Page 8 - Taxation

GST collection over Rs 1.51 trillion in October, second highest ever

Revenue for October is second highest monthly collection, next only to April 2022

GST Council to meet before mid-Nov; GoM report on tax casinos on agenda

The GST Council is likely to meet in the first half of November to discuss the reports of the panel of ministers on setting up GST appellate tribunal and levy of tax casinos and online gaming, an official said. In addition, the status on the much awaited full report of the committee tasked with rationalisation of GST rates may also come up for discussion at the 48th Council meeting in Madurai. Even if the report, which is to look at merger in GST slab that may result in prices of some goods and services going up, is presented, it is unlikely to be acted upon by the GST Council in view of high inflation. The GoM on rate rationalisation set up on September 24, 2021 was originally due to submit its report within two months or November 2021. The panel has got subsequent extensions since then. The Council, in its last meeting in June, had given the GoM time till September to submit a full report. The official said that the GoM on GST appellate tribunal has already submitted its report,

Odisha AAR says separate registration must for construction work in state

The ruling is in conflict with position taken by other AARs; industry wants CBIC clarification

UK's new finance minister Jeremy Hunt reverses all of Liz Truss' tax cuts

Britain's new Chancellor of the Exchequer, Jeremy Hunt, on Monday reversed entirely all of British Prime Minister Liz Truss' tax cuts and scaled back the expensive energy bills support in an emergency fiscal statement. Hunt's statement is an attempt to reassure the markets about the country's fiscal sustainability and calm the shockwaves of his predecessor's mini-budget last month. The finance minister said a 1 pence cut to income tax will be delayed "indefinitely" until the UK's finances improve, instead of being introduced in April 2023 as announced in predecessor Kwasi Kwarteng's mini-budget. The government's energy price guarantee will only be universal until April and not for two years as originally planned. The government has today decided to make further changes to the mini-budget, and to reduce unhelpful speculation about what they are, we've decided to announce these ahead of the medium-term fiscal plan, which happens in two weeks," Hunt said in a statement. After meeting

OECD releases global framework for exchange of info on cryptocurrencies

The exchange of information on cryptocurrency between countries will become automatic under the new framework propsed by OECD

Sri Lanka cuts tax on female hygiene products amid ongoing economic crisis

Amid the ongoing economic crisis in the country, Sri Lanka has cut taxes on female sanitary products in a bid to help women unable to afford the hygiene product, according to reports

Small oil and gas field operators ask govt for exemption from windfall tax

The central government from July 1, 2022, levied a tax on crude and petroleum products to capture supernormal profits of energy companies amid a sharp rise in global oil prices

Overseas firms see compliance burden increasing to get tax treaty benefits

Chartered accountants' group asks CBDT to do away with PAN requirement for filing form electronically

Rs 58.5K cr of taxes lost in 5 industries due to illicit trade: FICCI study

Says 1.5 mn jobs lost because of such trade; FMCG sector worst affected

Crypto tax reporting app Binocs raises $4 mn in seed funding for expansion

Company enables crypto investors to manage accounting and compliance to local laws

Ola not obligated to deduct tax at source on payment to driver: ITAT

Tribunal says Ola is a mere intermediary; its role is limited to managing OLA app, facilitating transport services by the driver to the rider and payment collection via e-wallet on driver's behalf

Tax payments: spurt in quarter-end activity may squeeze liquidity further

Interest rates on term deposits, money market instruments could go up further, even as RBI may conduct repo operations to maintain liquidity in the system

Address cause of tax refund failure, then request reissuance: Experts

Failure to verify return, incorrect bank address are key reasons for not receiving timely refund

Industry hails decision to separate gaming from gambling, horse racing

In July, the GST Council announced a 28 per cent tax on the industry, which experts and companies largely agreed to. Currently, an 18 per cent tax is applicable on the gross gaming revenue (GGR)

Low rate regime: Why corporation tax is a hit but not personal tax?

While the new corporation tax regime has drawn a good response, the personal income tax regime seems to have attracted only a lukewarm response

Despite windfall tax, ONGC, Oil India's earnings look positive for FY23

With diverse revenue streams RIL is less impacted, while oil marketing companies have seen earnings downgrades amidst volatility in oil prices

ITR Filing AY 2022-23: What if you missed the ITR?

Missed ITR 2022-23 deadline? Under section 234F of the IT Act, a late filing will be imposed on taxpayers after the due date, July 31, 2022. How many penalties should you pay?

ITR 2021-22: Top 5 benefits of filing ITR before the July 31 deadline

ITR is generally filed to claim the tax deductions and exemptions from the long-term capital gains, however, the benefits of filing the ITR 2021-22 before July 31 are not limited to this

ITR 2021-22: What do you lose if you file a belated income tax return?

Under section 234F of the Income Tax Act, 1961, the taxpayer is required to pay a penalty of Rs 5,000 for delaying the ITR and filing a belated ITR

ITR 2021-22: Everything you need to know about updated income tax return

In the Finance Bill, 2022, the government introduced the concept of 'updated ITR'. It allows the assessee to file the ITR within 24 months of the expiry of a financial year