GST taxpayers will be required to reverse by November 30 the input tax credit (ITC) claimed in the last fiscal in case their suppliers fail to deposit the due tax by September 30, the finance ministry has said. The taxpayers, however, can reclaim the ITC later following the deposit of taxes by the supplier. The ministry has inserted Rule 37A in Central Goods and Services Tax rules to give effect to the new provision.
If growth reverts to the pre-Covid level, a lot of people may have to temper their rosy optimism, points out Debashis Basu.
"The new structure will substantially reduce taxes on the middle class and leave more money in their hands, boosting household consumption, savings and investment," Sitharaman said presenting what was dubbed as 'reformist' budget for the next fiscal in Lok Sabha.
'You've got to understand it is not easy to die by suicide.' 'People commit suicide only when they lose everything and find no other way to live.'
The US on Wednesday announced tariffs on six countries, including India, that have imposed or are considering equalisation levy/digital services tax on e-commerce companies but immediately suspended the taxes for up to six months to provide additional time to complete the ongoing multilateral negotiations on international taxation at the OECD and G20. United States Trade Representative (USTR) Katherine Tai, in a statement, announced the conclusion of the one-year Section 301 investigations of Digital Service Taxes (DSTs) adopted by Austria, India, Italy, Spain, Turkey and the UK. "The final determination in those investigations is to impose additional tariffs on certain goods from these countries, while suspending the tariffs for up to 180 days to provide additional time to complete the ongoing multilateral negotiations on international taxation at the OECD and in the G20 process," the statement said.
'That way you're not hostage just to US sort of exports to India.'
Several executives argue that UPI has the potential to grow tenfold, but warn that the absence of a monetisation model risks stagnating the real-time payments system, which has been recording all-time-high transaction volumes every year.
At 8,700 screens, India, the world's largest film producing country, has just six screens for every million of its people, compared to 125 in the US and 30 in China. With Sitaare Zameen Par, Aamir Khan hopes to expand the market for Indian cinema.
On his 200th birth anniversary, Utkarsh Mishra traces the life, thought, and legacy of Dadabhai Naoroji, the Grand Old Man of India.
The news that Amazon India has launched diagnostic services in select metro cities in partnership with the unlisted Orange Health Labs has led to a look at the competitive intensity in healthcare services. Listed companies in the space such as Dr Lal Path Labs, Metropolis Health, Thyrocare, Vijaya, and Krsnaa have all seen double-digit stock price corrections over the last 6-9 months.
Anticipating US action on tariffs, India seems to have made the first move by revamping its tariff structure by reducing the slabs to eight rates, points out Mukesh Butani.
'We believe that in the new world order FTAs or bilateral trade agreements (BTAs) are the way forward.' 'They are enablers for our participation in global value chains. Today, around 70 per cent of global trade is tied to these chains.'
'We've maintained that India is a high-penetration game. It's not only a premiumisation game.'
Taking both direct and indirect taxes, the gross collection is expected to grow 10.45 per cent to Rs 33.61 trillion in 2023-2024.
rediffGURU T S Khurana answers readers' personal income tax queries.
'Rates go up, revenues go up, and the need for compensation diminishes.'
Ask rediffGURU and PF, MF and insurance expert Purshotam Lal your mutual fund, insurance and personal finance-related questions.
Goods and Services Tax (GST) collections in September, in gross terms, were at Rs 1.73 lakh crore, with a yearly jump of 6.5 per cent, according to data from finance ministry released on Tuesday. In September 2023, the total collection was to the tune of Rs 1.62 lakh crore. CGST, SGST, IGST, and cess all increased year-on-year in September, official data made available on Tuesday showed.
Despite recent underperformance, MNC funds have delivered over longer time frames.
The gross GST collection rose 7.3 per cent year-on-year to Rs 1.77 lakh crore in December. The Central GST collection stood at Rs 32,836 crore, State GST at Rs 40,499 crore, Integrated IGST at Rs 47,783 crore and Cess at Rs 11,471 crore, according to government data released on Wednesday.
'A large part of my effort will be solving issues for the whole of Sugar Land, all communities, all populations.'
Ask rediffGURU and PF and MF expert Janak Patel your mutual fund and personal finance-related questions.
As RBI governor, Sanjay Malhotra will have to give the highest priority to the interest of the economy while deciding on the growth-inflation trade off at Mint Street.
'From tariff tensions and border skirmishes to unrest in West Asia.' 'The worst may be behind us. But any further upmove will now have to come from earnings.'
Ask rediffGURU and PF expert Nitin Narkhede your mutual fund and personal finance-related questions.
Dream11, Baazi Games, Zupee and WinZO among others are invited for the discussion with the anti-money laundering watchdog.
European Union (EU) companies operating in India want New Delhi to streamline or remove non-tariff barriers such as Quality Control Orders (QCOs), complex Customs procedures; simplify labelling, testing, and import procedures; and facilitate cross-border digital transactions without data localisation constraints. These are results of a Business Sentiment Survey, 2025 conducted by the Federation of European Business in India (FEBI) ahead of resumption of negotiations for a free trade agreement (FTA) between both the sides scheduled to be concluded by year-end.
Bharatiya Janata Party on Thursday issued a three-line whip to all of its Lok Sabha MPs asking them to be present in the House for the passing of the Union Budget 2025-26.
Digipin promises to revolutionise location-based services in India with safeguards.
India's gross tax revenue, comprising both direct and indirect taxes between April and July, reported a growth rate of merely 2.8 per cent to Rs 8.9 trillion compared to the same period a year ago, as shown by government data on Thursday. This growth was dampened by direct tax figures, offsetting the healthy growth in goods and services tax collections and Customs duties. While net tax revenue contracted by 12.6 per cent to Rs 5.8 trillion up to July, accounting for 25 per cent of the Rs 23.3 trillion full-year target, this could be attributed to the increased tax devolution to states during the period.
18% cent GST on iPhones continues to weigh heavily on the final cost to Indian consumers, limiting the impact of price cuts.
'Expect India to keep doing well irrespective of geopolitics.'
The highest-ever goods and services tax (GST) evasion has been done by the online money gaming industry.
Any industrial policy is only as good as how it is applied and the other reforms that support it. This was as true 40 years ago as it is now, points out Debashis Basu.
Finance Minister Nirmala Sitharaman will present her 8th straight Budget and all eyes will be on the much-expected tax relief for the middle class. Sitharaman had in her first Budget in 2019 replaced the leather briefcase -- which had been in use for decades for carrying Budget documents -- with a traditional 'bahi-khata' wrapped in red cloth.
The combined share of customs and excise duties, service tax, and value-added tax in India's gross domestic product reached an all-time high of 10.5%.
Issues related to the proposed free trade agreement (FTA) and bilateral investment treaty between India and the UK are expected to figure during the three-day visit of Finance Minister Nirmala Sitharaman to London from April 8-10, official sources said. The minister will attend a host of meetings, including the India-United Kingdom Economic and Financial Dialogue, in London.
Gross GST collections grew 8.5 per cent to over Rs 1.82 lakh crore in November on account of increased sales spurred by the festive season.
Ask rediffGURU and PF and MF expert Janak Patel your mutual fund and personal finance-related questions.
India will be the world's third-largest economy by 2028 as it becomes the world's most sought-after consumer market and gains share in global output, driven by macro stability influenced policy and better infrastructure, Morgan Stanley said. From a $3.5 trillion economy in 2023, the Indian economy is projected to expand to $4.7 trillion in 2026, which will make it the fourth largest in the world behind the US, China and Germany.
