All stories by Dilasha Seth
Google tax: American IT and steel lobbies back action against IndiaRediff.com6 days ago
The group has called for a retaliatory tariff action against India, if New Delhi does not roll back the 'unilateral and discriminatory' equalisation levy or Google Tax.
Contrary advance rulings on GST leave industry perplexedRediff.com22 Apr 2021
In addition to this confusion, classification issues, revenue biases in rulings, delays in disposing of applications, and lack of senior officers in AARs have made the advance ruling mechanism under GST unpopular among industry players, reports Dilasha Seth.
Personal income tax rises to Rs 5.7 trillionRediff.com20 Apr 2021
'Personal income tax collections have been high on account of impressive advance tax mop-up.'
States want GST exemption on Remdesivir, othersRediff.com19 Apr 2021
Other decisions piled up include rationalisation of GST rate slabs, correction of inverted duty on certain items and inclusion of petroleum products.
Direct tax collection inches closer to revised Budget target for 2021-21Rediff.com24 Mar 2021
Providing comfort to the government on the revenue front amid fiscal stress, direct tax collection is moving closer to the revised Budget target for 2021-21 and may get a further thrust from the last instalment of the advance tax payment, the deadline for which ended on Monday. The contraction in net direct tax collection narrowed to 5 per cent year-on-year as on March 15 compared to a 9 per cent decline seen in January. In absolute terms, net collection stood at Rs 8.2 trillion against Rs 8.67 trillion in the same period last year, according to the provisional numbers shared by a government official.
It's the Centre not states who don't want GST on fuelRediff.com12 Mar 2021
Many states are open to the idea of petrol and diesel being brought under the goods and services tax (GST) regime - contrary to the perception that they are averse to it - but they want a concrete proposal, including a compensation mechanism, from the Centre. West Bengal Finance Minister Amit Mitra says while the issue can be discussed, the Centre may not be keen to bring the change because it earns "much more" from taxes on petrol and diesel. "(The peak rate of) GST is 28 per cent. Under the regime, the Centre would only get 14 per cent. "So, definitely, the Union government does not want GST on fuel. It is all lies. Currently, they are in a very cozy place," Mitra said.
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.