For Q3 FY26, the central bank raised its growth estimate to 7.0% from 6.4%. The forecast for Q4 FY26 was also raised to 6.5% from 6.2%. Similarly, the projection for Q1 FY27 was raised to 6.7% from 6.4%, while growth for Q2 FY27 was projected at 6.8%.The revisions follow stronger-than-expected GDP growth in the September quarter. India's economy sparkled in the July-September period as it posted six-quarter high 8.2% growth, riding a surge in consumer demand fuelled by the reduction in goods and services t ...

Core Insights - The document contains a comprehensive list of tax-related terms, forms, and regulations, indicating a focus on taxation and compliance in the financial sector [1][2]. Group 1: Tax Regulations - The document references various tax forms such as Form 16, Form 26AS, and Form 16A, which are essential for income tax filing and compliance [2]. - It highlights the importance of deadlines for filing eTDS returns and the consequences of late submissions, emphasizing the need for timely compliance [2]. - There are mentions of changes in excise duty rates and service tax regulations, reflecting ongoing adjustments in tax policies that affect businesses [1][2]. Group 2: Financial Instruments - The document discusses various financial instruments, including fixed deposits, mutual funds, and exchange-traded funds, indicating a broad spectrum of investment options available to individuals and businesses [2]. - It outlines the implications of long-term capital gains tax, which is crucial for investors in planning their investment strategies [2]. Group 3: Compliance and Reporting - The document emphasizes the necessity for businesses to maintain accurate records and comply with tax regulations to avoid penalties, highlighting the role of proper documentation in financial management [1][2]. - It mentions the use of software tools for e-filing and tax calculations, suggesting a trend towards digital solutions in tax compliance [2].

. SECURITIES,5,(MNP),2,(TDS)2007-08,1,`,1,01.07.12,23,01.09.2008,1,01.10.2012,2,06.07.2009,3,07.08.2012,1,1 PERCENT EXCISE ITEMS LIST,2,1 sep,1,1% excise,2,10 year nsc,7,10(10C),1,10(10D),1,10(11),1,10(12),1,1000 court cases judgements supplied to ITO,7,1000 rupee note,3,11-2008,1,11-2010,1,111A,4,130 items,1,14.08.2008,1,15 august,2,150 Rs coin,2,15g,14,15h,15,18-12-2009,1,192(1A),5,192A,2,194 I,4,194 IA,1,194A,7,194c from 01.10.2009,7,194H,6,194j,15,194LC,3,194N,1,194O,1,194q,2,1981-2007,2,2% cst,1,2% exc ...

Economic Growth Overview - India's economy experienced a significant growth of 8.2% in the July-September period, marking a six-quarter high, driven by a surge in consumer demand and a reduction in goods and services tax (GST) [12][5][6] - The expansion was primarily led by a 9.2% growth in services and a 9.1% rebound in manufacturing [12][1] Consumer and Investment Trends - Private consumption, which constitutes nearly 60% of GDP, rose to a three-quarter high of 7.9% in the July-September period, up from 7% in the previous quarter [2][12] - Gross fixed capital formation, an investment measure, increased by 7.3%, slightly lower than the 7.8% growth in the prior quarter [2][12] - Agriculture growth was recorded at 3.5% in Q2, a slight decrease from 3.7% in Q1 [2][12] Future Growth Projections - The strong economic performance is expected to lead to upward revisions in growth estimates for FY26, with rating agency Crisil raising its forecast from 6.5% to 7% [7][12] - First-half FY26 growth was reported at 8%, an increase from 6.1% a year earlier, with gross value added (GVA) rising by 7.9% compared to 6.2% in the same period [7][12] Rural Consumption and Inflation - Strong agricultural performance and easing inflation are contributing to improved rural consumption growth, which is anticipated to continue into the first half of FY27 [8][12] - Retail inflation slowed to a record low of 0.25% in October, which, combined with strong growth, has complicated the outlook for potential rate cuts [10][12] Trade and Policy Considerations - The imposition of a 50% tariff by the US on India, including a 25% penalty for importing Russian oil, is a significant factor affecting future growth, with ongoing negotiations for a trade deal [8][12] - The GST Council's approval of a two-slab tax structure is expected to positively impact consumption by lowering taxes on various household goods [8][12]

Core Viewpoint - The company experienced short-term moderation in sales during the September quarter due to consumers deferring purchases in anticipation of Goods and Services Tax (GST) price cuts [1][7]. Group 1: Sales Performance - The moderation in sales was attributed to consumers waiting for GST-linked price reductions and distributors focusing on liquidating existing higher-priced inventory [1]. - Despite the short-term sales moderation, the company expects revenue growth in the mid-single digits and operating profit growth to align with revenue growth [1]. - Brands not affected by GST cuts, such as honey and Anmol Coconut Oil, performed well, allowing the company to maintain market share gains in over 90% of its portfolio [2][5]. Group 2: Impact of GST - Key categories like oral care, juices, hair oils, shampoo, and others, which represent approximately 60% of the company's India business, will benefit from the GST rate cut to 5% [5]. - Currently, 85% of the company's portfolio is under the 5% GST rate, which is viewed as a significant positive development [5]. - The GST reforms have resulted in daily essentials, including soaps and shampoos, now attracting a 5% GST [6]. Group 3: External Factors - The beverage portfolio was negatively impacted by higher-than-expected rainfall and floods in July and August, affecting products like Real fruit juices and coconut water [5]. - Hindustan Unilever (HUL) also reported a short-term impact on sales due to GST reforms, with expectations of near-flat to low single-digit growth for the quarter [7].

Group 1: Monetary Policy and Economic Outlook - The Reserve Bank of India (RBI) maintained its policy rate at 5.5%, aligning with economists' expectations [1] - Inflation has moderated significantly in the first quarter, but growth may decelerate in the second half of the financial year due to global trade uncertainties [2] - The RBI had an opportunity to cut interest rates to stimulate growth, especially after inflation data undershot the target band of 2% to 6% [2] Group 2: Impact of U.S. Tariffs - The U.S. imposed an additional 25% tariff on Indian imports, raising total duties to as high as 50%, significantly affecting sectors like textiles, gems, jewelry, and marine products [3] - Exports to the U.S. account for approximately 2% of India's GDP, with labor-intensive sectors facing potential job losses due to deteriorating business conditions [3] Group 3: Government Response and Domestic Consumption - To mitigate the impact of U.S. tariffs, the Indian government reduced the goods and services tax (GST) on several items to boost domestic demand ahead of the festive season [4] - India's domestic consumption constitutes over 60% of GDP, making it less reliant on exports, and the GST cuts are expected to alleviate the effects of U.S. tariffs [5] - Goldman Sachs raised its real GDP growth forecast for India to 7.1% for calendar year 2025 and 6.7% for fiscal year 2026, following a better-than-expected GDP growth of 7.8% in the June quarter [5]

Core Viewpoint - ICICI Bank has received a Show Cause Notice (SCN) demanding GST of Rs 216.27 crore related to services provided for maintaining specified minimum balances in customer accounts [1][5]. Group 1: Show Cause Notice Details - The SCN was issued on September 29, 2025, by the Additional Commissioner of CGST and CEx, Mumbai East Commissionerate [1][5]. - The notice includes a demand for GST amounting to Rs 216,27,31,316, which encompasses tax, interest, and penalties where applicable [1][5]. - ICICI Bank is currently involved in litigation regarding similar issues raised in previous orders and SCNs, but this matter is disclosed due to the amount exceeding the materiality threshold [1][4]. Group 2: Market Reaction - On the day of the announcement, shares of ICICI Bank closed flat at Rs 1,348.05 on the BSE [5].

Core Insights - India's Light Vehicle (LV) wholesale figures rose by 9% month-on-month (MoM) in July, reaching 398k units, with a modest year-on-year (YoY) increase of 2% [1] Wholesale and Retail Sales - The total LV sales comprised 339k Passenger Vehicles (PVs) and 59k Light Commercial Vehicles (LCVs), with PV volumes increasing by 8% MoM and 1% YoY, while LCV sales surged by 13% MoM and 8% YoY [2] - Retail sales of PVs and LCVs also saw a 9% MoM increase to 374k units in July, up from 342k units in June and 347k units in May, with PV retail sales growing by 10% MoM [4] - LCV retail sales increased by 3% MoM, contributing to a total of 2.9 million LV sales in the first seven months of 2025, reflecting a 1% YoY increase [5] Market Dynamics - Demand in rural areas significantly bolstered sales despite lackluster urban market performance, aiding recovery from the MoM decline in June [3] - PV inventory levels remained stable at 55 days at the end of July, indicating balanced supply and demand [4] Tax Policy Impact - The government's decision to reduce the Goods and Services Tax (GST) from 28% to 18% on vehicles shorter than four meters is expected to stimulate sales of Mini Cars, Sub-Compact Cars, and Sub-Compact SUVs [6] - Larger vehicles will now be taxed at a flat rate of 40%, down from a previous higher rate of about 50% [6] - The tax reductions will take effect on September 22, coinciding with the peak festival period, traditionally a favorable time for vehicle purchases [7] Future Projections - The forecast for India's LV wholesales remains unchanged, with a conservative 1% YoY increase anticipated to 5 million units this year, including a 1% YoY rise in PV sales and a 3% YoY expansion in LCV sales [7] - There is potential for upward revision of this projection in the next report, reflecting the expected sales boost from the upcoming GST rate reduction [8]