Continuing the upward trend, GST collections rose 10 per cent to about Rs 1.64 lakh crore in December compared to Rs 1.49 lakh crore in the same month a year ago. During the April-December 2023 period, gross Goods and Services Tax (GST) collection witnessed a robust 12 per cent growth, reaching Rs 14.97 lakh crore against Rs 13.40 lakh crore mopped up in the same period of the previous year, the finance ministry said in a statement on Monday. The average monthly gross GST collection of Rs 1.66 lakh crore in the first nine-month period this year represents a 12 per cent increase compared to the Rs 1.49 lakh crore average recorded in the corresponding period of FY23, it added.
Swiss building material major Holcim has said its $6.38 billion deal with Asia's richest man Gautam Adani's group is tax-free. Holcim had on Sunday signed a binding agreement with the Adani Group to sell its business in India -- about a 63 per cent stake in Ambuja Cement, which owns a 54.53 stake in ACC (of which 4.48 per cent is direct shareholding). "So, according to our analysis, it is a tax-free transaction," Holcim CEO Jan Jenisch said while addressing investors after the deal on Monday." When asked about the tax implications, he said: "Never know if any complication arises, but we assume that we will get the 6.4 billion Swiss Francs as net proceeds." As per the deal, Adani Group will acquire Holcim's full stake in Ambuja Cement and ACC for CHF (Swiss franc) 6.4 billion ($6.38 billion).
IT major Infosys on Thursday acknowledged that some users continue to experience difficulties in accessing the income tax portal and assured that it is working expeditiously, in collaboration with the income tax department to further streamline end-user experience.
Cars and two-wheelers attract 28% GST and a cess in the range of 3-22%, taking the effective tax rate to up to 50%.
The ministry said it was an anti-abuse provision amid growing instances of NRIs shifting their stay in low or no-tax jurisdiction to avoid tax payment in India.
The BJP is the preferred choice because it offers what the Mughals and later British offered in their time: A stable polity and an environment in which business could function, explains T N Ninan.
Alternative Investment Fund refers to any fund established or incorporated in India which is a privately pooled investment vehicle that collects funds from sophisticated investors, whether Indian or foreign.
'Genuine' share transfer gets relief; CBDT lists three scenarios where tax would be levied
rediffGURU Vivek Lala answers your income tax and personal finance queries.
The scheme offers waiver of interest, penalty, and prosecution for settling tax disputes.
The economy may grow by around 7 per cent this financial year as estimated by the Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI), say economists with various organisations. The first advance estimates for 2023-24 will be released on Friday by the National Statistical Organisation (NSO), an exercise done for calculating ratios such as the fiscal deficit. The interim Budget will be presented on February 1.
The government has extended the deadline for filing GST annual return and audit report for the 2018-19 fiscal year by a month, till October 31.
For women, it is important to build an emergency fund and a financial independence fund independent of the couple's joint goals and plans.
Tax experts said that in FY17 around 80,000 people had reported incomes of over Rs 1 crore
Tinesh Bhasin explains the tax liabilities that accompany receiving a gift.
If a salaried employee does not possess Form 16, he can still file the I-T Return with the help of his salary slips and Form 26 AS.
A survey done by Deloitte says, predictability of tax laws is poor in China, India and Indonesia.
The Congress said the rally by the INDIA will send a "strong message" to the Lok Kalyan Marg, where the prime minister's residence is located, that the BJP-led government's "time is up".
'Our objective is to reach a localisation rate of 50% in the span of five years.'
DDT is levied on dividends that a company pays its shareholders out of its profits. It is currently charged at the rate of 20.55 per cent, including a surcharge and education cess. Government may instead tax the shareholders receiving dividends, in a bid to help improve investor sentiment by addressing the multiplicity of taxes and bring down the effective tax rates for companies.
The government has notified mandatory requirement of e-invoicing for B2B transactions for businesses with a turnover over Rs 100 crore with effect from January 1, 2021. Under Goods and Services Tax (GST) law, e-invoicing for business-to-business (B2B) transactions is mandatory for companies with turnover of over Rs 500 crore from October 1. In a notification, the Central Board of Indirect Taxes and Customs (CBIC) said e-invoicing will be extended to businesses with a turnover over Rs 100 crore from January 1.
In this Budget, too, there were a number of measures aimed at plugging tax leakages and ensuring greater compliance, says Sanjay Kumar Singh.
Hybrids have helped Maruti acquire leadership in SUVs, a segment that was never its forte. Toyota has also risen with the hybrid tide to clock its highest-ever annual sales in 2023.
If Tamil Nadu voters preferred the DMK combine, it owed to the Modi-Annamalai combo's ideological battle which often crossed the line of political decency and also challenged 'Tamil pride', argues N Sathiya Moorthy.
While using the family to save tax is legal and smart, ensure you use the ones where clubbing income laws isn't a concern, advises Bindisha Sarang.
'When a gift is received in cash, it is likely to be questioned, and your father may need to explain its source.'
The Central Board of Direct Taxes (CBDT) on Monday clarified that any deposit in the form of bonus or incentives credited in a user account will be considered net winnings, and subject to tax deduction, in case of withdrawal. If these are used only for playing, then it's not liable for tax deducted at source (TDS). Further, in case net winnings do not exceed Rs 100 a month, the applicable tax need not be deducted.
The Finance Act, 2020, has inserted a sub-section, mandating a seller to deduct tax equal to 0.1 per cent of sale proceeds if the value of goods sold exceeds Rs 50 lakh in a financial year.
An analysis of S&P BSE 500 companies suggests that promoters of Indian private-sector companies in particular could end up paying at least 20 per cent more as additional tax on the same dividend income.
'If this first instalment of advance tax is paid by June 30, instead of June 15, then the interest on delayed payment will be levied at 0.75% per month instead of 1% per month,' notes Homi Mistry, a partner with Deloitte India.
'Now that all the early adopters have the electric car, governments are backing down in some countries because they do not have the money to subsidise so much.'
Enhancing your credit score is the key to improving loan eligibility and securing a favourable interest rate.
Keep track of your foreign remittances to avoid giving incorrect declarations as these could be held against you.
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.
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.
A 5 per cent GST rate kicked in on Monday on pre-packed and labelled food items such as cereals, pulses and flour weighing less than 25 kg.
The reimbursement components of your salary require you to furnish bills before they become tax-exempt. Producing them may be difficult this year.
As political winds stir in these states, it's prudent to assess their economic landscapes.
UK fashion retailer Superdry on Wednesday said it will sell its intellectual property assets in South Asia to Reliance Retail for 40 million pounds (Rs 402 crore) through a joint venture. Superdry, whose fashion line mostly includes sweatshirts, hoodies and jackets, will own 24 per cent of the joint venture while Reliance Retail, India's largest retailer, will have the remaining 76 per cent. Under the agreement, Superdry's brand IP assets in South Asia will be permanently transferred to the new JV entity.
The government has reduced the tariff value for import of edible oil, including palm oil, by up to $112 per tonne, a move which experts said can lead to lower domestic prices. The Central Board of Indirect Taxes and Customs (CBIC), through a notification, has cut the tariff import value of crude palm oil by $86 per tonne, and of RBD and crude palmolein by $112 per tonne each. It also reduced the base import price of crude soyabean oil by $37 per tonne. The changes in tariff value of edible oil are effective from Thursday (June 17).
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances