Page 12 - Tax

G20 FMs discuss ways to improve tax transparency, anti-evasion measures

G20 finance ministers on Tuesday discussed strategies to implement strategies for overhauling the global tax norms to ensure that multinational companies pay taxes wherever they operate. The two-day G20 finance ministers and central bank governors meeting being held under India's Presidency also discussed ways to help low and middle income countries reeling under huge debt burden. The meeting being chaired by Finance Minister Nirmala Sitharaman invited views on the way forward in international taxation with regard to implementation of measures to check tax evasion. "Finance Ministers and Governors were also invited to discuss strategies for capacity building to support implementation of 'Two Pillar Solution' and enhancing global #taxtransparency under #G20India Presidency," the Finance Ministry tweeted. The proposed two-pillar solution consists of two components, including re-allocation of multinational companies' additional share of profit to the market jurisdictions where they ..

India to push G20 to raise share of taxes on cos which earn excess profit

More than 140 countries were supposed to start implementing next year a 2021 deal overhauling decades-old rules on how governments tax multinationals

Top headlines: Govt raises windfall tax, Chandrayaan-3 lift-off, and more

Business Standard brings you the top headlines at this hour

India raises windfall tax on crude oil to Rs 1,600 per tonne from July 15

India had cut the windfall tax on petroleum crude to zero from Rs 4,100 ($50.13) per metric tonne, in May

IRS says it collected $38 mn from over 175 high-income tax delinquents

The IRS is showcasing its new capability to aggressively audit high-income tax dodgers as it makes the case for sustained funding and tries to avert budget cuts sought by Republicans who want to gut the agency. IRS leaders said they collected $38 million in delinquent taxes from more than 175 high-income taxpayers in the past few months. In one case, an individual had used money owed to the government to buy a Maserati and a Bentley, and roughly 100 high-income individuals attempted to get favourable tax treatment through Puerto Rico without meeting certain tax requirements. Many of those cases are expected to face criminal investigation. It just shows you how much money is out there in delinquent taxes, and there are so many more cases for us to tackle," said new IRS Commissioner Daniel Werfel, just four months into the job. There's just a significant opportunity there. The agency did not provide figures for how those high-dollar tax collections compared with previous years. Werf

No GST on replacement of parts during warranty period, says council

Clarification provides certainty on the tax treatment of warranty repairs, say experts

India to reject call for anti-subsidy tax on some Chinese steel products

As per World Trade Organisation rules, a member country is allowed to impose an anti-subsidy duty if a product is subsidised by the government of its trading partner

No need to rethink after online gaming tax backlash: Revenue secretary

The government's decision, announced late on Tuesday, was met with dismay in the $1.5 billion industry, and shares of casino operator Delta Corp and other online gaming companies plunged

GST Council was unanimous in its decision, says revenue secretary

The government's decision, announced late on Tuesday, created an uproar in the $1.5 billion industry, with shares of casino operator Delta Corp & other online gaming firms plunging in Wednesday trade

Countries agree to extend digital services tax freeze through 2024: OECD

The first part of the two-pillar deal aims to reallocate taxing rights on about $200 billion in profits from the biggest and most profitable multinationals to the countries where their sales occur

LIVE: Another cheetah dies at Kuno National Park, 7th in five months

Catch all the latest updates from across the globe

50th GST Council meet underway, taxation on online gaming on agenda

The 50th GST Council meeting started on Tuesday and is likely to deliberate on a host of issues including taxation of online gaming, definition of utility vehicles and tightening of norms for registration and claiming of ITC. At the beginning of the meeting taking place in the national capital, Finance Minister Nirmala Sitharaman released a short film titled 'GST Council - 50 steps towards a journey'. In 49 meetings held so far, the Council has taken approximately 1,500 decisions in the spirit of co-operative federalism, the office of Nirmala Sitharaman tweeted. "The 50th meeting is a milestone which indicates success of cooperative federalism and establishment of a good & simple tax regime," the tweet said. Sitharaman also released a Special Cover and customised 'myStamp', which was presented to her by the Chief Post Master General, Delhi Circle India Post Office, the finance ministry tweeted. The GST Council is chaired by the Union Finance Minister and comprises ministers from .

CBIC issues SoP to check use of freebies to lure voters during elections

The CBIC has come out with detailed instructions for tax officers to implement the directions of the Election Commission with regard to the use of freebies, illicit cash, liquor and drugs to lure voters, and asked them to share information with other enforcement agencies. The GST and Customs officials will also be required to monitor the distribution of coupon-based or free fuel or cash for alluring prospective voters under the new Standard Operating Procedure (SoP). The officials would also monitor fuel consumption by candidates and parties and keep a tab on expenditure on food, hotels, parties, tent house etc. The GST officers would keep an extensive check on restaurant/eateries, marriage hall/ farm houses/ slaughter house/ meat house in the poll-bound area, said a detailed SoP issued by the Central Board of Indirect Taxes and Customs (CBIC). The GST and Customs officials would also set up "flying squads and static surveillance teams" for the effective conduct of road and transit

Top headlines: GST council meet on July 11, India Inc Q1 profit may rise

Business Standard brings you the top headlines at this hour

GST Council likely to define MUVs and XUVs for levy of 22% cess: Report

The GST Council is likely to clarify on the definition of multi utility vehicles (MUVs) and crossover utility vehicles (XUVs) for levy of 22 per cent compensation cess over and above the 28 per cent GST rate, sources said. The Council is expected to clarify on the issue in its next meeting on July 11, they said. The Fitment Committee, comprising tax officials from the Centre and states, has recommended to the GST Council to define MUVs and XUVs at par with the sports utility vehicles (SUVs) for the purpose of Goods and Services Tax (GST). The committee has recommended that all utility vehicles, by whatever name called, would attract 22 per cent cess provided they meet three parameters -- length greater than 4-metre, engine capacity greater than 1500 cc and ground clearance more than 170 mm. The GST Council, chaired by the Union finance minister and comprising her state counterparts, had in December last year clarified on the definition of SUVs. At that time, some states had asked f

CoinDCX partners with KoinX to allow crypto tax tracking on its platform

CoinDCX also said that it anticipates a 'significant' number of users benefiting from KoinX's tax assistance services

Tripura sets tax collection target of Rs 3,000 cr this fiscal: State FM

Tripura has set a revenue target of Rs 3,000 crore this fiscal, state Finance Minister Pranajit Singha Roy said on Saturday. The state's tax collection has doubled after the introduction of the Goods and Services Tax (GST), he said. "Initially, there were doubts on GST introduction in the country. People even faced difficulties after the new tax regime kicked off, but over the years all the bottlenecks have been addressed. Our tax collection has more than doubled under the GST regime," he told reporters on the sidelines of a GST programme at Town Hall. He said the tax collection, which was around Rs 1,300 crore before GST rollout, increased to Rs 2,765 crore in the last fiscal. "Now, we have set a target of over Rs 3,000 crore for the 2023-24 FY. We are trying to connect new tax payers who still remain outside the GST ambit. In a state like Tripura, GST means a lot to carry out development work and welfare activities," he said. Roy said Prime Minister Narendra Modi has been workin

GST officers bust 304 syndicates involving Rs 25k cr fake ITC claims

GST officers have busted 304 syndicates involving 9,000 fake GSTINs and input tax credit (ITC) claims of Rs 25,000 crore in the ongoing drive against bogus firms, CBIC chairman Vivek Johri said on Saturday. The chief of the Central Board of Indirect Taxes and Customs (CBIC) flagged that only 40 per cent of the corporate income taxpayer base is registered under Goods and Services Tax (GST). Currently, 1.39 lakh businesses are registered under GST, launched 6 years ago on July 1, 2017. Speaking at the GST Day 2023 event here, Johri appealed to the business to get registered under GST and said the department is conducting an outreach programme to make businesses aware of the benefits of GST. The Centre and state tax officers are conducting a special two-month drive to identify fake businesses registered under GST for the purpose of claiming ITC fraudulently and defrauding the exchequer. In the ongoing drive, officers have identified 304 syndicates involving 9,000 fake GSTINs (GST ...

GST collections rise by 12% to over Rs 1.61 trn in June: Finance Ministry

GST collections rose 12 per cent to over Rs 1.61 lakh crore in June, the Finance Ministry said on Saturday. The gross GST collection has crossed Rs 1.60 lakh crore mark for the fourth time since the roll-out of the indirect tax regime six years ago on July 1, 2017. The average monthly gross GST collection for the first (April-June) quarter of the 2021-22, 2022-23 and 2023-24 are Rs 1.10 lakh crore, Rs 1.51 lakh crore and Rs 1.69 lakh crore, respectively, the Finance Ministry said in a statement. "The gross GST revenue collected in the month of June 2023 is Rs 1,61,497 crore of which Central GST is Rs 31,013 crore, State GST is Rs 38,292 crore, Integrated GST is Rs 80,292 crore (including Rs 39,035 crore collected on import of goods) and cess is Rs 11,900 crore (including Rs 1,028 crore collected on import of goods)," the statement said. The revenues for June 2023 are 12 per cent higher than the GST revenues in the same month last year. During the month, the revenues from domestic

Tour operators welcome govt move to defer hike in TCS on overseas packages

Domestic tour operators on Thursday welcomed the government's move to defer hike in tax collection at source on overseas tour packages till September 30 calling but reiterated that it should be brought down to 2.5 per cent. In a statement, Indian Association of Tour Operators (IATO) -- the apex body of tour operators in the country with more than 1,700 members -- thanked the government for "giving partial relief of deferring Tax Collection at Source (TCS) on the overseas tour packages till September 30, 2023, and also for withdrawing increase of TCS percentage from 5 per cent to 20 per cent on amount up to Rs 7 lakh per annum". "Though we are happy with this rollback, our long-standing demand is that the TCS should be reduced to 2.5 per cent as the main objective of the government is to bring more people into the tax net...," IATO President Rajiv Mehra said. He further said, "...if the government reduces the TCS percentage on overseas tour packages, a higher number of people will .