Page 7 - Taxes

Windfall tax, new export, import duties may fetch exchequer over Rs 1 trn

Likely to boost elbow room for additional govt capital expenditure; experts see net estimated gains of 0.2-0.3% of GDP on fiscal revenues

PSUs face further investment apathy; privatisation may struggle: Analysts

The bulk of the earnings reduction over the past two months for the Nifty-50 index, according to KIE, has come from the government's decision to levy new taxes

Murugappa Group posts 23% rise in net profit in FY22, manufacturing grows

Murugappa Group's turnover increased by 31 per cent to Rs 54,722 crore, as against Rs 41,706 crore in 2020-21

GST Council likely to consider changes in monthly tax payment form

Currently, GSTR-3B of a taxpayer includes auto drafted input tax credit (ITC) statements based on inward and outward B2B supplies and also red flags any mismatch between GSTR-1 and 3B

GST Council may defer decision on taxing crypto assets in June 28-29 meet

Fitment panel proposes deeper study by Haryana and Karnataka and asks to submit report to the panel for further deliberations

Exception to the rule? G7 deal on tax triggers carve-out talk

The G7 comprises Canada, France, Germany, Italy, Japan, the United Kingdom and the United States.

Analysis: G7 global tax plan may hit corporate titans unevenly

The G7 comprises Canada, France, Germany, Italy, Japan, the United Kingdom and the United States.

High taxes on crypto will disincentivise compliance

Taxes are best-placed to meet their objective if they incentivise compliance

Top importer India may cut taxes on edible oils to cool prices: Report

India, the world's top importer of vegetable oils, is looking to cut the agriculture infrastructure and development cess on crude palm oil imports

Govt seeks to grow tax base, makes filing must for TDS/TCS above Rs 25,000

In the case of senior citizens, the aggregate of Rs 50,000 apply; rule came into force on April 21

Odisha records 49% growth in GST collection for fiscal year 2021-22

The Odisha Goods and Services Tax (OGST) collection for the financial year 2021-22 is Rs 12743.01 crore as against Rs 8292.15 crore collected till March '21 with a growth rate of 54 per cent.

Indian Metals & Ferro Alloys' net profit soars to Rs 122 crore in Q3

Indian Metals & Ferro Alloys (IMFA) on Thursday posted nearly four-fold jump in consolidated profit after tax (PAT) at Rs 122.24 crore for December quarter 2021-22, mainly on account of higher income. The company had logged Rs 32.53 crore PAT during October-December period of 2020-21, IMFA said in a regulatory filing. During the quarter under review, its total income rose to Rs 658.21 crore from Rs 430.10 crore a year ago. Total expenses were at Rs 483.63 crore as against Rs 395.29 crore in the year-ago quarter. In a separate statement, the company said it produced 61,545 tonne of ferrochrome (FeCr) and sold 55,403 tonne of the alloy during December quarter. The company said it has also made a prepayment of Rs 214 crore towards a long-term debt. IMFA MD Subhrakant Panda said: Our record performance in the ongoing fiscal has enabled us to prepay long-term debt thereby strengthening balance sheet ahead of our proposed 100,000 tonne per annum ferro chrome expansion." Headquartered

Traded cryptocurrency in 2021? Here's how to approach taxes

The IRS has been zooming in on cryptocurrency reporting with increasing interest in recent years

TMS Ep93: Netflix in India, PwC's Ranen Banerjee, markets, tax types

Why Netflix failed to crack the Indian market? What is Ranen Banerjee's Budget expectation for MSMEs? Is broader market crash likely to get deeper? What are direct and indirect taxes? All answers here

Cryptocurrency service providers seek clarity on taxation

The leading Cryptocurrency exchange WazirX, which has been a major focus of the DGGI crackdown, has paid Rs 49.2 crore as GST with interest and penalty

China vows to shave taxes by $17.3 billion a year, says report

Plans more tax and fee cuts next year to help struggling businesses

CBDT issues refunds of Rs 1.37 trillion to 12.7 million taxpayers

The Central Board of Direct Taxes (CBDT) has issued refunds of over Rs 1,36,779 crore to more than 1.27 crore taxpayers from April 1 to December 13, the Income Tax Department said on Wednesday. "CBDT issues refunds of over Rs 1,36,779 crore to more than 1.27 crore taxpayers from 1st Apr, 2021 to 13th December, 2021. Income tax refunds of Rs 46,438crore have been issued in 1,25,34,644 cases & corporate tax refunds of Rs 90,340 crore have been issued in 2,02,705 cases," the Income Tax department tweeted. This includes 90.95 lakh refunds of Assessment Year (AY) 2021-22, amounting to Rs 18,848.60 crore, it said.

Japan govt to give massive tax breaks to companies that lift wages

Liberal Democratic Party-led government has piled pressure on cautious Japanese firms to spend their record cash piles to boost wages

IRS officer Vivek Johri takes charge as CBIC Chairman

Senior bureaucrat Vivek Johri on Wednesday took charge as the Chairman of the Central Board of Indirect Taxes and Customs (CBIC). Johri, a 1985-batch Indian Revenue Service (Customs and Indirect Taxes) officer, has been a member of the board. He has succeeded M Ajit Kumar, who completed his tenure on November 30. "Vivek Johri, IRS (C&IT:1985) takes over as Chairman of Central Board of Indirect Taxes and Customs (CBIC) from today, December 01, 2021," CBIC tweeted. The Appointments Committee of the Cabinet had last month approved the appointment of Johri as the Chairman of the CBIC, which is the apex body related to customs and other indirect taxes.

Net direct tax revenue rises 68% to Rs 6.92 trillion till Nov 23

The net collection between April 1 - November 23 in 2020-21 and 2019-20 fiscals was over Rs 4.12 trillion and over Rs 5.44 trillion respectively