All stories by Dilasha Seth
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.
GST: Decision on ITC may hit cash flow, fears India IncRediff.com20 Dec 2019
The new restriction will be challenging for businesses, as they will have to do regular follow-ups with their suppliers.
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.
'Corporate tax cuts will affect tax collection'Rediff.com13 Dec 2019
'The corporate tax cuts will obviously result in lower tax payments by companies,' says Central Board of Direct Taxes member Akhilesh Ranjan who retires after 37 years in government service.
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.
Day after: Corporate tax relief may worsen fiscal deficitRediff.com21 Sep 2019
The immediate revenue loss could worsen the Centre's fiscal deficit, from the budgeted 3.3 per cent of gross domestic product (GDP) to 3.7 per cent of GDP -- a massive 40-basis-point increase. It was stabilised at 3.4 per cent since 2016-17, report Abhishek Waghmare and Dilasha Seth.
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.
Major tax relief likely for those earning up to Rs 55 lakh per annumRediff.com20 Aug 2019
DTC task force also favoured doing away with Dividend Distribution Tax by suggesting taxing dividends in the hands of shareholders.
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."
Going gets tough for big firms wanting tax reductionRediff.com25 Jul 2019
Revenue foregone on account of corporation tax exemptions is estimated to grow by 16 per cent in 2018-19 (FY19) versus 8.7 per cent in the previous year and 12 per cent in 2016-17, show the Budget documents.
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.
PAN cards not linked to Aadhaar will be cancelled from Sep 1Rediff.com11 Jul 2019
To validate and continue using the existing PAN cards, citizens will have to link them to Aadhaar. Or else, they will be permitted to use Aadhaar instead for filing returns and while making other high-value transactions, specified under the Income Tax Act.
Nirmala Sitharaman's first Budget puts brakes on some funds for statesRediff.com10 Jul 2019
Nirmala Sitharaman has designed the revenue mix in such a way that while Centre's share in taxes would grow a massive 25 per cent, states' share would grow a dismal 6 per cent.
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.
PM to meet FinMin officials from all departments on June 20Rediff.com15 Jun 2019
This meeting has led to the deferment of the Goods and Services Tax (GST) Council meeting by a day.
GST collection crosses Rs 1 trillion for third straight month in MayRediff.com6 Jun 2019
Despite a steady collection rate, the government faces a steep Budget target of Rs 6.1 trillion for CGST for 2019-20.
India to battle it out with US, UK to tax digital firmsRediff.com30 May 2019
The US is pressing for taxing digital economy through the 'marketing intangibles' principle and the UK through a 'user-base' principle.
Changes likely in tax audit report for charitable trustsRediff.com29 May 2019
The report, floated recently, comes a few days after the government cancelled the registration of Bengaluru-based NGO Infosys Foundation for alleged violation of norms in receiving foreign grants.
What GST Council will likely discuss in its June meetRediff.com27 May 2019
The focus will be on tackling the unfinished agenda requiring immediate attention like tax structure for solar projects, uniform tax rate on state-organised and state-authorised lotteries, taxing non-potable alcohol besides certain changes in the law, extension for NAA and rate rationalisation.
How Modi govt plans to spur economic growthRediff.com27 May 2019
There is talk of a fresh approach to a new labour code as well as reforming land acquisition laws in such a way as to be politically.
Services become costlier, goods cheaper in five years of NDA governmentRediff.com2 May 2019
The rates of price rise in many services used by the common man, including hospital and nursing, cook, domestic help and bus (fare), among others, have also touched double digits during the last four years, putting a burden on disposable income.
Where did our MPs spend funds?Rediff.com25 Apr 2019
Infrastructure projects were the top picks for MPs, with 40% of the total funds spent on the development of railways, roadways, pathways and bridges.
Tax dept may pitch for lower I-T target when next govt presents BudgetRediff.com23 Apr 2019
CBDT feels 30% growth in income-tax not feasible.
CBDT's proposal to lower tax collection target shot downRediff.com4 Apr 2019
The direct tax collections are likely to fall short of the revised Budget target by Rs 650 billion and, in fact, were Rs 150 billion lower than the original estimate for the fiscal
2 members of National Statistical Commission quit over jobs data reportRediff.com30 Jan 2019
With the two members quitting, the NSC now has only two members -- Chief Statistician Pravin Srivastava and NITI Aayog CEO Amitabh Kant.