During April-October 20 period, the tax department has made refunds to the tune of Rs 80,850 crore.
A banker from Jaipur in Rajasthan tells Rediff.com's A Ganesh Nadar what he would like to see in Finance Minister Nirmala Sitharaman's Budget.
The CBEC will itself be rechristened as the Central Board of Indirect Taxes and Customs and will supervise GST and Customs activities and provide the government policy inputs.
Finance Minister Pranab Mukherjee's Budget had quite a few tax-related proposals, although initially they did not appear to be too significant. However, read on to find out what are the proposals related to Direct and Indirect taxes that he has made and how the two affect you!
It would perhaps make more sense if the finance ministry gave greater emphasis on the need for a similar exercise to phase out exemptions and concessions in indirect taxes like customs and excise.
The Samajwadi Party (SP) said through a post on its official Twitter handle that the premises of its MLC Pushpraj alias Pampi Jain in Kannauj, Uttar Pradesh, have been raided.
A day after it received Rs 32,403 crore GST demand, Infosys on Thursday said Karnataka state authorities have withdrawn the 'pre-show cause' notice to the company and directed it to submit further response to the Directorate General of GST Intelligence (DGGI) on the issue. India's second largest IT company had made headlines on Wednesday after GST authorities slapped a Rs 32,403 crore notice on it for services availed by the company from its overseas branches for five years starting 2017.
The FM flew to Chennai on Sunday to inaugurate Nandavanam, the central revenue quarters of the Central Board of Direct Taxes and Central Board of Indirect Taxes and Customs at Anna Nagar in Chennai.
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 steep cut in Customs duty on silver in the FY25 Budget to 6 per cent from 15 per cent may provide the government temporary relief by checking the spurt in silver imports from the United Arab Emirates (UAE) under the Comprehensive Economic Partnership Agreement (CEPA). In FY24, silver imports from the UAE jumped to $1.7 billion from only $11.18 million in FY23, according to commerce department data. In May, about 87 per cent of India's silver imports came from Dubai.
Here are some of the things that we could expect form the Budget 2010 on personal income tax. . .
Here are some of the things that we could expect form the Budget 2010 on personal income tax. . .
The Income tax department to come down heavily on errant taxpayers from India Inc.
'GST will bring in much needed transparency and higher investments in the coming years and we hope that a few percentage points to India's GDP.'
'Sin tax' is a globally prevalent practice under which products like alcohol and tobacco attract higher rates of tax.
The government has proposed to replace the Income Tax Act of 1961 with a direct taxes code, which would simplify the legislation.
Union Finance Minister Nirmala Sitharaman, along with her team of bureaucrats, delved into the fine print of the 2024-25 Budget documents in a press conference, detailing the government's road map on bringing down the debt-to-GDP ratio and bold tax measures.
Exemptions, and the fact that farm income is outside the tax net, ensure that India's tax-GDP ratio stays low.
Vivek Johri, the Chairman of Central Board of Indirect Taxes and Customs (CBIC) on Friday said that the cash recovery of approximately Rs 150 crore from searches in Kanpur at several locations related to Trimurti Fragrance is the 'biggest haul ever'.
The government's plan to mop-up additional revenue from indirect tax may not materialise
Minister of State for Finance Shripad Naik on Thursday exuded confidence that the overall tax collection would exceed the budget target of Rs 2,41,460 crore (Rs 2,414.60 billion) this fiscal.
Get ready to shell out more for your movie tickets, cricket matches or visits to amusement parks as all recreation services will come under service tax later this year.
Tax experts say one of the most dispute-prone proposals is making "fraudulent availing" of input tax credit (ITC), without an invoice or bill, a cognizable and non-bailable offence.
The US Trade Representative noted that India's average applied tariff rate stood at 17% per cent, the highest of any major world economy.
Finance Minister Nirmala Sitharaman will present the Union Budget for 2023-24 in Parliament on February 1. The Budget is a statement of the government's estimated receipts and expenditures for a fiscal year (April 1 to March 31). It's divided into Revenue and Capital Budget. The Revenue Budget includes the government's revenue receipts and expenditures while the Capital Budget includes its capital receipts and payments.
The Gujarat High Court dismissed a plea filed by journalist Mahesh Langa seeking the quashing of an FIR registered against him for allegedly stealing "highly sensitive and confidential documents" belonging to the Gujarat Maritime Board (GMB). The court found that prima facie, Langa's involvement in the crime was evident from the evidence collected during the investigation. The court further stated that the investigation is at a nascent stage and it would be inappropriate to exercise its inherent powers in favor of the petitioner at this stage.
In response to the panic triggered by Trump's trade policies, the RBI net sold approximately $43 billion in the second half of FY25 to curb volatility, as the rupee plunged to a low of 87.95 per dollar in February this year.
Adding petrol and diesel to GST was a challenging task due to their significant role as revenue generators for both the central and state governments.
To propel demand, one should concentrate on indirect taxes and bring down the goods and services tax (GST) rates to a uniform 12 per cent as the Vijay Kelkar panel had recommended, said Ajit Ranade, chief economist at Aditya Birla Group.
Currently, income between Rs 1.6-5 lakh (Rs 160,000-500,000)attracts 10 per cent tax; Rs 5-8 lakh (Rs 500,000-800,000)20 per cent and beyond Rs 8 lakh 30 per cent.
GST collections in March grew 13 per cent to the second highest ever at Rs 1.60 lakh crore, taking the growth rate of revenue mop-up for full 2022-23 fiscal to 22 per cent. March also saw over 91 per cent of the GST registered businesses filing returns and paying taxes - reflecting greater compliance and improving economic activity. Gross GST revenue collected in March 2023 is Rs 1,60,122 crore, of which Central GST is Rs 29,546 crore, State GST is Rs 37,314 crore, Integrated GST is Rs 82,907 crore (including Rs 42,503 crore collected on import of goods) and cess is Rs 10,355 crore, the finance ministry said in a statement.
Stressing that lowering of tax rates should provide no reason for tax evasion, the government on Thursday said about 130 help centres will operate from Friday to assist small assessees pay taxes.
'Many of these issues will be resolved within 6 months because the US economy has started unravelling.'
The penalty can be a maximum 50 per cent of the tax.
The government hopes to implement direct tax code from April 2011.
Central Board of Direct Taxes officials claim the figure has surpassed indirect taxes for the first time.
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