Dilasha Seth

All stories by Dilasha Seth

Dissenting states want full borrowing by Centre for GST

Dissenting states want full borrowing by Centre for GST

Rediff.com17 Oct 2020

Dissenting states including Chhattisgarh and Kerala, have made it clear they are in no mood to relent. They want the Centre to borrow the entire Rs 2.35 trillion this fiscal citing bleak fiscal position.

Rise in exports helps India nearly halve trade gap with China

Rise in exports helps India nearly halve trade gap with China

Rediff.com9 Oct 2020

Exports to China saw sustained double-digit growth for the fourth straight month in August, led by eightfold rise in iron and steel shipments.

I-T department readies safeguard measures for e-assessment

I-T department readies safeguard measures for e-assessment

Rediff.com1 Oct 2020

Any additions in demand made by a tax officer under the faceless assessment process for over Rs 5 lakh of income will undergo a rigorous review process before a final demand order is passed.

Advance tax mop-up declines 25%

Advance tax mop-up declines 25%

Rediff.com18 Sep 2020

Mumbai, which contributes about 30 per cent of country's direct collections, saw the rate of contraction in advance tax collection lower to 20 per cent as against an over 33 per cent decline in Q1.

Panel bats for abolishing LTCG on start-up investments

Panel bats for abolishing LTCG on start-up investments

Rediff.com16 Sep 2020

A strong start-up ecosystem can propel investment, jobs, and demand creation, and for that, substantial growth capital is required.

Gujarat is most tax-compliant state in AY19, Bihar least

Gujarat is most tax-compliant state in AY19, Bihar least

Rediff.com6 Aug 2020

Among large states, the lowest rate of filing was seen in Bihar at 5 per cent, followed by UP at 8.11 per cent - much below the national average of 12 per cent.

Google tax in line with WTO rules: Govt

Google tax in line with WTO rules: Govt

Rediff.com17 Jul 2020

The government said that far from targeting any US entity, the purpose was to ensure fairness, healthy competition, and to exercise the ability of governments to tax businesses having a nexus with the Indian market through digital operations.

Google tax mop-up drops 30% in Q1

Google tax mop-up drops 30% in Q1

Rediff.com16 Jul 2020

E-commerce companies that fall within the scope of the equalisation levy include Adobe, Uber, Udemy, Zoom.us, Expedia, Alibaba, Ikea, LinkedIn, Spotify, and eBay.

Frozen parota eaten by well-off, so 18% GST fine: Govt

Frozen parota eaten by well-off, so 18% GST fine: Govt

Rediff.com14 Jun 2020

According to government sources, frozen parota (layered flatbread) does not qualify as a staple item and is not eaten by the poor. It is consumed by a class that can afford to pay taxes, hence falls in the 18 per cent category with the likes of biscuits, pastries, and cakes.

India's tax-to-GDP ratio plunges to a decade low of 9.88%

India's tax-to-GDP ratio plunges to a decade low of 9.88%

Rediff.com9 Jun 2020

While the ratio determines the extent to which the government is able to finance its expenditure, it is also an indicator of tax compliance. Developed countries have a higher contribution of tax to their GDP.

How COVID-19 derailed govt's plan on GDP and CPI

How COVID-19 derailed govt's plan on GDP and CPI

Rediff.com8 Jun 2020

The revision of the consumer price index and GDP base years from 2011-12 and 2012, respectively, were dependent on the outcomes of the consumer expenditure survey of 2017-18 that the government decided to junk recently.

US to probe India's 'Google tax'; levy non-discriminatory, says govt

US to probe India's 'Google tax'; levy non-discriminatory, says govt

Rediff.com4 Jun 2020

The US Trade Representative's (USTR) office will also conduct the Section 301 probe against nine others, including Austria, Brazil, Indonesia, Italy, Spain, Turkey, the Czech Republic, the UK, and the EU, for levying or considering digital services taxes "discriminating against US companies".

Big changes in I-T return forms. Read to find the details

Big changes in I-T return forms. Read to find the details

Rediff.com1 Jun 2020

Those spending over Rs 2 lakh on foreign travel, incurring more than Rs 1 lakh electricity bills, or depositing over Rs 1 crore in current account will have to mandatorily file ITR even if their total income is below the taxable limit. The last date for filing has been extended to Nov 30 from Jul 31.

All you want to know about the revised Form 26AS

All you want to know about the revised Form 26AS

Rediff.com29 May 2020

The simplified form will comprise details of taxpayers' mutual fund transactions, pending and completed income tax proceedings, status of income tax demand, besides tax deducted at source and tax collected at source. Form 26AS is an annual tax credit statement containing details of various taxes deducted on income.

TDS, TCS move will not ease tax burden: Experts

TDS, TCS move will not ease tax burden: Experts

Rediff.com14 May 2020

Experts pointed out the move will only help taxpayers temporarily, as the tax liability remained the same and the date for advance tax has not been extended.

Lower refunds boost April tax collection by 36.5%

Lower refunds boost April tax collection by 36.5%

Rediff.com3 May 2020

Without accounting for refunds, however, the collection contracted 5.4 per cent, indicating muted economic activity as the Covid-19 pandemic and subsequent curbs paralysed most sectors.

Govt seeks India Inc's view on economic revival

Govt seeks India Inc's view on economic revival

Rediff.com22 Apr 2020

Officers across departments and ministries have been asked to speak to people across sectors for 'SWOT' analysis of issues for revival of the economy.

I-T officers in a fix over 'informal' orders to return to work

I-T officers in a fix over 'informal' orders to return to work

Rediff.com18 Apr 2020

Direct tax collections missed the revised target for 2019-20 by Rs 1.42 trillion at Rs 10.27 trillion, an 8 per cent fall over the previous year.

'Fighting coronavirus is a priority, so is giving timely salaries'

'Fighting coronavirus is a priority, so is giving timely salaries'

Rediff.com12 Apr 2020

'We will not compromise on it. We will not make any deferred payments or cuts.'

100% tax rebate for donations to PM CARES

100% tax rebate for donations to PM CARES

Rediff.com1 Apr 2020

This brings its tax treatment on par with the Prime Minister's National Relief Fund.

'Essential goods' classification puts e-commerce cos in a tizzy

'Essential goods' classification puts e-commerce cos in a tizzy

Rediff.com26 Mar 2020

'It is unclear whether clothing or home items qualify as essential items. A lot of professionals are working from home, and they need electronics for their productivity. Does this qualify as essential?'

Tax dispute resolution scheme made attractive

Tax dispute resolution scheme made attractive

Rediff.com13 Feb 2020

The scheme offers waiver of interest, penalty, and prosecution for settling tax disputes.

6 states see fall in tax revenues till November

6 states see fall in tax revenues till November

Rediff.com30 Jan 2020

The bulk of states' revenue comes from the devolution from the Centre's divisible tax pool, GST, VAT on petroleum, and excise duty on alcohol.

Govt starts audit of FY18 GST returns

Govt starts audit of FY18 GST returns

Rediff.com9 Jan 2020

The instruction is that audit of large units be completed within seven working days, of medium units in five working days and of small ones in three.

Share of investment in GDP to hit all-time low in FY20

Share of investment in GDP to hit all-time low in FY20

Rediff.com8 Jan 2020

In fact, India's investment activity growth is also estimated to touch a 17-year low in FY20. With overall demand not showing signs of revival, investment activity may take longer to recover, economists said.

Income Tax: All you want to know about ITR 1-Sahaj and ITR 4-Sugam

Income Tax: All you want to know about ITR 1-Sahaj and ITR 4-Sugam

Rediff.com6 Jan 2020

The department notified ITR 1-Sahaj and ITR 4-Sugam in January against the usual practice of notifying returns in April, with disclosure requirements related to cash deposits, spending on foreign travel, and electricity. The notification of the returns followed Budget announcements making income-tax return filing mandatory for certain persons even if their income was below the taxable limit.

No possibility of GST rate hike till revenue stabilises: Sushil Modi

No possibility of GST rate hike till revenue stabilises: Sushil Modi

Rediff.com23 Dec 2019

Bihar Deputy Chief Minister Sushil Kumar Modi said, a hike in GST rates would have hampered consumption amid the economic slowdown. The revenue augmentation panel in the Council meeting recently recommended revisiting and restructuring the GST rate slabs, besides correcting the inverted duty structure. The panel listed 24 items, including mobile phones, footwear, fabrics, LED light, medical equipment, utensils, agri machinery, pharma, and renewable components, which have an inverted duty structure, resulting in refunds of close to Rs 20,000 crore annually.

New GST rates likely from April 1

New GST rates likely from April 1

Rediff.com18 Dec 2019

Proposals from the Centre's side include raising the 5 per cent slab to anywhere between 6 and 8 per cent, and doing away with the 12 per cent slab. A few states may oppose such a move because it involves hiking tax on items consumed by the poor. They have instead proposed raising the 18 per cent slab.

How govt plans to improve GST compliance

How govt plans to improve GST compliance

Rediff.com13 Dec 2019

To improve compliance, govt may introduce lottery reward for filing GST. The Consumer Welfare Fund, where anti-profiteering proceeds are deposited, will be used to reward the lucky winners on monthly and annual bases. The prize money, yet to be fixed, may run into several lakhs of rupees for the annual draw, and about Rs 50,000 for monthly draws.

GST e-invoicing mandatory from April 1

GST e-invoicing mandatory from April 1

Rediff.com29 Nov 2019

The e-invoicing system will be rolled out in a phased manner from January 1 on a voluntary and trial basis, beginning with firms with a turnover of Rs 500 crore, while businesses with a turnover of Rs 100 crore or more will be required to do it from February 1.

Paying your tax will soon be as easy as swiping a card

Paying your tax will soon be as easy as swiping a card

Rediff.com25 Nov 2019

The government is planning to extend the electronic modes of tax payment to its own payments platform, Unified Payments Interface (UPI), credit cards of banks, or even a mobile wallet like Paytm.

I-T seeks Rs 1-trn cut in direct tax mop-up target

I-T seeks Rs 1-trn cut in direct tax mop-up target

Rediff.com18 Nov 2019

The reduced growth is largely because of consumption slowdown and tax rate cuts.

Sitharaman given a live demo of GST glitches

Sitharaman given a live demo of GST glitches

Rediff.com17 Nov 2019

The aim of the exercise was to further simplify GST forms and make the filing process more user-friendly, the finance ministry said in a tweet, reports Dilasha Seth.

Budget 2020: What Sitharaman has in store for tax payers

Budget 2020: What Sitharaman has in store for tax payers

Rediff.com15 Nov 2019

Govt may tighten presumptive taxation norms and also do away with some deductions.

Direct tax mop-up growth slumps to 3.5% till mid-October

Direct tax mop-up growth slumps to 3.5% till mid-October

Rediff.com25 Oct 2019

Collection will have to rise by 30 per cent in the remaining period of the financial year to achieve the Budget estimate.

Huge maintenance costs force I-T to sell properties

Huge maintenance costs force I-T to sell properties

Rediff.com18 Oct 2019

The properties the government is eyeing to dispose of this year are located in prime locations of cities like Delhi, Mumbai, Surat, Ahmedabad, Bengaluru and Chennai.

States rule out GST cut on automobiles

States rule out GST cut on automobiles

Rediff.com13 Sep 2019

Facing a deepening slowdown, the auto sector is pinning hopes on the GST Council meeting on September 20 for a rate cut from 28 per cent to 18 per cent. However, states including Bihar, West Bengal, Kerala, and Punjab are of the view that the slowdown in the auto sector is not because of the GST rate but structural issues in the economy.

Be warned, from today you are under greater govt scrutiny

Be warned, from today you are under greater govt scrutiny

Rediff.com1 Sep 2019

Changes in I-T rules kick in today; to help govt track taxpayers' income, reports Dilasha Seth.

Recommendations of the Direct Taxes Code panel

Recommendations of the Direct Taxes Code panel

Rediff.com28 Aug 2019

The proposed move to withdraw the DDT would help encourage investments by addressing multiple taxation of income and bringing down the effective tax rate on companies, which is among the highest in the world.

Noose tightens around Chinese e-com firms evading duties

Noose tightens around Chinese e-com firms evading duties

Rediff.com19 Aug 2019

The government is looking to plug loopholes in the Indian customs law provision that allows tax exemptions for gifts up to Rs 5,000 and trade samples up to Rs 10,000 sent to India from abroad.

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