The government has slashed the windfall profit tax levied on domestically-produced crude oil as well as on export of diesel and ATF following a drop in global oil prices, according to an official order. The levy on crude oil produced by companies such as Oil and Natural Gas Corporation (ONGC) has been cut steeply to Rs 1,700 per tonne from Rs 4,900, the order dated December 15 said. Crude oil pumped out of the ground is refined and converted into fuel like petrol, diesel and aviation turbine fuel (ATF).
Making cash payments at bank counters to settle your credit card dues is getting expensive. Credit card issuers led by ICICI Bank and HDFC Bank have started levying a fee on such payments.
The Department of Telecommunications, which has been mandated to simplify the multifarious levies, would introduce the new regime in phases.
The imposition of 15 per cent export duty on steel has suddenly altered the prospects of the sector to negative and led to a big sell-off in steel stocks. Iron ore and pellet exports have to face duties of 45-50 per cent, which means they become uncompetitive. The Ukraine war has led to a supply crunch in global markets and pushed up prices, with Europe, in particular, looking for replacements for Ukrainian and Russian exports.
The government should scrap the windfall profit tax on domestically produced crude oil as the levy is adversely impacting the capex-intensive exploration of oil and gas, the industry said in its recommendation for the forthcoming annual Budget. India first imposed windfall profit taxes on July 1, joining a growing number of nations that tax super normal profits of energy companies. At that time, a Rs 23,250 per tonne ($40 per barrel) windfall profit tax on domestic crude production was levied.
The central government has given banks and credit card entities six to eight months to put in place the requisite reporting mechanism and related features to collect tax at source on international credit card transactions, a senior bureaucrat told Business Standard. According to the bureaucrat, the plan to bring overseas credit cards under the Liberalised Remittance Scheme (LRS) has not been mothballed and is simply being deferred so that banks get adequate time to get the system up and running. The official expects the reporting mechanism to be ready in the given time, and the rule could be implemented in the next financial year (2024-25, or FY25).
Sebi penalised Shruti Vishal Vora - found guilty of leaking price sensitive information related to financial results of Wipro, Asian Paints and Mindtree, and Parthiv Dalal for similar action in case of Wipro earnings.
Six years after the rollout of the biggest indirect tax reform in India, Goods and Services Tax (GST) revenue of Rs 1.5 lakh crore every month has become a new normal and tax officers are focusing on dealing with fraudsters who are adopting newer modus operandi to game the system, causing loss to the exchequer. To apprehend black sheep, who operate as syndicates and create fake entities on the basis of forged documents to claim input tax credit (ITC), tax officers have started using data analytics, artifical intelligence and machine learning aiming to curb evasion, which was over Rs 3 lakh crore since inception of GST. It was over Rs 1 lakh crore in 2022-23. Thinktank Global Trade Research Initiative (GTRI) said the most critical pending GST reform is upgradation of GST Network to prevent fake supplies and fraudulent claims of Input Tax Credit (ITC).
Most travel agents in India have refused to levy the transaction fees of Rs 350-10,000 on air passengers.
Since Sunday there have been around 50 such attacks carried out in the province and in one incident in Sibi town attackers targeted an election rally of a Pakistan Tehreek-e-Insaf party-backed candidate for the National Assembly in which four people lost their lives and six were injured.
After reducing duties on petroleum products, the Centre has now asked the states to follow suit.
GST authorities have issued show cause notices worth Rs 1 lakh crore to online gaming companies for tax evasion so far, a senior official said on Wednesday. The official, however, said there is no data yet of foreign gaming companies registering in India since October 1. The government has amended the GST law, making it mandatory for overseas online gaming companies to register in India from October 1.
Reliance Industries has strongly defended its decision to impose a marketing margin over-and-above the government-approved sale price for KG-D6 gas, saying the levy was to cover for the risk and cost associated with marketing of gas.
Stocks of sugar companies rose after the development. At the Bombay Stock Exchange, Bajaj Hindusthan, India's biggest producer, gained 4.25 per cent to close at Rs 121.35, Balrampur Chini gained three per cent and closed at Rs 88 while Renuka Sugars gained four per cent to Rs 68.
The safety and security of citizens is primary for the government, he said.
The British government may levy "fat tax" on junk food and sugary drinks in a bid to reduce obesity among consumers and reduce fiscal deficit, a media report said.
Manchester City's Kevin de Bruyne sparked a late comeback 3-2 victory for his side at Newcastle United.
Catch one of Mammootty's career best works, Oscar-winner Michelle Yeoh and more on OTT this week.
'If taxpayers have not filed a belated ITR, they will be allowed to file an updated ITR from April 1, 2024.'
Softening its stand on reduction in access deficit charge, a levy paid by private operators to BSNL for rural telephony, the department of telecom on Tuesday said the Telecom Regulatory Authority of India must ensure that by doing so the revenues of
Adopted after nearly two weeks of hectic negotiations, the first Global Stocktake deal, being termed the UAE consensus, urges countries to accelerate efforts toward the phase-down of unabated coal power, which is a climb down after India and China strongly resisted the singling out of coal.
The move would help tax authorities get leads on evasion.
We are, therefore, setting up more branches in more tertiary terms, like tier 2 and tier 3 terms. Going forward, that is where the growth will come.
The Department of Telecom (DoT) has recommended levying a one-time fee on existing mobile operators for spectrum they may hold in excess of 6.2 Mhz limit to garner at least Rs 22,640 crore.
The government on Friday cut the windfall profit tax on locally produced crude oil in line with a fall in international rates, and reduced the levy on export of diesel and jet fuel (ATF). At the fifth fortnightly review, the government reduced tax on domestically-produced crude oil to Rs 10,500 per tonne from Rs 13,300 per tonne. The levy on the export of diesel was reduced to Rs 10 per litre from Rs 13.5. Also, the tax on Aviation Turbine Fuel (ATF) exports was cut to Rs 5 a litre from Rs 9 with effect from September 17, according to a finance ministry notification issued late Friday night.
InterGlobe Aviation, the operator of India's leading airline IndiGo, delivered a better than expected performance across most parameters in Q2FY24. The company posted its fourth consecutive quarter of net profit of Rs 188 crore. It had reported a loss of Rs 1,583 crore in the same quarter a year ago.
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.
There's a hint of new competition riding into a sector that has attracted attention for being in a duopoly-like situation. Rapido, a commute app known for its budget-friendly bike-taxi services, on Tuesday announced its entry into the cab market, which is currently dominated by marquee brands Uber and Ola. Rapido's cab foray will be enabled by a software as a service (SaaS)-based platform.
Mumbai Indians have decided to wait till before deciding whether Sachin Tendulkar, recovering from a finger injury, could take the field against Delhi Daredevils in an IPL clash at the Wankhede Stadium.
The panel of state finance ministers is likely to recommend a uniform GST levy of 28 per cent on online gaming irrespective of whether it is a game of skill or game of chance, sources said. However, it is likely to suggest a revised formula for calculating the amount on which the Goods and Services Tax (GST) would be levied. Currently, online gaming attracts 18 per cent GST.
The two opposition leaders expressed their willingness, but Lapid demanded far-right leaders and ministers, Bezalel Smotrich and Itamar Ben-Gvir, be removed. Gantz agreed to join alongside the two, the report said.
The income tax department has notified rules for valuation of equity and compulsorily convertible preferable shares issued by startups to resident and non-resident investors. As per the changes in Rule 11UA of I-T rules, which comes into effect from September 25, the Central Board of Direct Taxes (CBDT) provides that the valuation of compulsorily convertible preference shares (CCPS) can also be based on the fair market value of unquoted equity shares. The amended rules also retain the five new valuation methods proposed in the draft rules for consideration received from the non-residents viz., (i) Comparable Company Multiple Method, (ii) Probability Weighted Expected Return Method, (iii) Option Pricing Method, (iv) Milestone Analysis Method, and (v) Replacement Cost Method.
Through a revised return, you can make changes to your ITR and even end up paying lower tax.
The asteroid sample will help scientists understand the origin of organics and water that may have seeded life on Earth 4.5 billion years ago.
With the second list, the total number of candidates declared by the Congress went up to 83 out of the total of 90.
Markets regulator Sebi has ordered the attachment of bank accounts and shares and mutual fund holdings of fugitive businessman Mehul Choksi to recover dues totalling Rs 5.35 crore. The latest decision has been taken after Choksi failed to pay the fine imposed on him in October 2022 by Sebi in a case pertaining to indulging in fraudulent trading in the shares of Gitanjali Gems Ltd. Choksi, who was the chairman and managing director as well as part of the promoter group of Gitanjali Gems, is the maternal uncle of Nirav Modi, both of whom are facing charges of defrauding state-owned Punjab National Bank (PNB) of more than Rs 14,000 crore.
Dinesh Tati (23), resident of Palnar village in Gangaloor police station limits, was held on Friday from a tractor showroom in Bijapur town, Additional Superintendent of Police Chandrakant Gavarna said.
The main objective is to determine whether among these companies there are NBFCs that ought to have registered with the RBI for carrying on their NBFI activities.
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