The Delhi high court on Friday held as "unconstitutional", the imposition of Integrated Goods and Services Tax (IGST) by the Centre on import of oxygen concentrators by individuals for personal use. A bench of Justices Rajiv Shakdher and Talwant Singh quashed the May 1 notification issued by the ministry of finance which says that such oxygen concentrators imported for personal use, irrespective of whether they are a gift or otherwise, will be charged with an IGST of 12 per cent. The court said the individuals will have to give an undertaking to the authorities that the oxygen concentrator is being imported for personal use and not commercial use.
The GST will replace more than a dozen levies central and state levies, including central excise duty, service tax and central sales tax as well as VAT on sale of goods and entry tax, to make movement of goods seamless across 1.3 billion market.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your personal income tax queries.
Make In India and the reduction in barriers of trade will potentially create a growth environment.
Online companies would look forward to an integrated and uniform approach for tax laws and regulatory policies
Finance Minister Arun Jaitley, who is meeting state finance ministers on Thursday to garner support for the Constitution Amendment Bill for a goods & services tax (GST), is likely to immediately dole out about Rs 13,000 crore (Rs 130 billion) in Central Sales Tax (CST) compensation to states.
Strong gains in Vedanta Ltd, Adani Ports, Bharti Airtel and Maruti Suzuki helped the index touch record levels.
Steps such as safeguard duty in the works to plug the route
Criticising various provisions in the proposed GST regime, Moily said it will be a "technological nightmare" and the anti-profiteering provisions in it are "far too draconian."
She has shown shrewdness, sensitivity, and courage. All of these will be needed in ample quantities for the real challenge that will emerge after the elections, notes Shreekant Sambrani.
'You may see some movement indicating a simpler tax regime with less exemptions but with fewer tax rates making life simpler for taxpayers.'
Experts share their views on the steps that will help businesses become GST-ready.
Over the next four years corporate tax will come down by 5 per cent and lot of exemptions will get phased out.
Only those who stick to the old I-T regime will get this benefit.
The government expects indirect tax collection to be lower than the Budget Estimate (BE) of Rs 13.38 trillion this fiscal year, despite prospects of netting goods and services tax (GST) in large amounts, Revenue Secretary Tarun Bajaj has said. "Indirect tax collection may see lower realisation than budgeted on account of cuts in excise and customs duties. "We could see a shortfall of about Rs 1.5 trillion on account of those," he told Business Standard.
A record GST tax collection, an overhaul of the income tax return filing portal and the landmark move to scrap retrospective taxation have set the stage for the next level of reforms in tax administration that include bringing a framework for cryptocurrencies and rationalising the GST rate structure. With tax reforms such as faceless assessment taking roots, 2021 will go down as the year that pivoted the tax administration in a country aspiring to become the world's favourite investment destination. The task ahead is going to be a tough one as the tax department would grapple with taxing cryptocurrencies, rationalising Goods and Services Tax (GST) rates to shore up revenues and post June 2022, the scenario of how the GST revenue plays out for states without the Centre's support of compensation.
Facing an acute shortage of COVID-19 vaccines, the Odisha government on Monday decided to float a global tender for procuring the vaccine to inoculate the states entire population, Chief Secretary S C Mohapatra said.
Taxes on health, excluding medicines, could rise from 8.8 per cent currently, to around 13.6 per cent - an increase of 4.8 per cent.
GST is levied on every transaction in the supply of goods and services, barring certain exempted items
The country's largest lender SBI will levy charges for cash withdrawal beyond four free transactions in a month from customers holding the basic savings bank deposit (BSBD) accounts. These customers will also be levied charges for cheque book beyond 10 leaves in a year. As per the revision in service charges for BSBD accounts, State Bank of India (SBI) will levy charges ranging from Rs 15 to Rs 75 for the "additional value added services" with effect from July 1, 2021.
It's difficult to understand if GDP growth has actually improved.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Finance Minister Nirmala Sitharaman will present the Union Budget for 2023-24 in Parliament on February 1. The Budget is a statement of the government's estimated receipts and expenditures for a fiscal year (April 1 to March 31). It's divided into Revenue and Capital Budget. The Revenue Budget includes the government's revenue receipts and expenditures while the Capital Budget includes its capital receipts and payments.
Tax benefit on WFH expenses, regulatory clarity on cryptos figure high on their wish list.
Insurance companies are seeking a separate deduction limit of Rs 1 lakh for insurance premium payment under Section 80C of the Income Tax Act in the upcoming Union Budget to bring in more people under the ambit of insurance. The insurers also want reduction in the goods and services tax (GST) rate of 18 per cent currently applied on health insurance products to 5 per cent to make such products more affordable to common people. Finance Minister Nirmala Sitharaman will present the Union Budget for 2022-23 on February 1.
The opposition party vowed to hit the streets against the "Modi-made inflation" and run a people's movement over price rise.
To give impetus to the real estate sector, Goyal proposed to extend the period of exemption from levy of tax on notional rent on unsold inventories from one year to two years.
The government on Tuesday raised the deposit threshold limit to Rs 5 lakh per annum in provident fund for which interest would continue to be tax-exempt.
Excise exemptions may be whittled in Budget to offset higher govt salaries, pensions
Tharoor argued that the proposed bill represents a "grave chapter in the history of the Indian republic, seeking to ratify an ordinance that in many ways is an assault on our democratic heritage and the spirit of federalism."
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Shankar Prajapati, a 57-year-old potter in Dharavi, has given up hope of getting a bigger house for his family. He lives cheek by jowl in a hutment measuring 200 square (sq.) feet (ft) in the nondescript shanty town. "We have surrendered to our fate. We cannot wait forever for better accommodation. "Perhaps we are not meant to dream big," despairs Prajapati. Raju Korde, president, Dharavi Redevelopment Committee, and a local resident, agrees with Prajapati.
The Supreme Court on Tuesday stayed the operation of a Delhi high court order holding as "unconstitutional" the imposition of the Integrated Goods and Services Tax (IGST) by the Centre on import of oxygen concentrators by individuals for personal use. A special bench of Justices D Y Chandrachud and M R Shah issued notice on the plea and sought response from the petitioner, who filed a PIL before the high court.
'Till now, we were under tremendous stress. The economy was not recovering, the financial cycle was not moving and the banks were not supporting.' 'With the government pumping in money to the banks and asking the NBFCs to give priority to the MSME sector, there will be a revival.'
Ahead of the Union Budget 2023, insurers are hoping that the Centre will act on their recommendations, which includes increasing the limit for tax deduction under 80D of the Income Tax Act. Also among them are issuance of long-term bonds, tax incentives for home insurance premiums, and a separate section to claim deduction for term-insurance premium, among others. These suggestions would help improve the penetration of insurance in the country.
A 'chance meeting' with Pullela Gopichand near an auditorium lift was enough for Manasi Joshi to convince the national coach of her burning desire to become a world champion.
Exporters on Thursday demanded fiscal incentives, tweaking in customs duties on certain products and credit at affordable rates in the forthcoming Budget to boost exports and create jobs. In a pre-budget virtual meeting with Finance Minister Nirmala Sitharaman, the Federation of Indian Export Organisations (FIEO) said the depreciation of the rupee against the US dollar is affecting exports' competitiveness and the sector requires more support. "Creation of employment is the biggest challenge faced by the country...We would urge the government to provide fiscal support to units which provide additional employment in the export sector," the exporter's body said.
The new ITR forms have shifted the entire onus on the taxpayers to prove their claim for deductions, expenses or exemptions.
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