Gst Tax Slabs

New income-tax law explained: No new taxes, simplified for common man

The new Income Tax Bill, which will replace the six-decade old Income Tax Act of 1961, will make direct tax laws simple to understand, remove ambiguities and reduce litigations. The law, which is expected to be tabled in Parliament in the Budget session, will go to the Standing Committee on Finance for further scrutiny, Finance Minister Nirmala Sitharaman has said. Finance Secretary Tuhin Kanta Pandey has already indicated that the new Bill will not have provisos and explanations or long sentences. It will be tax neutral. Following is an explainer of what the government intends to do and what can the new law hold for taxpayers: Q. Why is a review of the I-T Act needed? A. Income tax law was enacted about 60 years ago in 1961 and since then a lot of changes have taken place in the society, in the way people earn money and companies do business. The 1961 Act was framed at a time when Indian republic was young and faced challenges peculiar to those times. Over the time, as the countr

'Nothing new, all about Bihar elections': Opposition slams Budget 2025

The Opposition has slammed Budget 2025 as 'all about Bihar elections', calling it biased and neglectful of common people, the middle class, and key states

How to tax popcorn? FM's formula sparks outrage against GST system

A finance ministry spokesperson, the GST Council Secretariat and a spokesman for the ruling Bharatiya Janata Party did not respond to requests for comment on the controversy

Telangana urges Centre to simplify IT slabs, reduce corp tax for biz ease

Telangana on Friday urged the Centre to simplify the Income Tax slabs and reduce corporate tax rates to enhance ease of doing business. In his speech at the pre-Budget meeting of the Union Finance Minister Nirmala Sitharaman at Jaisalmer, Rajasthan, Telangana Deputy Chief Minister Mallu Bhatti Vikramarka said streamlining IT and GST filing processes is vital as these processes currently consume weeks for mid-sized and large businesses. Expanding the tax base through digital tracking of financial transactions and encouraging voluntary compliance are also key measures, he opined. "Reforms to the Income Tax Act are a welcome step. India's current tax system is complex, leading to compliance burdens for individuals and businesses alike. Telangana urges simplification of tax slabs and reduction of corporate tax rates to enhance ease of doing business," Bhatti said. Telangana supports a realistic fiscal deficit target of 4.5 per cent of GDP to sustain momentum in infrastructure and ...

India will not merge GST tax rates in 2023-24: Revenue Secretary Malhotra

"Right now, we are just looking to maintain stability (in tax rates), a stable tax regime. Minor changes will always be there... major taxation change like merger of tax rates

Rates are out of tune for higher-income levels, need revisions

India is somewhere in the middle when taxation for the upper-income bracket is considered, but leaving tax rates untouched can translate into a heavier tax burden on the population

Industry body CII pitches for simplification of GST, reduction in tax slabs

CII's President Sanjiv Bajaj pitched for simplification of GST structure, and suggested electricity as well as fuel should be brought under GST as that will help make the industry more competitive.

GST Council may consider raising lowest slab to 8%, rationalise tax slabs

The GST Council in next meet may look at raising the lowest tax slab to 8%, from 5%, and prune the exemption list in the GST regime

Think tank seeks higher 18% GST on tetra pack from current 12% slab

A think tank has requested GST Council to levy a higher tax of 18 per cent on tetra pack, arguing that the product is incorrectly categorised in the 12 per cent slab as a paper-based aseptic packaging

GST Council may take up rationalising tax rates, slab merger in next meet

15th Finance Commission has suggested merging 12 and 18% tax rates

Frozen, packaged, branded parota not eaten by poor; Govt justifies 18% GST

According to government sources, frozen parota (layered flatbread) does not qualify as a staple item

Six changes in tax rules that come into effect today

Today is first day of the financial year 2020-21, and with new year come new tax rules. Here are the six changes that come into effect from today

Three dangerous myths

The errors and misapprehensions that led to constant optimism about Indian growth

Govt hints at reviewing rates in top slab of 28%

GST Council had also pruned the list of items in the top 28 per cent slab to just 50 from 228 earlier

Biggest GST bonanza: 28% tax only on 50 luxury items, eating out cheaper

FM Jaitley also said the Council had been looking at the 28% tax slab and constantly rationalising items in it in lesser tax slabs

GST Council likely to slash tax rates on 80% items in top slab: Sushil Modi

The GST Council will meet on November 9 and 10 in Assam's capital Guwahati

More goods may get cheaper as Jaitley hints at pruning 28% GST slab list

GST Council is scheduled to meet next on November 10 and may consider lowering tax rates on a host of goods

Rationalisation of GST slabs depend on revenue collection: Meghwal

Dealers would have to maintain computerised records of input tax credit, reverse charge mechanism

GST tax slabs to be reduced after revenue improves: Arjun Kumar Meghwal

With the exempted category, the existing tax slabs are of 5, 12, 18 and 28%