Taxation

Higher tax will drive capital away, says CEA V Anantha Nageswaran

Rejecting the idea of a "billionaire tax" suggested by noted economist Thomas Piketty, Nageswaran said, "Not all problems can be solved through fiat"

Life insurers adjust term premiums ahead of business end of financial year

While some companies are increasing rates, others are slashing them, and still others have made no change; GST changes on premium taxation may change outlook

Centre expects to exceed gross direct tax collection target for FY25

Actual tax liability declined by 40% for those earning between Rs 10-20 lakh

GST returns to become time-barred after three years from early 2025

GST Network on Tuesday said beginning early next year, GST taxpayers will not be able to file monthly and annual GST returns after three years of the original filing due date. In an advisory, Goods and Services Tax Network (GSTN) said GST outward supply returns, besides returns related to payment of liability, annual returns and tax collected at source, will become time-barred after the expiry of a period of three years from the due date of furnishing the said return. "The said changes are going to be implemented in the GST portal from early next year (2025). Hence, the taxpayers are advised to reconcile their records and file their GST returns as soon as possible if not filed till now," GSTN said. AMRG & Associates Senior Partner Rajat Mohan said the recent GSTN update concerning the barring of GST return filings post a three-year deadline introduces a significant compliance shift. "This move aligns with a broader intent to ensure timely compliance, enhance data reliability, and .

Hong Kong cuts liquor tax to boost nightlife and attract tourists

Hong Kong's leader announced a cut to liquor tax Wednesday as the Asian financial hub hopes to revive its reputation as a travel destination with a vibrant nightlife and dining scene. After fulfilling Beijing's long-standing imperative to enact a homegrown national security law, Chief Executive John Lee now faces challenges with economic competitiveness against regional rivals like Singapore, Japan, and mainland Chinese metropolises. Changes in residents' lifestyles and a wave of middle-class emigration during the COVID-19 pandemic have dampened local demand. Many residents now prefer to spend their weekends in mainland China, attracted by its lower prices and a wider variety of entertainment options. Visitors from the mainland are also spending less in the city than before. Vacant shops are commonly seen in the city's most popular shopping districts, and revenue at the city's bars were down about 28% in the first half of 2024 from the same period in 2019, preliminary official data

CBDT comes out with FAQs on Direct Tax Vivad se Viswas scheme 2024

The Direct Tax Vivad Se Vishwas (DTVSV) Scheme, 2024, was announced in the Union Budget 2024-25 by the Union Finance Minister to resolve pending income tax disputes

GST compensation cess to be discussed at GoM meeting on Wednesday

During the 54th GST Council meeting on September 9, Finance Minister Nirmala Sitharaman indicated that the government plans to fully repay the loan, including interest, by January 2026

India's high tax curbing soft drinks segment reach potential: ICRIER report

Carbonated soft drinks segment in India is unable to reach its potential in terms of scale expansion due to barriers such as high taxation under the GST regime despite government's initiatives like 'Make in India' and 'Aatmanirbhar Bharat', according to a report by economic think tank ICRIER. The cross-country comparative data on sugar-sweetened beverages (SSB) taxes collated by the World Bank shows that India has one of the highest tax rates for carbonated soft drinks (CSDs) at a total tax rate of 40 per cent as of 2023. Over 90 per cent of countries that tax SSBs have a lower tax rate than India, as per the report titled 'Carbonated Beverages Industry in India: Tax Policy to Promote Growth, Innovation and Investment'. Consumers, globally and in India, are shifting towards low-sugar and no-added sugar varieties of beverages amid heightened health awareness. "The CSD market is also changing from its traditional high sugar carbonated beverages to low-sugar and fruit-based and/or ...

Good enough vs ideal: Incremental GST reforms may outshine rapid changes

Our guiding principle in taxation should be driven by the principle of what works, not what is theoretically the best idea. The good enough should not be made the enemy of the ideal

GoM on GST rate rationalisation to discuss slab, rate tweaks on Sep 25

The ministerial panel on GST rate rationalisation will meet on September 25 and is expected to discuss tweaking of tax slabs and rates. "The meeting of the GoM on rate rationalisation is scheduled for September 25 in Goa," an official told PTI. The six-member Group of Minister (GoM) under Bihar Deputy Chief Minister Samrat Chaudhary, last met on August 22 and had submitted a status report to the GST Council on September 9. During the August meeting, the panel had tasked the fitment committee comprising tax officers from the Centre and states to analyse the implication of tax rate change on some items and gather more data. Currently, goods and services tax (GST) is a four-tier tax structure with slabs at 5, 12, 18, and 28 per cent. Under GST, essential items are either exempted or taxed at the lowest slab, while luxury and demerit items attract the highest slab. Luxury and sin goods attract cess on top of the highest 28 per cent slab. There have been talks of merging the 12 and 18

GST Council meeting: E-invoice mandate may soon cover B2C transactions

Pilot run on voluntary basis for selective sectors

GST Council to meet on Sept 9; compensation roadmap may stretch into FY26

GST Council agenda includes tax relief for foreign airlines, and clarity on a host of items such as car seats

FinMin to develop climate finance taxonomy in 6-10 months: DEA secy

Climate finance taxonomy is a set of guidelines that will help investors and institutions direct funds towards investments that will aid in tackling climate change

Panel headed by V K Gupta to simplify decades-old direct tax laws

More than 90 sections seen redundant; panel in line with Budget promise of comprehensive review

New database on registration status of charities for taxation clarity

Cancellations of registration must be uploaded on I-T website by August 31

Insurance must be bought for right reason: HDFC Life CEO Vibha Padalkar

We don't believe in fire sale, says Vibha Padalkar

Remitting large amount abroad? Pay TCS, declare income accurately

Maintain detailed records of foreign remittances, including purpose, amount, and beneficiary details

HC sets aside assessment proceeding against NRI over faceless issue

It should be noted that the notification by the CBDT carved out an exception for international taxation cases, including NRIs, for reassessment

How to make tax officials accountable

The proposed simplification of the tax code offers a chance to instil accountability, following the model of the Public Service Guarantee Acts

Relief for homeowners likely as finance ministry may modify LTCG regime

FinMin reviews new LTCG regime after 12.5% tax without indexation sparks concerns over property transactions