Fiscal expert and former director at the NIPFP Govinda Rao attributes higher revenue forgone for individuals to the concessions available under the old tax regime
To secure fiscal targets, sustaining STT growth remains a high-wire act in a windy market
Share of middle class in income tax increased till 2023-24 while TDS has been rationalised by reducing the number of rates and adjusting threshold limits
A stable policy that spurs investments and job creation, alongside a more rational and progressive taxation regime, tops the Budget wishlist of online gaming companies, according to E-Gaming Federation Anuraag Saxena. His comments assume significance as the Directorate General of GST Intelligence's (DGGI) tax demands totalling Rs 1.12 lakh crore against online gaming companies, over the past many months, spooked the industry, although the Supreme Court's recent stay on showcause notices issued by GST authorities has provided a breather. Saxena said a slew of measures suggested by the industry can "turbocharge" the sector. The online gaming industry is also keen on playing a bigger role in participating in initiatives that involve and educate people about various government schemes through online educational games. "We need policy clarity and policy stability, which is what both domestic investors and foreign investors look for," Saxena said. The e-gaming industry is also pitching
Indian Biogas Association (IBA) has urged the finance ministry to create blanket corporate tax holidays for compressed biogas (CBG) production in the forthcoming General Budget to attract investment in the sector to promote this renewable energy source. Earlier this month, in a letter to Finance Minister Nirmala Sitharaman, IBA said that this will act as an incentive for businesses, which are willing to invest in and scale up CBG production, contributing to cleaner energy generation. "It is proposed that the government create blanket corporate tax holidays for CBG production. In particular, a complete tax waiver should be introduced for CBG producers, which provides tax relief in the initial years of operation," the industry body said. The finance minister is slated to present the Budget in Parliament on February 1. It pointed out that in FY2024-25, with around 100 functional commercial CBG plants in India at their full capacity utilisation, the total CBG sales were approximately R
July 31st was the last date for all the individual taxpayers to file their return for FY24 who do not have audit obligations
Seek relief from state levies, Customs duties, pitch for single window clearance system
India abolished wealth tax in 2015, holding that it had become burdensome to the administration without substantial collections
Initiative, led by Netherlands, has support of Croatia, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Latvia, Slovakia, Spain, Belgium, Bulgaria, Ireland, Slovenia and Portugal
The 16th Finance Commission has been consulting states since mid-February before making recommendations on the states' share in central taxes
An amnesty scheme for customs, reduction in tax rates for individuals and Limited Liability Partnership firms, easier tax compliance, fast tracking of faceless appeals and a dedicated dispute resolution mechanism top India Inc's wishlist for the next Budget submitted to the government. Representatives from all four key industry bodies, CII, FICCI, ASSOCHAM and PHDCCI, have put forth detailed recommendations with regard to the Budget, to be presented on February 1, 2025, in separate meetings held with top Finance Ministry officials. Industry body FICCI sought the introduction of an "Amnesty Scheme under Customs" as a one-time settlement scheme to clear past dues, arguing that it will help the industry to reduce the baggage of litigation. Similarly, Assocham has also pitched for the introduction of a comprehensive Tax Amnesty Scheme under Customs. "A one-time settlement scheme to clear past litigations can be considered by the Government, on the lines similar to Sabka Vishwas Legacy
One cannot escape anti-dumping duty by filing advance bill of entry if the anti-dumping notification is issued before grant of entry inward for the vessel
M&A activity in India has largely been unaffected by geopolitical uncertainty
Capital markets regulator Sebi is expected to take measures regarding the Futures and Options (F&O) segment very soon, in a bid to enhance investor protection, its senior official said on Tuesday. In addition, Sebi has urged the government to introduce tax breaks for subscribers of municipal bonds, which are crucial for funding infrastructure development. The regulator will make a case for a tax break for municipal bonds during a meeting with the finance commission, the regulator's whole time member Ashwani Bhatia said here. Since 1997, municipalities have raised Rs 2,700 crore through bonds for infrastructure projects. Talking about F&O, Bhatia said," Sebi is very soon going to do something about F&O. Study has come (recently)". The regulator, in its consultation paper recently, proposed seven measures to tighten the rules for index derivatives-- revise the minimum contract size and require upfront collection of option premiums intra-day monitoring of position limits, ...
The Supreme Court on Wednesday said it will set up a bench to hear subsequent pleas of mineral-rich states like Jharkhand seeking to recover royalty and tax dues on mineral rights and mineral-bearing lands worth thousands of crore of rupees from the Centre and mining firms. On July 25, a nine-judge bench headed by Chief Justice D Y Chandrachud, in a majority 8:1 verdict, had ruled that the legislative power to tax mineral rights vests in states and not Parliament. In a subsequent order on August 14, the top court clarified that the judgement will not have prospective effect and permitted mineral-rich states recover from the Centre and mining firms the royalty and tax dues on mineral rights and mineral-bearing lands worth thousands of crore of rupees since April 1, 2005 over a period of 12 years. On Wednesday, senior advocate Rakesh Dwivedi, appearing for Jharkhand, urged the bench comprising the CJI and Justices JB Pardiwala and Manoj Misra to allocate the pleas, relating to recover
The Telangana Government on Tuesday requested the 16th Finance Commission to increase the share of states in Central taxes from the existing 41 per cent to 50 per cent as over the years cesses and surcharges that are not shared with states have increased. Deputy Chief Minister in-charge of Finance Bhatti Vikramarka in his speech at the meeting with Finance Commission Chairman Arvind Panagariya and members also urged the finance panel to ensure that states are given the necessary autonomy to tailor CSS (centrally-sponsored scheme) programmes to their specific development needs. "In addition, we propose increasing the share of states in Central taxes from 41 per cent to 50 per cent. Over the years, cesses and surcharges that are not shared with states have increased, leaving states with a smaller share of total gross tax revenue," he said. Increasing the vertical devolution will give states the fiscal space they need to strengthen welfare programmes, address infrastructure gaps and ..
Cancellations of registration must be uploaded on I-T website by August 31
Leader of Opposition in the Lok Sabha Rahul Gandhi accused the Centre on Tuesday of indulging in "tax terrorism" and alleged that Prime Minister Narendra Modi is breaking the back of the middle class to increase the wealth of his big corporate "friends". The former Congress president shared a chart on his WhatsApp channel showing that the amount of personal income tax collected is higher than the collection of corporate tax. In his post in Hindi on the WhatsApp channel, Gandhi said: "'Tax terrorism' is a dangerous face of BJP rule -- this is the truth. Today in India, the burden of tax target has been completely put on the income of the middle class. That middle class whose salary has not increased for years -- meaning the income has remained the same and the income tax is increasing wildly." "In this period of terrible inflation, the middle class, which survives by paying heavy GST on everything, should think -- is your income more than that of big corporates or businessmen? Are yo
Nifty Metal index dropped by 2.4%, and key players like NMDC, Hindustan Copper, and JSW Steel saw their shares fall between 2% and 6% following the SC judgment on Wednesday
But there are challenges to overcome and the country needs money for that, says the finance minister