All stories by Dilasha Seth
Gujarat is most tax-compliant state in AY19, Bihar leastRediff.com4 days ago
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: GovtRediff.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 Q1Rediff.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: GovtRediff.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%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 CPIRediff.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 govtRediff.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 detailsRediff.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 26ASRediff.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: ExpertsRediff.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%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 revivalRediff.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 workRediff.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'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 CARESRediff.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 tizzyRediff.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 attractiveRediff.com13 Feb 2020
The scheme offers waiver of interest, penalty, and prosecution for settling tax disputes.
6 states see fall in tax revenues till NovemberRediff.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 returnsRediff.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 FY20Rediff.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-SugamRediff.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 ModiRediff.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 1Rediff.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 complianceRediff.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 1Rediff.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 cardRediff.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 targetRediff.com18 Nov 2019
The reduced growth is largely because of consumption slowdown and tax rate cuts.
Sitharaman given a live demo of GST glitchesRediff.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 payersRediff.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-OctoberRediff.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 propertiesRediff.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 automobilesRediff.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 scrutinyRediff.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 panelRediff.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 dutiesRediff.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.
CCD crisis: I-T officer draws flak for tax terrorism day before retirementRediff.com31 Jul 2019
Balakrishnan refused to react to the India Inc criticism of growing incidents of tax terrorism following Siddhartha's letter. Appearing unfazed, he said, "I only believe in doing my job well."
Budget 2019: Income tax collection target 'too steep', say expertsRediff.com19 Jul 2019
CBDT has been given a collection target of Rs 5.69 trillion in personal income tax in the fiscal year 2019-20 - 19.2 per cent more than the Rs 4.77-crore collection in the previous year.
Budget impact: FDI cap in insurance sector may be raised to 74%Rediff.com9 Jul 2019
For insurance intermediaries like brokers, insurance repositories, third-party administrators, etc, 100 per cent FDI may be permitted.
How much black money is stashed abroad?Rediff.com25 Jun 2019
The studies found that sectors with the highest unaccounted income included real estate, mining, pharmaceuticals, pan masala, gutkka and tobacco, bullion and commodity markets, film industry, educational institutes and professionals.
State FMs meet Nirmala, demand fiscal stimulusRediff.com22 Jun 2019
Sitharaman exhorted the states to work together with the Centre, stating that while the Union government sets the direction of economic growth, it is for the states to ensure effective implementation on the ground.