Ask tax gurus Mihir Tanna, Samkit Maniar, Vivek Lala, Anil Rego, T S Khurana and Mahesh Padmanabhan your Budget-related tax questions
Amazon India unveiled a dedicated marketplace section highlighting products with reduced tax burdens as the goods and services tax (GST) restructuring took effect on September 22, positioning the ecommerce giant to capitalise on lower consumer prices across electronics, appliances, and other categories. Its rival Flipkart, too, has rolled out its own GST-focused storefront, the GST Bachat Utsav, aimed at helping shoppers maximise benefits from the new tax rates across multiple categories.
The GST Council on Wednesday approved two slabs of 5 per cent and 18 per cent effective from September 22, the first day of Navaratri.
The government on Tuesday increased the windfall profit tax on crude oil produced in the country and reduced the levy on exports of diesel. The tax, levied in the form of Special Additional Excise Duty or SAED, on domestically produced crude oil was increased to Rs 9,800 per tonne from Rs 9,050 a tonne, according to an official notification. SAED on the export of diesel was reduced to Rs 2 per litre from Rs 4 a litre and on jet fuel or ATF to nil from Rs 1, the notification said.
The government has cut the windfall profit tax on crude oil produced in the country while the levy on exports of diesel and ATF has been hiked, an official notification said. The tax, levied in the form of special additional excise duty or SAED, on domestically produced crude oil was reduced to Rs 6,700 per tonne from Rs 7,100 a tonne. SAED on the export of diesel was increased to Rs 6 per litre from Rs 5.50 a litre and on jet fuel or ATF to Rs 4 per litre from Rs 2, the notification said.
The government has cut windfall profit tax on export of diesel and ATF to their lowest while also reducing the levy on domestically-produced crude in line with softening international 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 to Rs 4,350 per tonne from Rs 5,050 per tonne, the order dated February 15 said. Crude oil pumped out of the ground and from below the seabed is refined and converted into fuels like petrol, diesel and aviation turbine fuel (ATF).
The government has raised the windfall profit tax levied on domestically produced crude oil as well as on the export of diesel and ATF, in line with firming international 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 increased to Rs 2,100 per tonne from Rs 1,700 per tonne, the order dated January 2, said. Crude oil pumped out of the ground and from below the seabed is refined and converted into fuel like petrol, diesel and aviation turbine fuel (ATF).
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).
The government has reduced the windfall profit tax levied on domestically-produced crude oil as well as on the export of diesel and ATF, in line with softening international 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 to Rs 1,900 per tonne from Rs 2,100 per tonne, the order dated January 16, said. Crude oil pumped out of the ground and from below the seabed is refined and converted into fuel like petrol, diesel and aviation turbine fuel (ATF).
The GST Council had given the option to real estate companies to either opt for old rates of 12% (for residential) and 8 per cent (affordable housing) with ITC benefits or the new tax rates of 5% for residential units and 1% for affordable housing without the benefit of adjusting the credit on inputs used during construction.
In an online chat with Rediff.com readers, personal finance expert Anil Rego answered queries about the new tax regime announced in the Union Budget.
The government wants new domestic companies to set up their manufacturing units fast and hence the concessional tax rate of 15 per cent has been extended by a year till March 2024, revenue secretary Tarun Bajaj said on Friday. Stating that direct and indirect tax collections are going up and have good buoyancy, Bajaj said it means that the corporate sector is also doing well, and India's tax to GDP ratio could be "highest ever" in the current year. The Budget 2022-23 presented on February 1 has proposed that the concessional 15 per cent corporate tax rate would be available for one more year till March 2024 for newly incorporated manufacturing units.
Most taxpayers will benefit from being in the old tax regime, assuming they optimise their salary for tax benefits and claim the deductions available to them.
The move will help address apprehensions as well as potential disputes on various computational and transitional issues such as the loss of input credits and pricing that were bound to arise on account of the change.
Tax experts said that in FY17 around 80,000 people had reported incomes of over Rs 1 crore
Under the Goods and Services Tax, effective midnight of June 30, most of the financial services would attract a higher tax of 18 per cent as against 15 per cent as of now.
The tax rate rises to 10 per cent, 15, per cent, 20 per cent and 25 per cent for every Rs 2.5 lakh addition. A 30 per cent tax is charged for income over Rs 15 lakh.
The GST Bill, seen as single biggest tax reform in a long time, needs to be ratified by at least 15 state legislatures before the President can notify the GST Council which will decide the new tax rate and other issues
Following passage of the Constitution Bill, 2014, Dass and Finance Minister Himanta Biswa Sarma, who introduced it in the House, exchanged sweets.
'A bold, progressive step forward,' Kotak Mahindra Bank CEO Uday Kotak said of Nirmala Sitharaman's corporate tax breaks.
Bihar became the first non-NDA state and overall second after the BJP-ruled Assam to pass GST bill.
Goods like chocolates, chewing gum, shampoo, deodorant, shoe polish, detergents, nutrition drinks and marble will now attract 18% GST>
Rules applicable from April 1, 2014; investors who have already redeemed will also have to pay tax
There will be a review of employee compensation arrangement in the light of the new rules.
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