All stories by Dilasha Seth
Budget: Despite talk of cutback, central schemes' outlay on riseRediff.com2 Feb 2021
The number of centrally sponsored schemes have increased to 35 in FY22 from 30 in FY21 and central sector schemes have increased to 704 from 685 in the previous year, reports Dilasha Seth.
Budget: Easier tax administration to boost revenueRediff.com2 Feb 2021
The Budget proposed abolishing the under-performing, authority of advance ruling, to replace it with a two-member board of advance ruling.
States worry as Centre plans to trim schemes in BudgetRediff.com31 Jan 2021
'It is just an excuse to say that the Centre has run out of money.' 'Pruning these schemes would mean hard time for the people of India.'
Budget 2021: Gross tax revenues likely to get back on track in FY22Rediff.com23 Jan 2021
While the tax-to-GDP ratio of 9.88 per cent has been assumed for FY21, the same as last year, when it touched a decadal low, for FY22 a ratio of 10.7 per cent has been assumed, an average of the last five years.
Advance tax collection zooms nearly 33% to Rs 1.41 trillion in Dec quarterRediff.com18 Dec 2020
The robust revenue collection reinforces hope of a good economic performance in the third quarter of financial year 2020-21 after the surprising pickup seen in Q2.
As Vivad Se Vishwas scheme draws to close, tax officers face the heatRediff.com8 Dec 2020
While the declarations under the scheme have to be filed by December 31, 2020, the government had in October extended the deadline for making payment by three months till March 31, 2021, in view of the ongoing Covid-19 pandemic.
Contraction in direct tax mop-up slows in NovemberRediff.com4 Dec 2020
Personal income tax saw contraction shrink to 13 per cent by November from 22 per cent seen up to September, on the back of lower issuance of refunds and improvement in economic conditions.
Budget making exercise starts, health outlay may get 50% boostRediff.com30 Nov 2020
Outlay for infra is also expected to see a significant increase in view of the government's Rs 111-trillion investment plan under the national infrastructure pipeline to develop social and economic infrastructure over five years.
Abu Dhabi sovereign fund first to get 100% tax exemption in infraRediff.com4 Nov 2020
The government, under the Finance Act, 2020, had allowed tax exemption for SWFs and pension funds in the case of incomes from investment in 34 key infrastructure sectors, including hotels, cold chains, educational institutions, hospitals, and gas pipelines.
Dissenting states want full borrowing by Centre for GSTRediff.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 ChinaRediff.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-assessmentRediff.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%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 investmentsRediff.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 leastRediff.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: 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.