Page 8 - Tax

Eicher Motors gets Rs 130 cr tax demand notices, company to challenge

Eicher Motors has been served demand notices of over Rs 130 crore from three different authorities over issues related to GST, according to a regulatory filing by the company. The company has received a demand order for an aggregate amount of Rs 129.79 crore, including a penalty of Rs 11.8 crore and applicable interest from the office of the Principal Commissioner of CGST and Central Excise, Chennai, Eicher Motors said in a regulatory filing. The officer has disallowed certain GST credit and raised GST demand, largely on account of the difference in GST credit mismatch between the company's GST availment and details reported by suppliers in their GST returns, it added. Besides, the turnover difference as declared in GSTR-3B with GSTR-1 return and non-reversal of input tax credit on material returned instead of output tax liability paid by the company have also been cited as reasons. Eicher Motors further said a demand order for Rs 70.9 lakh, including a penalty of Rs 3.2 lakh, has

Tax collection to grow 3 times to over Rs 19 trn in 10 years of Modi govt

Personal income and corporate tax collections are likely to rise to more than Rs 19 lakh crore in 10 years of Prime Minister Narendra Modi-led government, providing more leeway to come out with people-friendly tax measures. Driven by the increasing income of individuals, net direct tax collections after adjusting for refunds increased from Rs 6.38 lakh crore in FY 2013-14 to Rs 16.61 lakh crore in FY 2022-23. In the current financial year, the collections from net direct taxes -- personal income tax and corporate tax -- have so far grown by 20 per cent and at this pace, the mop-up is likely to be around Rs 19 lakh crore in the fiscal ending on March 31, 2024. The projected amount will exceed the estimate of Rs 18.23 lakh crore in the 2023-24 Budget. Over the years, the government has been trying to make the tax regime simpler with lower rates and fewer exemptions. In 2019, the government offered a lower rate of tax for corporates who forego exemptions. Similar scheme was introduced

Bata India receives Rs 60 crore notice from sales tax authorities

Footwear major Bata India has received a notice from the State Tax Officer, Anna Salai Assessment Circle, Chennai, amounting to Rs 60.56 crore, the company said in a filing to the bourses on Thursday. The notice dated December 27, 2023, pertains to several issues raised in a final audit report on December 25, for the 2018-19 financial year, according to the filing. The issues raised include differences in turnover on outward supplies in the monthly GST returns, differences in tax on outward supplies in the GSTR-9 & GSTR-9C returns, excess Input Tax Credit (ITC) availed, and ITC Reversal on credit note. The company said it initially received an audit notice on April 27, 2023, and submitted relevant documents in response. Bata India was given a personal hearing on January 10, 2024, to present its case and provide further information on the disputed issues, as per the filing. The company expressed confidence in its ability to defend the case before the authorities concerned. "It is

BharatPe earns Rs 904 cr against a loss before tax of Rs 886 cr in FY23

BharatPe's EBITDA loss declined by about Rs 158 crore in FY23, it said in a statement

Income Tax dept notifies ITR forms 1, 4 for assessment year 2024-25

The Income Tax Department has notified ITR forms 1 and 4, which are filed by individuals and entities with annual total income of up to Rs 50 lakh, for assessment year (AY) 2024-25. Individuals, besides Hindu Undivided Families (HUFs), firms having income up to Rs 50 lakh and those having earnings from business and profession in the current fiscal (April 2023-March 2024) can start filing returns for the income earned this financial year. Usually, ITR forms for a particular financial year are notified by the end of March or early April. But last year, the forms were notified in February. However, this year, ITR forms are notified in December itself, to enable taxpayers file returns early. ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) are simpler forms that cater to a large number of small and medium taxpayers. The I-T Department notified the forms on Friday. Sahaj can be filed by a resident individual having income of up to Rs 50 lakh and who receives income from salary, one house ...

Time to review insurance cover; and buy art: Top personal finance stories

Our best stories this week explain how to review a key component of your financial portfolio and how to invest in art

Disgraced ex-IMF chief Rodrigo Rato goes on trial for tax evasion

The credit card case sparked widespread anger at a time when Spain was recovering from years of recession and a banking crisis partly triggered by Bankia's massive bailout

PM Modi seeks to revive hinterland finance hub GIFT city with new breaks

Modi last weekend addressed an investment conference in the city to breathe life back into the site, calling for it to become a "new age financial services and technology nerve center"

Global South disappointed over GST draft at COP28; calls for revisions

Developing countries have deplored the latest draft of the global stocktake, the most important document of the ongoing climate conference (COP28) here, calling for major changes, including in the section offering options to slash planet-warming greenhouse gas emissions, negotiators from the Global South said on Tuesday. The latest global stocktake (GST) draft, which will be the centrepiece of the final deal document, does not mention the "phase-out of fossil fuels". However, it includes stronger language on coal usage, which is problematic for heavily coal-dependent countries like India and China. Approximately 40 per cent of global CO2 emissions stem from coal, with oil and gas contributing to the remaining percentage. India, relying on coal for about 70 per cent of its power generation, aims to add 17 gigawatts of coal-based power generation capacity in the next 16 months. India has voiced strong concerns about the specific targeting of coal. Together with other developing ...

LIC gets demand order for GST collection worth Rs 183 cr from Telangana

LIC added that the monetary penalty will not have an impact on the financials of the corporation

COP28: New GST draft text gives four options for move towards clean energy

A new draft of the Global Stocktake released on Friday here at the COP28 has four options for the move towards clean energy ranging from phase out of fossil fuels to no mention of the phase out at all. The Global Stocktake is a fundamental component of the Paris Agreement of 2015 which is used to monitor its implementation and evaluate the collective progress made in achieving the agreed goals of restricting emission to keep temperature rise to 1.5 degrees Celsius as compared to the pre-industrial era. At the ongoing climate change negotiations, called the Conference of Parties (COP28), the Global Stocktake (GST) text is the most crucial document set to be finalised by the negotiators by the end of this two-week long annual meet. Several contentious issues, including proposals to phase out fossil fuels, triple renewables capacity, and double energy efficiency improvement are still unresolved as negotiations continue in the second week. The four options for the move towards clean .

India will address EU's carbon tax issue; will retaliate if required: Goyal

India will address the issue of the European Union's plan to impose a carbon tax on certain imported goods, Commerce and Industry Minister Piyush Goyal on Friday said, adding that "I will retaliate" if required. The CBAM (Carbon Border Adjustment Mechanism) or carbon tax (a kind of import duty) will come into effect from January 1, 2026. However, from October 1 this year, domestic companies from seven carbon-intensive sectors, including steel, cement, fertiliser, aluminium and hydrocarbon products, will have to share data with regard to carbon emissions with the EU. "Bharat will address the problem of CBAM with confidence, and we will find solutions. We will see how we can convert CBAM to our advantage if it comes in. Of course, I will retaliate. You need not worry about it," Goyal said here at an industry chamber event. According to a report of the think tank Global Trade Research Initiative (GTRI), CBAM will translate into a 20-35 per cent tax on select imports into the EU, starti

Govt cuts windfall tax on crude to Rs 5,000/tonne, on ATF to Rs 1.06 l/kL

Centre had earlier reduced the windfall tax on diesel and crude oil on November 16

J-K PDD announces withdrawal of Electricity Duty to alleviate tariff hike

The decision, effective December 1, 2023, comes following the issuance of a new Tariff order by the Joint Electricity Regulatory Commission (JERC), Jammu and Kashmir

Govt should cut import tax on goods to lessen need for export schemes: GTRI

Reducing import duties on inputs and capital goods could help the government cut down the need for many of the existing export schemes, think tank GTRI said on Friday. This would be an important step as India continues to face challenges in managing these incentives within the framework of international trade laws, it said. The Global Trade Research Initiative (GTRI) said that many countries, including major trade partners of India like the European Union (EU) and the US continue to declare Indian schemes as subsidies and punish exporters by charging countervailing duties. America and the EU account for over 20 per cent of the country's total outbound shipments. At present, India is implementing many schemes to facilitate exports. These include the Advance Authorisation Scheme (AAS), Export Promotion Capital Goods Scheme (EPCGS), Duty Drawback Scheme (DDS), the Remission of Duties and Taxes on Exported Products (RoDTEP), Special Economic Zones (SEZ), Export Oriented Units (EOUs); .

Britain set to start cutting taxes ahead of likely election next year

Britain's Conservative government will try to win favour with voters by cutting taxes but avoiding worsening inflation in a budget statement on Wednesday, coming ahead of a likely national election next year that opinion polls suggest it will lose. Prime Minister Rishi Sunak has hinted that tax cuts are back on the agenda now that his self-imposed pledge to halve inflation this year has been met and government revenue is higher than anticipated. In a speech Monday, Sunak raised expectations that Treasury chief Jeremy Hunt's autumn statement will begin reducing the tax burden in the UK, which is the highest in 70 years in the wake of COVID-19 and the energy price spike triggered by Russia's invasion of Ukraine. Sunak said on Monday that his government would cut tax and reward hard work but would avoid doing anything that puts at risk our progress in controlling inflation". Inflation eased to 4.6 per cent in October from a year earlier after hitting a 41-year high of 11.1 per cent in

Japan vice minister resigns over tax scandal; another setback for Kishida

A Japanese vice finance minister stepped down on Monday, amid criticism from Prime Minister Fumio Kishida's Cabinet, after admitting his company's repeated failures to pay taxes, a further setback to Kishida's unpopular government. Deputy Finance Minister Kenji Kanda, in charge of government bonds and monetary policy, is the third member of Kishida's Cabinet to resign within two months following a Cabinet shuffle in September. Kishida later told reporters that he takes responsibility for the appointment of Kanda. I must apologise to the people that a vice finance minister had to resign soon after he assumed his position," Kishida said. I'm determined to concentrate on our work more seriously, as I believe that's the only way to regain the people's trust. Kanda, a tax accountant-turned-lawmaker, admitted that land and property belonging to his company was seized by the authorities four times between 2013 and 2022 after failures to pay fixed asset taxes, in response to a weekly magazi

Tax windfall gives Modi govt scope to spend more on welfare schemes

The revenue windfall gives Modi's government more firepower for a populist push as voters in five states take to the polls this month and the nation gears up for general elections in 2024

Govt weighs local tax options to avoid EU carbon levy: Piyush Goyal

"We will find a solution around a domestic tax to take care of equating with European taxes on carbon emissions," he said at an industry event

Govt hikes windfall tax on crude to Rs 9,800 per ton, reduces on diesel

The windfall tax on aviation turbine fuel that had been 1 rupee/liter has been removed, the notification said