Tax Administration

Volkswagen's passenger car brand struggles to meet cost-cutting target

The brand was 2-3 billion euros short of its savings goal for this year, two sources who declined to be named told Handelsblatt

Tax tribunal rulings open doors to more firms claiming CSR deductions

Orders expected to settle matter but chances of the authorities questioning such deductions not ruled out, say tax experts

Petty dispute relief scheme: Govt to waive interest, fee, penalty, too

The withdrawal does not entitle taxpayers to take credit or refund

GST collections to drive FY25 gross tax revenue to Rs 38.31 trillion

The government's gross tax revenue is projected to grow 11.46 per cent to Rs 38.31 lakh crore in the next fiscal, buoyed by 11.6 per cent growth in GST collections. Goods and Services Tax (GST) collection in 2024-25 is estimated to rise to Rs 10.68 lakh crore, an increase of Rs 1.1 lakh crore or 11.6 per cent. Of the total tax collections, Rs 21.99 lakh crore is estimated to come from direct taxes (personal income tax + corporate tax), and Rs 16.22 lakh crore from indirect taxes (customs + excise duty +GST). In the current fiscal, the government estimates gross tax revenue to exceed the budget estimated by about Rs 76,000 crore. The budgeted tax revenue for current fiscal was Rs 33.61 lakh crore, while the revised estimate pegs it at Rs 34.37 lakh crore, as per the Interim Budget 2024-25. Even though the corporate tax collections remained as per the FY24 budget estimates, the personal income tax collection is expected to overshoot budget estimates by over Rs 1.20 lakh crore in cur

Cos to submit bank details to GST officers in 30 days of registration: GSTN

Businesses will be required to submit valid bank account details to GST authorities within 30 days of grant of GST registration to avoid suspension, the GST Network has said. In an advisory to GST-registered businesses, GSTN said all registered taxpayers are required under the Goods and Services Tax (GST) law to furnish details of their bank account/s within 30 days of the grant of registration or before the due date of filing GSTR-1/IFF, whichever is earlier. GSTR-1 filed by a company contains statement of outward supplies, while Invoice Furnishing Facility (IFF) can be availed by businesses opting for Quarterly Returns with Monthly Payment (QRMP) scheme under GST. "Taxpayers are therefore advised to promptly furnish their bank account details, who have not provided it so far if 30 days period is shortly going to expire to avoid disruption in business activities and the subsequent suspension of GSTIN," it said. GSTN further said that a new functionality is being developed as per .

Burden to call for curing of defects in tax return on assessing officer: SC

In appeals filed by the Revenue, the High Court reversed the finding of the Tribunal. Challenging the order of the High Court, the firm and its partners moved the Supreme Court

Upcoming Marrakech meet: Global deal for 15% min tax on MNCs on anvil

India is also expected to outline its roadmap for implementing Pillar 1 of the proposed deal, which would require amendments to domestic laws

CBIC to assign risk rating to GST applications, taxmen to verify documents

In order to check fake GST registration, CBIC will assign a risk rating to all applications and tax officers will cross-verify the documents submitted by the applicants with municipal records. The Central Board of Indirect Taxes and Customs (CBIC) on Wednesday issued instructions to field offices after it came to light during the ongoing two-month special drive that fraudsters have misused PAN and Aadhaar numbers of people to obtain GST registrations. In the ongoing all-India drive, Centre and State GST officers have detected over 15,000 fake registrations and are initiating punitive action against the perpetrators. They are also trying to find out the mastermind who are the real beneficiaries. As per the instructions, the Directorate General of Analytics and Risk Management (DGARM) and GST Network would give a risk rating -- High, Medium and Low -- to each application for registration, based on data analytics and risk parameters. This will facilitate a "targeted approach in ..

PAN-Aadhaar Link: A step by step guide to link two cards before deadline

PAN and Aadhaar card link last date: The Income Tax Department has fixed the last date to link the two cards as March 31, 2023, but the users will have to pay a penalty of Rs 1,000

Insurance companies yet to see fire sale of high-value life policies

Expect higher sales of such policies in March

Sitharaman as FM: Some positive surprises, a few works in progress

Tax, revenue and macroeconomic trends are encouraging, but more needs to be done on privatisation, clean-up of banking mess, anti-protectionism, and de-politicisation of govt bodies, writes T N Ninan

What Cairn, Vodafone and Devas episodes tell us about India's arbitrariness

The Indian state's arbitrariness may have come to be accepted with resignation within the country, but when it behaves in the same manner with external players, it gets a push-back, writes T N Ninan

Direct tax compliance set to be made easier in upcoming Budget

Budget may resolve issues related to administration

WhatsApp video calls for tax adjudication in wake of Covid-19 pandemic

The move is aimed at maintaining social-distancing norms amid the coronavirus pandemic, and WhatsApp has been picked because of its reach and popularity

Bumpy ride ahead: Tax department in rush to fight faceless regime hurdles

The Income-tax Department is going through deliberations and testing for a smooth roll out of the faceless tax administration

Appropriate tax administration

A soft touch with an eagle eye from the top is the best approach

Govt takes a big leap in tax administration

Writes off income tax arrears up to Rs 100

Expect structural reforms on tax administration

The prime need is to draw up a framework of responsibility and accountability on the part of the tax administration