Tax

Collections from windfall tax collections had cooled before it was withdrawn on December 2

Check out the various FD rates available from different banks

Currently, aerated beverages, regardless of their sugar content, attract a 28 per cent GST-the highest slab-along with a compensation cess of 12 per cent

Revenue Secretary Sanjay Malhotra on Wednesday askedI officers to nab the masterminds behind smuggling rackets, but keep the interest of the economy in mind before issuing high-pitched notices in commercial fraud cases. Addressing the 67th foundation day of the Directorate of Revenue Intelligence (DRI), Malhotra also said it is vital for the department to upgrade skills and manpower to adapt to the technology changes. He urged theI officers to focus energy on big fish and masterminds and bust syndicates in smuggling operations. However, Malhotra added that the officers have to be "very careful" while taking action against traders or businesses involved in potential commercial fraud cases. During 2023-24,I has detected duty evasion through misclassification and misdeclaration of goods, worth Rs 10,000 crore. He said there could be a technical nature of some tax demands and classification disputes rampant across the industry on some goods, which could lead to a very high-pitched dem

"The GoM on rate rationalisation has completed its report, which proposes major adjustments to tax rates on 148 items, with a particular focus on the textile industry"

No major revenue impact, say experts

The govt has withdrawn the Road and Infrastructure Cess on petrol and diesel exports to ease financial pressure on the oil sector

Often criticised as "revdi culture", these promises have become central to political manifestos across parties, as seen even in the recent Maharashtra and Jharkhand elections

India's GST regime is very complicated and there is a need to simplify this biggest indirect tax reform introduced in 2017, former Chief Economic Adviser Arvind Subramanian said on Friday. "GST regime is very complicated. There are 50 (different) cess rates and if I look at other things... it might go up to 100 rates," he said at the event organised by the Centre for Policy Research here. Talking about other challenges, he said, some people have pointed out to me that the goods and services tax (GST) has encouraged excessive tax demands. Observing tax terrorism and excessive demands were always features in the Indian system, he said, these have gone up under the GST. Tax terrorism that GST has introduced is something that needs to be focussed on, he added. Emphasising the need for rate rationalisation, he said there is a need for GST simplification and increased revenue. GST was rolled out on July 1, 2017 heralding the start of 'One Nation, One Tax, One Market'. It subsumed at l

In September, the government eliminated the windfall tax on domestically produced crude oil, reducing it to zero per tonne

Central Board of Indirect Taxes and Customs chairman Sanjay Kumar Agarwal on Thursday said India is actively pursuing negotiation for signing of mutual recognition agreements (MRAs) with customs authorities of about 30 countries. Mutual recognition agreements help ease overseas trade by avoiding dual certifications. It thus reduces compliance cost, simplifying compliance requirements by adhering to only one regulation and enhancing trade opportunities. India is proactively engaging with its trading partners to broaden and deepen the Authorised Economic Operator (AEO) program. India has successfully signed MRAs with several key trading partners including the US, South Korea, UAE, Taiwan, Australia and Malaysia, he said. "Negotiations are ongoing with over 30 countries with promising progress and discussions with Japan and South Africa," he said while addressing the Global Authorised Economic Operator (AEO) Conference here. The AEO programme enables the Customs administration to ...

Canadian Prime Minister Justin Trudeau's government announced plans on Thursday to temporarily lift the federal sales tax off a number of items and send checks to millions of Canadians who are dealing with rising costs and as a federal election looms. The measures come as a cost of living crisis has left voters unhappy with Trudeau and ahead of an election that could come anytime between this fall and next October. Our government can't set prices at the checkout, but we can put more money in people's pockets, Trudeau said at a press conference in Toronto. Under the plan, Canadians who worked in 2023 and earned up to 150,000 Canadian dollars (USD 107,440) will receive a check for 250 Canadian dollars. Trudeau noted that even those earning at the high end of that amount have been struggling to get by. An estimated 18.7 million Canadians will receive the one-time check. The federal goods and services tax break would begin December 14 and end February 15. The government said the tax

When asked about the progress in the income tax law review, the CBDT chief said that public consultation is ongoing and more than 6,000 suggestions have been received by the department

The Finance Commission is open to considering alternate index for devolution of funds to states with regard to natural calamities and state-specific issues, Chairman of the 16th Finance Commission Arvind Panagariya said here on Monday. The problems arising due to natural disasters were beginning to get more and more acute, he said and pointed out that the 15th Finance Commission has recommended partial devolution of funds. "The Commission is very much open to looking at alternate ways of measuring disaster relief, provided we can do it across all the states. The index has to be transparent and acceptable," Panagariya told reporters after a long session with the Tamil Nadu government earlier in the day. Apart from Tamil Nadu, states like Himachal Pradesh which the Finance Commission had consulted, put forth a similar view. "Let me look into it if any particular type of disaster is not included," the Chairman said. Also, he said that gap between the richer and poorer states widened.

The tax came into being in 2017 with a promise to compensate state governments for revenue losses during the first five years

Employees have to use Form 12BAA to report to employers any deductions from sources of income other than their salaries

Sukhvinder Singh Sukhu-led Himachal Pradesh government revised rates for water supply in the state which includes new tax measures and incentives

According to government data released on Tuesday, GST revenues in September last year was Rs 1.63 lakh crore, while the In August 2024, the mop-up was Rs 1.75 lakh crore

Indian Beverage Association on Monday called for rationalisation of GST structure on non-alcoholic beverages and levy taxes based on sugar content, saying with favourable policy the sector has the potential to grow to a size of Rs 1.5 lakh crore by 2030. Speaking at the release of a report by ICRIER on tax policy on carbonated beverages in India, Indian Beverage Association Secretary General J P Meena said non-alcoholic beverages are a key part of India's food processing sector and can play a very important role in making the country a global hub of manufacturing. He also said there is a need for bottled water to be taxed at 5 per cent GST across bottle sizes instead of different slabs of 12 per cent for 20 liter bottles and above and 18 per cent for less than 20 liter bottles in order to attract more private participation in supply of portable water in the country. "This (non-alcoholic beverage) sector as on date is estimated to be around Rs 60,000 crore and provided there is a ...