The move can help mop up about Rs 1.2 lakh every day for the purpose.
Gold prices tumbled by Rs 3,350 to Rs 72,300 per 10 grams in the local market in New Delhi on Tuesday amid subdued demand by jewellers after the government announced the customs duty cut on the yellow metal and silver to 6 per cent.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
The panel suggested the cess for BS-IV and BS-V fuels should accrue to the Oil Industry Development Board
Fresh plans of privatisation or divestment in central public sector enterprises and public sector banks might take a back seat this financial year because these may require a large consensus among coalition partners.
Tax devolution shares, which threaten to create a north-south divide among states, may have more to do with per capita income, and not so much with population.
'Expectations are high regarding the change in LTCG with respect to equity investments.'
Government may impose a 25 per cent cess on big diesel cars and charge bulk users other than railways and state transport corporations Rs 22 a litre more for diesel as part of a dual fuel pricing policy.
The council decided not to levy any additional tax on small petrol and diesel cars of up to 1200 cc as well as on hybrid ones.
Ahluwalia also stressed on the need for aligning country's energy prices with the global rates and said, "because the climate change is ultimately caused by the use of fossil fuels, one critical issue is that we must have correct energy prices.
The government said on Friday the proposed cess on all central taxes to fund education will not be a bitter pill as the burden would fall only on those who can bear it.\n\n\n\n
The Central Board of Indirect Taxes and Customs (CBIC) has stepped up its watch on the import of unbranded gold jewellery amid a spurt in seizures on international borders and from importers. During FY24, the CBIC and Directorate of Revenue Intelligence (DRI) jointly seized about 5 tonnes of gold, 30 per cent more than what they did in FY23. In FY23, 3.5 tonnes of gold was confiscated.
When it comes to electric cars, the electric dream is turning out to be a six-letter word starting with f, ending with y, and having antas in between, notes Suveen Sinha.
Clean energy cess to hike cost for power sector.
In a move which could enhance the competitiveness of the country's agricultural and marine exports, the government has abolished cess that would cost the exchequer Rs 110 crore (Rs 1.10 billion) a year.
No mention of cab aggregators in GST bills
In the case of double-income couples, not more than 40 per cent of the net income of one partner should be the EMI for the property.
Plug-in hybrids have two engines and the electric part has a much larger battery than in the regular hybrids. Car companies, led by the Japanese, are pushing the Indian government to look at hybrids in the interim if it wants to reduce carbon emission.
Petroleum minister Murli Deora discussed the idea of levy of $0.20 per million British thermal unit as cess on natural gas to mop up Rs 3,000 crore (Rs 30 billion) annually for laying down the gas pipeline network with CEOs of state-run firms. The brainstorming session called to chalk out the 100-day plan for the new government also decided on launching a new Scheme of Rural LPG Distributor (Gramin LPG Vitrak), petroleum secretary R S Pandey said.
The tax rates for Indian firms, including surcharge, education cess and a fringe benefit tax ranging between four to six per cent amounts to 38 per cent. This again is without considering the dividend distribution tax which Indian firms are liable to pay on dividends declared.
NMDC, the country's largest iron-ore miner, posted a consolidated revenue in the January-March quarter of FY24. This was in line with estimates at Rs 6,500 crore, which was up 11 per cent year-on-year (Y-o-Y), and a 20 per cent quarter-on-quarter (Q-o-Q) rise on the back of realisations. Iron-ore production was 13.3 million tonnes (down 6 per cent and up 8 per cent Q-o-Q), while the sales stood at 12.5 MT (up 1 per cent Y-o-Y and up 10 per cent Q-o-Q).
In order to reduce government litigations, the Union Finance Minister Nirmala Sitharaman on Saturday said the GST Council has fixed a monetary limit for filing appeals by the tax department before the various appellate authorities. It has recommended a monetary limit of Rs 20 lakh for GST Appellate Tribunal, Rs 1 crore for the High Court and Rs 2 crore for the Supreme Court for filing of appeals by the department before these legal forums, she said after the 53rd GST Council meeting held in New Delhi.
rediffGURU Samkit Maniar answers readers' personal income tax queries
According to a new subsidy sharing formula, the payout of upstream oil producers like ONGC is to be reduced to the extent of Rs 4,500 per tonne oil development cess they pay to the government, sources privy to the development said.
'If you invest in sovereign gold bond, you are going to get the price rise of gold over an eight year period.' 'You're also going to get that two-and-a-half percent which the Government of India is willing to give you, treating the money that you've invested in the sovereign gold bond as a kind of a FD or a deposit.' 'That kind of return you can never get anywhere else.'
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
Fliers may have to shell out more with the government mulling to impose a two per cent cess on air tickets
Direct tax collection, net of refunds, moderately exceeded the revised estimates (RE) for the financial year 2023-24 (FY24) on the back of personal income tax revenues, but corporation tax receipts fell short of the RE. Net direct tax collection stood at Rs 19.58 trillion in FY24, surpassing the RE of Rs 19.45 trillion by Rs 13,000 crore, or 0.7 per cent. The government had revised up FY24 projections for personal income tax by 13.5 per cent over the Budget estimates (BE) of Rs 9 trillion, at Rs 10.22 trillion.
Helped by improved compliance, GST collections increased by 10 per cent to over Rs 1.62 lakh crore in September, crossing the Rs 1.6 lakh crore mark for the fourth time during current financial year. Gross GST revenue collected last month was Rs 1,62,712 crore.
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