Tax

Uncertainties around regularity & tax clarity hang heavy over life insurers

Adjustments to the new surrender regulations, uncertainties surrounding the Insurance Amendments Bill, and potential direct tax reforms in the upcoming Budget may pose short-term challenge

Tax contribution of petroleum sector set to drop rapidly in FY 2024-25

Collections from windfall tax collections had cooled before it was withdrawn on December 2

What are the best Fixed Deposit rates for you ahead of tax season

Check out the various FD rates available from different banks

Hope govt brings down tax burden on aerated beverages category: IBA

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

Keep interest of economy before revenue in tax notices: Revenue secy

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

GoM proposes fresh band: 35% GST slab likely for tobacco, aerated drinks

"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"

Windfall tax on domestic oil, fuel exports scrapped with immediate effect

No major revenue impact, say experts

Farmers' protest, Cyclone Fengal, windfall tax, Joe Biden pardons Hunter & more

Govt abolishes windfall tax on crude oil, ATF, petrol, and diesel exports

The govt has withdrawn the Road and Infrastructure Cess on petrol and diesel exports to ease financial pressure on the oil sector

Statsguru: Robust taxes ease burden of freebies on state governments

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

Need to simplify goods and services tax, reduce cess: Ex-CEA Subramanian

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

Finance Ministry likely to end windfall tax as oil prices stabilise

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

India in talks with 30 nations for mutual recognition deals: CBIC chairman

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 ...

Trudeau to cut sales tax, send checks to Canadians as election looms

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

Taxpayers must disclose foreign income by Dec 31, says CBDT chairman

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

Finance Commission open to view alternate index for devolution: Panagariya

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.

GST system overhaul needed as compensation cess repayment nears 2026

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

CBDT issues new form to give details on 'other taxes' paid by employees

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

Flush with funds: Himachal rolls out 'toilet seat tax' amid crisis; details

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

Gross GST collection slows to 6.5% at Rs 1.73 trillion in September

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