The Central Board of Direct Taxes (CBDT) has issued detailed guidelines on facilitating tax deducted at source (TDS) on virtual digital assets (VDA) or crypto assets, under which date of transfer and mode of payment will have to be specified. From July 1, TDS of 1 per cent will be levied on payments towards virtual digital assets or cryptocurrencies beyond Rs 10,000 in a year, as the Finance Act 2022 has introduced Section 194S in the income tax (I-T) Act. The department has explained different scenarios through six questions to remove difficulties.
Officers from various departments including the finance ministry to be part of rehearsal event
Call it the art of staying rooted yet bending with prevailing political winds. With Telangana going to the polls in December, and assembly and Lok Sabha elections in Andhra and Odisha scheduled next year, what factors have influenced parties' recent moves?
Fast-moving consumer goods companies have begun assessing the impact of the rate structure declared on Thursday under the goods and services tax.
The much-awaited introduction of value added tax regime from April one this year will be delayed by a few days because of some "unavoidable procedural tangles".
Stresses on need to boost investor sentiment through stable regulation.
"There will be some challenges" in the switchover to GST in the short term, Finance Minister Arun Jaitley has warned.
GST impact: Higher lease payouts may hit airlines, cab aggregators.
Chief statistician T C A Anant says growth figure might go up once indirect tax data is fully in, however, he agrees that private expenditure is yet to pick up
'The international community is moving away from harmful tax practices.'
The government should bring natural gas under the Goods and Services Tax (GST) regime to realise Prime Minister Narendra Modi's vision for a gas-based economy and raising the share of the environment-friendly fuel in India's energy basket, an industry body that represents the likes of Reliance Industries as well as state-owned firms, has said. Natural gas is currently outside the ambit of GST, and existing legacy taxes -- central excise duty, state VAT, central sales tax -- continue to be applicable on the fuel. In its pre-Budget memorandum to the finance ministry, Federation of Indian Petroleum Industry (FIPI), which boasts of members from across the oil and gas spectrum, also demanded rationalisation of GST on transportation of natural gas through pipeline as well as on re-gasification of imported LNG to help bring down cost of the environment friendly fuel.
Finance ministers from Congress-ruled states say they have alerted the Centre about the problems in GST for several months, but it is only now with the Gujarat assembly election around the corner that the Modi regime has started heeding these suggestions.
GST is levied on every transaction in the supply of goods and services, barring certain exempted items
The 48-year-old Indian Income Tax Act is set to be replaced by a new Direct Tax Code from April 1, 2011.
Jaitley further said the country would eventually move to a two-tier GST, however, this depends on the revenue position of the government.
A task force set up by the heavy industry department will examine the definition of "small car" and suggest ways, including changes in the fiscal policy, to turn India into a manufacturing hub for such cars.\n\n
The Planning Commission has favoured the early introduction of nationwide value-added tax regime to augment revenues of the states and further restructuring of their costly debt to reduce their interest burden.
5 commodities namely crude oil, natural gas, petrol, diesel, and aviation turbine fuel (ATF) were kept out of GST's purview given the revenue dependence of state governments on these sectors.
These builders had collected the taxes from prospective buyers but had failed to deposit them.
The prices of essential commodities like flour and vegetables have flared by 18-20 per cent in Delhi as wholesale trade has slumped to a third ever since the state switched to the value-added tax regime on April 1.
Jaitley has managed the difficult feat of sticking to the fiscal correction.
India has received over USD 20 billion in FDI amid the coronavirus pandemic, Foreign Secretary Harsh Vardhan Shringla said on Tuesday, showcasing the country as one of the most attractive destinations for investment globally.
Higher oil prices, while not having an impact on Centre's revenues due to fixed tax rate, are pushing up states' sales tax revenue.
A day before the announcement of the Union Budget for 2004-05, the Economic Survey called for "overhauling" the tax exemption regime saying low Tax:GDP ratio was a prime concern and it was coming in the way of improving government finances.
Implementation of GST is expected to increase the gross domestic product of the country.
GST mop-up likely to fall in May, June after touching record levels in April and March.
The Council also discussed process to make return filing simpler with just one return to be filed every month.
The Institute of Chartered Accountants of India has shortlisted the changes it hopes to see in Budget 2017.
'One way to deal with these is to address these quickly and have rapid reaction teams in New Delhi, the state capitals and wherever possible.'
A nationwide value added tax regime from April 1 may have come under a cloud with Kerala joining Delhi in deferring its scheduled implementation, one thing is, however, sure: VAT will not lead to a huge increase in retail prices.\n\n\n\n
The government said on Thursday that it will try to compensate states for the first three years for any loss of revenue they might suffer due to introduction of Value Added Tax regime next fiscal.
There have been demands from a section of stakeholders that the long-term capital gains tax on equities be reimposed.
Particularly hit has been the apparel sector, where the time taken by the industry to adjust to the Goods and Services Tax regime, downward revision of export incentives, and a credit squeeze faced by small and medium scale enterprises, has pushed production downwards.
The government will notify categories of employees who will be excluded from the controversial tax proposal on provident fund withdrawals.
'In India, there's currently evidence the Centre has not managed a smooth vaccine rollout.' 'It is now falling back on blaming states, which are facing vaccine shortages,' points out Devangshu Datta.
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