Travelling and studying will become more expensive. Even your stock portfolio is likely to suffer.
The revenue collection in the same month a year ago stood at Rs 94,442 crore.
Experts said the rate hike would improve working capital position of the manufactures as it would correct the inverted duty structure but may lead to increase in price of the finished goods.
The Centre managed to collect only Rs 990 crore as compensation cess in April 2020-21, almost one-ninth of the figure of Rs 8,874 crore mopped up a year ago. The subdued collection would further increase states' problems unless the GST Council, which meets next week, decides to borrow from the market.
There is more to tax planning than just Section 80C and infrastructure bonds.
No, the savings as a result of preferential taxation are marginal but a concession would acknowledge the significant contribution of women to economic growth
Ponda is currently director of the firm's tax department, which is among the six finalist law firms nationwide for Chambers USA Awards for Excellence 2010 in Taxation Law.
The states which achieved "extraordinary growth" in total taxes collected include Kerala (44 per cent), Jharkhand (20 per cent), Rajasthan (14 per cent), Uttarakhand (13 per cent) and Maharashtra (11 per cent), an official statement said.
Tax experts said historically in July and August indirect tax collections remain subdued and pick up with the onset of the festive season post Ganesh Chaturthi.
Otherwise, while filing returns, you may have to pay additional tax.
The total revenue earned by central government and state governments after regular settlement in December was Rs 43,851 crore for CGST and Rs 46,252 crore for SGST.
The issues around trade gaps, especially around steel and aluminium tariffs imposed by the US, will be addressed separately.
The corporate income tax breaks make up a relatively small part of $80 billion in business giveaways.
Across 10 prominent services, revenue to the government reduced by 20 per cent in the first year of GST compared to the last year of the service tax regime. This happened despite tax liability against these services growing by 50 per cent in one year.
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.
This will bring down capital gains especially in case of property transactions.
What is worrying is that this year, angel investments and seed funding deals have fallen by 40 per cent, ringing alarm bells in the start-up community in India.
The coming Union Budget might give relief to foreign portfolio investors from taxation on indirect transfers.
With a new higher tax regime coming into effect from the new financial year, top corporates and wealthy investors are in a rush to restructure their shareholding.
Some companies are already seeking review of the new norms.
E-proceeding of tax scrutiny has certain technical and practical issues which need to be addressed before making the system fully electronically driven.
Will it benefit you? Or will it lead to an increase in inflation? Bipin Sapra believes it will be some time before GST's benefits reach consumers.
Does a doctor need to pay GST and other queries...
Know what terms like anti-profiteering, CGST, SGST, IGST means in the new regime
With recent rate cuts, November collections could be even less
If you receive an email claiming to be from the income tax department that there's an outstanding tax demand that you need to pay immediately, don't get alarmed. Get cautious.
The recommendation, if implemented, is likely to face opposition from the government's key support base among Hindu traders and businesspersons.
Whether you give stocks held for more/less than a year, benefits are nominal; donating cash is better.
The new ITR forms have shifted the entire onus on the taxpayers to prove their claim for deductions, expenses or exemptions.
After the 2019 election, one thing is sure: GST will see a number of changes, explains Indivjal Dhasmana.
If the government decides to go back to the old regime where the EPF was not taxed but the NPS was, the latter will become an unattractive product.
Construction costs would be reduced to some extent and this benefit can be passed on to the customers, thereby spurring home buying
Petrol prices on Thursday crossed Rs 73 a litre mark, the highest level since the BJP government came to power in 2014, while diesel touched a record high of Rs 64.11 a litre.
CBDT recently lowered threshold for this to Rs 8,333 a month. If you don't furnish this, a higher tax will be deducted at source from your income.
The GST will also be applicable on the non-compete amount given by an employer to an outgoing employee, report Indivjal Dhasmana and Sudipto Dey.
For supply rules, the location decides where goods or services will be taxed.
Revised tax forms will be simple; stress on foreign travel and assets has been reduced
Firms that have a turnover of under Rs 1 cr can pay tax without maintaining books.
The Supreme Court-appointed Special Investigations Team on black money has also proposed that holding more than Rs 15 lakh in cash be made illegal for individuals and for companies, report Tinesh Bhasin and Sanjay Kumar Singh.
Against estimates of black wealth of Rs 300 lakh crore and black money in cash of Rs 3 lakh crore by economist Arun Kumar, the PMGKY numbers fall short by a huge margin.
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