing at Rs 67,218 crore.

FY25 fiscal deficit on track: Touches 100.5% of revised target at Rs 15.77 lakh crore

Business Today

Business Today · 3m ago

FY25 fiscal deficit on track: Touches 100.5% of revised target at Rs 15.77 lakh crore

The fiscal deficit for FY25 reached Rs 15.77 lakh crore, achieving 100.5% of the revised target. Government expenditure was Rs 46.56 lakh crore, 98.7% of the fiscal year's budget target. Revenues totalled Rs 30.36 lakh crore, with Rs 24.99 lakh crore from taxes and Rs 5.38 lakh crore from non-tax sources. The fiscal deficit target for FY26 is set at 4.4%.

Centre, states close to agreeing on rolling cess into GST

Livemint

Livemint · 1m ago

Centre, states close to agreeing on rolling cess into GST

The Centre and states are nearing an agreement to integrate the GST compensation cess within the broader goods and services tax framework. This move follows discussions to utilize the surplus cess collected, likely by dividing it between them. The GST compensation cess, primarily levied on luxury goods and tobacco, is projected to earn ₹1.67 trillion this fiscal year. It will expire in March after an eight-year duration unless an agreement is reached.

FirstCry parent records Rs 1,863 Cr revenue, Rs 75 Cr EBITDA in Q1 FY26

Entrackr

Entrackr · 15d ago

FirstCry parent records Rs 1,863 Cr revenue, Rs 75 Cr EBITDA in Q1 FY26

Brainbees Solutions, the parent of kids-focused omnichannel retailer FirstCry, reported a 13% year-on-year rise in revenue and a 13% reduction in losses for the quarter ending June 2025. FirstCry's revenue from operations grew to Rs 1,862.56 crore in Q1 FY26 from Rs 1,652 crore in Q1 FY25, its unaudited financial statements sourced from the National Stock Exchange (NSE) show. The sale of its products through offline stores and websites in India and the international market was the primary source of revenue, accounting for nearly 77.55% of total operating revenue, while its subsidiary, GlobalBees, contributed Rs 426 crore. The company also made Rs 49 crore from interest income which took its overall revenue to Rs 1,911 crore in Q1 FY26, compared to Rs 1,679 crore in Q1 FY25. For the omnichannel retailer, the cost of procurement of materials accounted for 58% of the overall expenditure which increased 11% year-on-year to Rs 1,145 crore in Q1 FY26 from Rs 1,029 crore in Q1 FY25. FirstCry’s employee benefits stood at Rs 203 crore in Q1 FY26 which includes Rs 60 crore as ESOP cost. The marketing, legal, rent, and technology were other overheads that pushed the overall expenditure to Rs 1,971 crore in Q1 FY26. The decent scale and controlled expenditure helped FirstCry to reduce its losses by 13% to Rs 66.5 crore in Q1 FY26. Notably, the company reported a positive EBITDA of Rs 75 crore. On a unit basis, the company spent Rs 1.06 to earn a Rupee of operating revenue in Q1 FY26. At the end of today’s trading session, FirstCry’s share price stood at Rs 375.35 per share, with a total market capitalization of Rs 19,586 crore (approximately $2.2 billion).

UltraTech lines up Rs 10,000 cr capex for FY26 to bolster capacity

Economic Times

Economic Times · 1m ago

UltraTech lines up Rs 10,000 cr capex for FY26 to bolster capacity

UltraTech Cement plans to invest Rs 10,000 crore in FY26 to expand capacity and improve efficiency. The company achieved a significant capacity milestone of 188.8 MTPA and aims for 200 MTPA soon, driven by acquisitions like India Cements and Kesoram Industries. UltraTech expects cement demand growth of 6-7% in FY26, bolstered by government infrastructure investments. Despite recent market challenges, they foresee higher volume growth, improved margins, and a reduced net debt to EBITDA ratio.

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