Page 6 - Taxation

GST an engine for driving consumption, helped household save on bills: Govt

Goods and Services Tax (GST) has acted as an engine for driving domestic consumption and helped households save on monthly bills since its implementation six years ago, the government said on Friday.. Giving a comparison of the tax rates of various goods pre and post-GST rollout, the government said from streamlining processes to boosting investments, GST has been a catalyst for progress. "The implementation of GST has made it easier for taxpayers to comply with tax law and this can be seen in the fact that the number of registered taxpayers has increased from 1.03 crore that enrolled into GST by April 1, 2018 to 1.36 crore by April 1, 2023," the office of Finance Minister Nirmala Sitharaman tweeted. A nationwide GST, which subsumed 17 local levies like excise duty, service tax and VAT and 13 cesses, was rolled out at the stroke of midnight on July 1, 2017. Under GST a four-rate structure that exempts or imposes a low rate of 5 per cent tax on essential items and a top rate of 28 p

Six years of GST - I: How the new tax regime changed indirect taxation

There used to be a local value-added tax (VAT) for intra-state movement of goods, and a central sale tax (CST) regime for inter-sate movement

Explained: Tax implications of income earned from shares, mutual funds

The tax implications of income earned from shares, mutual funds and ETFs (Exchange Traded Funds) largely depend on the type of investment, the holding period and the amount of profit earned

FPIs' flight to GIFT City hits air pocket; IFSCA seeks clarity on tax

IFSCA seeks clarity from I-T to clear the decks for more FPIs to re-domicile in GIFT City IFSC

GST evasion carried out through 4,909 bogus establishments: Tax official

Authorities have detected GST evasion to the tune of more than Rs 8,100 crore and it has been found that the offence was carried out through 4,909 bogus business establishments spread in parts of the country, a tax official from Madhya Pradesh said on Wednesday. MP Commercial Tax Commissioner Lokesh Kumar Jatav said the state Goods and Services Tax (GST) Department got the initial clues of this big tax evasion during a month-long investigation of e-way bills of an establishment in Indore. "On a detailed analysis and scrutiny of the data, a total of 4,909 suspicious business establishments were found across the country. Of these, a maximum of 1,888 establishments are in Delhi, 831 in Uttar Pradesh, 474 in Haryana, 210 in Tamil Nadu, 201 in Maharashtra, 167 in Telangana and 139 in Madhya Pradesh," he said. Jatav said that these 4,909 establishments under investigation showed a turnover of about Rs 29,000 crore in GST returns during the financial years 2021-22 and 2022-23 and the ...

Govt transfers Rs 1.18 trn as third instalment of tax devolution to states

The size of the instalment to the states is also a reflection on the Centre's revenues

Can you avoid 20% TCS if you book foreign tours with a credit card?

While booking a foreign package with an Indian tour operator will attract TCS right away, with a foreign tour operator, you can possibly escape TCS until international payments on your credit card

Explained: How to claim HRA if you are living with your parents

There's no prohibition to claim such deduction while living with houses owned by family member. However, to claim such deduction of HRA, one should be mindful of the following

On the agenda: GST Council likely to approve tribunal blueprint this month

Operational framework to pave the way for the tribunal to be functional at Centre, state levels

TDS rules: Online gaming bonus, incentives taxable if withdrawn, says CBDT

Issues clarification on TDS provisions on online gaming

Veteran corporate lawyer Rajiv Luthra passes away: A look at his legacy

A first-generation lawyer, Rajiv Luthra set up the law firm Luthra and Luthra in 1989. The firm burnished its reputation by pioneering taxation and corporate law in India

GST and states, a reality check of how indirect tax system is working

Early fears about the regime have not come true, but there is room for improvement

Issue of GST on intermediary services to foreign clients may get resolved

However, there could be issues in claiming input tax credit by these intermediaries

Floor mats for four-wheelers to attract 28% GST, says Gujarat AAR

The applicant, a manufacturer, had argued that 18% GST should be applicable

Taxing capital: Withdrawal of debt LTCG benefits should have been debated

The govt's step could push investors to choose riskier equity, or to fall back on bank deposits, thereby negatively impacting the debt market which actually needs to grow, writes T N Ninan

Explained: Does the new tax regime adversely affect household savings?

New tax regime does not have tax deductions as is given under various provisions such as 80C or 80D of the Income Tax Act

The life insurance sector's trouble with taxation on high-value policies

The imposition of a tax on high-value policies could hurt the growth rates of life insurers in the next fiscal year

Union Budget 2023: Govt proposes taxation changes related to REITs, InVITs

Seeking to widen the tax base, the government on Wednesday proposed to tax income distributed by business trusts like REITs and InVITs in the form of debt repayments at the hands of unitholders. "It is proposed to tax distributed income by business trusts in the hands of a unit holder (other than dividend, interest or rent which is already taxable) on which tax is currently avoided both in the hands of unit holder as well as in the hands of business trust," Finance Minister Nirmala Sitharaman said in her Budget speech on Wednesday. The move is aimed at widening the tax base. Explaining the move in the memorandum of the Finance Bill, the government said that interest, dividend and rental income have been accorded a pass-through status at the level of business trust and are taxable in the hands of the unit holder. "However, in respect of the distributions made by the business trust to its unit holders which are shown as repayment of debt, it is actually an income of unit holder which

Economic Survey 2022-23: Indian start-ups exploring reverse-flipping

Suggests simplifying tax layers, capital flow procedures like those in the US, Singapore

From capex to taxation, four things to look out for in Union Budget 2023

This is the last full budget before the 2024 Lok Sabha elections, and will be tabled amidst a global slowdown and unprecedented geopolitical uncertainty