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Direct tax collections poised to surpass budget target for 2024-25 The Income Tax Department expects to surpass the direct tax collection target of Rs 22.07 lakh crore fixed in the Union Budget for the current financial year, according to Central Board of Direct Taxes (CBDT) chairman Ravi Agarwal. Agarwal told journalists collections from corporate and non-corporate taxes have risen and the Income Tax Department believes that it will cross the budget target for the second year in a row. This reflects the strong fiscal position of the country driven by rob...
Direct tax collections poised to surpass budget target for 2024-25
Direct tax collections poised to surpass budget target for 2024-25
Source: IANS
2024-11-19 05:09:35 pm
India`s net direct tax collections surge 15.4 pc to Rs 12.1 lakh crore in April-Nov India’s net direct tax collections, comprising corporate tax and personal income tax, shot up by a robust 15.4 per cent to Rs 12.1 lakh crore, from April 1 to November 10 during the current financial year, according to the latest figures released by the Central Board of Direct Taxes (CBDT).  On a gross basis, direct taxes surged by over 21 per cent to Rs 15 lakh crore on a gross basis during the period. The government issued tax refunds of Rs 2.9 lakh crore which is a 53 per cen...
India`s net direct tax collections surge 15.4 pc to Rs 12.1 lakh crore in April-Nov
India`s net direct tax collections surge 15.4 pc to Rs 12.1 lakh crore in April-Nov
Source: IANS
2024-11-12 12:35:31 pm
Vietnam`s tax revenues in e-commerce reaches $3.74 billion in 10 months  Tax revenues from organisations and individuals engaged in e-commerce activities in Vietnam reached 94.6 trillion Vietnamese dongs ($3.74 billion) in the first ten months of this year, a 17-percent increase compared to the same period last year, local media reported on Monday.  Over 191,000 traders operating on the platforms recorded business transactions amounting to 72 trillion dong ($2.8 billion), said the General Department of Taxation. According to the tax department, as...
Vietnam`s tax revenues in e-commerce reaches $3.74 billion in 10 months
Vietnam`s tax revenues in e-commerce reaches $3.74 billion in 10 months
Source: IANS
2024-11-12 09:48:03 am
Finance Minister chairs meeting to review various aspects of Income Tax Act 1961 with an aim to review the various aspects of the Income Tax Act 1961, Finance Minister Nirmala Sitharaman has chaired a meeting with Revenue Secretary Sanjay Malhotra, Secretary, Central Board of Direct Taxes (CBDT) chairman Ravi Agarwal, and senior CBDT officials. The finance ministry said that Malhotra informed the Finance Minister that 22 specialised sub-committees have been established to review the various aspects of the Income Tax Act to review the various aspects of the Income Tax Act....
Finance Minister chairs meeting to review various aspects of Income Tax Act 1961
Finance Minister chairs meeting to review various aspects of Income Tax Act 1961
Source: Accord Fintech
2024-11-05 10:34:53 am
CBDT extends deadline to file income tax returns by corporates to Nov 15 The Central Board of Direct Taxes (CBDT) on Saturday extended the deadline for filing income tax (I-T) returns by corporates by 15 days till November 15 for the assessment year 2024-25. The earlier deadline was October 31.  The CBDT said in a circular that it has extended due date for furnishing return of income for the assessment year 2024-25 under the Income-tax Act, 1961 (the Act) to November 15. “The CBDT has extended the due date of furnishing of Return of Income under s...
CBDT extends deadline to file income tax returns by corporates to Nov 15
CBDT extends deadline to file income tax returns by corporates to Nov 15
Source: IANS
2024-10-26 02:30:54 pm
India sees 74 pc drop in income disparity since AY15, direct tax collection highest in 14 years There has been a cumulative 74.2 per cent decline in income disparity coverage for those earning up to Rs 5 lakh in India, showing that the continuous efforts of government are reaching the bottom of pyramid, leading to increase in income of ‘lower income group’ people, a new report has revealed.  A comparison of disparity in income during assessment year (AY)15 and AY24 by the economic department of the State Bank of India (SBI) showed that there is a clear rightward shif...
India sees 74 pc drop in income disparity since AY15, direct tax collection highest in 14 years
India sees 74 pc drop in income disparity since AY15, direct tax collection highest in 14 years
Source: IANS
2024-10-26 11:31:19 am
India scraps parboiled rice export tax to boost shipments India scrapped the export tax on parboiled rice, the government said in an official order on Tuesday, as inventories in the world's biggest exporter of the grain surged and the country is set to produce a bumper crop after copious monsoon rains. Last month, India reduced the duty to 10% from 20% to boost exports, and gave the go ahead for exports of non-basmati white rice to resume. But New Delhi set a floor price for non-basmati white rice exports at $490 a metric ton. Prospects fo...
India scraps parboiled rice export tax to boost shipments
India scraps parboiled rice export tax to boost shipments
Source: Reuters
2024-10-23 09:26:58 am
Direct tax collections surge 182% in 10 years to over Rs 19.60 lakh crore in FY24 Direct tax collections have surged 182 per cent to over Rs 19.60 lakh crore in 2023-24 in the 10-year period of Prime Minister Narendra Modi-led government. The latest ‘Time Series Data’ released by the income tax department showed that the corporate tax collections more than doubled to over Rs 9.11 lakh crore in 10 years to 2023-24 fiscal. Personal income tax mop up grew close to four-fold to Rs 10.45 lakh crore during the period. In the first year of the Modi government in 20...
Direct tax collections surge 182% in 10 years to over Rs 19.60 lakh crore in FY24
Direct tax collections surge 182% in 10 years to over Rs 19.60 lakh crore in FY24
Source: Accord Fintech
2024-10-18 11:43:07 am
Centre releases Rs 1,78,173 crore as tax devolution to states in festive season In a bid to enable states to boost development and capital spending, the Centre on Thursday said it has released tax devolution of Rs 1,78,173 crore to state governments, as against the normal monthly devolution of Rs 89,086.50 crore.  It includes one advance instalment, in addition to the regular instalment due in October. Among the states, Uttar Pradesh (Rs 31,962 crore), Bihar (Rs 17,921 crore), Madhya Pradesh (Rs 13,987 crore), Maharashtra (Rs 11,255 crore), West Bengal (Rs 13,...
Centre releases Rs 1,78,173 crore as tax devolution to states in festive season
Centre releases Rs 1,78,173 crore as tax devolution to states in festive season
Source: IANS
2024-10-10 02:16:04 pm
Investors prefer regular hefty returns, tax benefits post Covid Degree of returns, regularity of returns, and tax benefits are the significant factors influencing post-Covid investment decisions, according to a report on Monday.  The report, jointly made by the PHD Research Bureau, PHD Chamber of Commerce and Industry, and Jagan Institute of Management Studies (JIIMS), Rohini, aims to analyse the factors influencing individual investments across various financial instruments and to compare the investor behaviours towards selected financial instrum...
Investors prefer regular hefty returns, tax benefits post Covid
Investors prefer regular hefty returns, tax benefits post Covid
Source: IANS
2024-09-23 12:26:51 pm
Net direct tax collection grows 16.12% so far this fiscal Net direct tax collection grew 16.12 per cent to over Rs 9.95 lakh crore so far this fiscal on higher advance tax mop up. Refunds worth over Rs 2.05 lakh crore were issued, a 56.49 per cent jump over the same period last fiscal. The net personal income tax (PIT) collection grew 19 per cent to Rs 5.15 lakh crore between April 1, 2024 and September 17, 2024. Corporate tax collection went up 10.55 per cent to over Rs 4.52 lakh crore. Revenues from Securities Transaction Tax (STT) stood at Rs ...
Net direct tax collection grows 16.12% so far this fiscal
Net direct tax collection grows 16.12% so far this fiscal
Source: Accord Fintech
2024-09-19 11:43:28 am
100 days of Modi 3.0: More relief for middle class via tax savings, UPS  In the first 100 days of Prime Minister Narendra Modi's new term, the government has given further relief to the middle class on the tax savings and pension fronts. The government has raised the income tax exemption limit to Rs 7 lakh. The standard deduction for salaried individuals has been increased to Rs 75,000, and the exemption limit for family pensions has been raised to Rs 25,000. Also, a comprehensive review of income tax regulations is underway to simplify and streaml...
100 days of Modi 3.0: More relief for middle class via tax savings, UPS
100 days of Modi 3.0: More relief for middle class via tax savings, UPS
Source: IANS
2024-09-16 10:35:17 am
Piyush Goyal moots idea of introduction of border adjustment tax to safeguard steel industry Commerce and Industry Minister Piyush Goyal has mooted the idea of introduction of border adjustment tax and suggested discussions on this with the steel industry with a view to protect the domestic players by providing a level-playing field against increasing imports. He said that this tax is in compliance with the World Trade Organization (WTO). The idea assumes significance as the industry is seeking protection from imports at predatory prices.  The minister also asked the ind...
Piyush Goyal moots idea of introduction of border adjustment tax to safeguard steel industry
Piyush Goyal moots idea of introduction of border adjustment tax to safeguard steel industry
Source: Accord Fintech
2024-09-06 01:47:15 pm
GST council to discuss rationalisation of tax rates on September 9:FM Nirmala Sitharaman Finance Minister Nirmala Sitharaman has said that the Goods and Services Tax (GST) council is going to discuss rationalisation of tax rates at the 54th GST Council meeting on September 9, 2024 but a final decision on tweaking taxes and slabs will be taken in a subsequent meeting. She also said that compensation cess on luxury and sin goods are also going to be discussed and can come up in the September 9 meeting or later. At the 53rd GST Council meeting, it was learnt that Karnataka had ra...
GST council to discuss rationalisation of tax rates on September 9:FM Nirmala Sitharaman
GST council to discuss rationalisation of tax rates on September 9:FM Nirmala Sitharaman
Source: Accord Fintech
2024-08-28 12:58:10 pm
India`s direct tax collections jumped over 3-fold to Rs 20 lakh crore in last 10 years: Revenue Secretary  India's direct tax revenues have increased from Rs 5.59 lakh crore to Rs 20 lakh crore a year over the last 10 years while the tax-to-Gross Domestic Product (GDP) ratio has increased to 6 per cent from 5.6 per cent over this period, according to Revenue Secretary Sanjay Malhotra. In his address on Income Tax Day, he also said that the Income Tax Department's focus on the use of technology was comparable with global practices to improve taxpayer services. Highlighting the f...
India`s direct tax collections jumped over 3-fold to Rs 20 lakh crore in last 10 years: Revenue Secretary
India`s direct tax collections jumped over 3-fold to Rs 20 lakh crore in last 10 years: Revenue Secretary
Source: IANS
2024-08-22 01:52:22 pm
Taxpayers can choose between old and new LTCG regime: FM Nirmala Sitharaman Finance Minister Nirmala Sithraman said in the Parliament on Wednesday that the primary aim of the Union Budget for 2024-25 is to simplify the tax regime and ensure equitable treatment of all asset classes, as she confirmed the relaxation of the real estate indexation rules.  Referring to the amendment to the long-term capital gains (LTCG) regime proposed on Tuesday, the Finance Minister said, “The new tax regime is simpler and gives more flexibility to the taxpayer. The old reg...
Taxpayers can choose between old and new LTCG regime: FM Nirmala Sitharaman
Taxpayers can choose between old and new LTCG regime: FM Nirmala Sitharaman
Source: IANS
2024-08-08 09:03:11 am
Centre mulling some respite on LTCG tax regime for real estate sector Amid the debate on the impact of the long-term capital gains (LTCG) tax on the real estate sector, the government is mulling options to address concerns of the stakeholders, including a "grandfathering clause", likely allowing transactions completed before July this year to continue benefiting from previous indexation rules.  When a new clause or policy is added to a law, certain people may be relieved from complying with the new clause which is called "grandfathering&q...
Centre mulling some respite on LTCG tax regime for real estate sector
Centre mulling some respite on LTCG tax regime for real estate sector
Source: IANS
2024-08-07 09:21:38 am
Six crore ITRs filed in 2023-24, 70 pc under new tax regime Around six crore income tax returns have been filed in 2023-24, of which 70 per cent were filed under the new simplified tax regime which offers a lower rate of tax but fewer deductions, Revenue Secretary Sanjay Malhotra has said.  Addressing the post-budget session of PHD Chamber of Commerce and Industry, Malhotra said initially some apprehensions were raised in some sections as to whether people would shift to the simplified tax regime. However, the large percentage of taxpayers ...
Six crore ITRs filed in 2023-24, 70 pc under new tax regime
Six crore ITRs filed in 2023-24, 70 pc under new tax regime
Source: IANS
2024-07-31 01:50:24 pm
Government garners Rs 98,681 crore from long term capital gains tax on listed equities in 2022-23 The government has garnered Rs 98,681 crore from long term capital gains tax on listed equities in 2022-23, a 15 per cent growth over the previous year. Minister of State for Finance Pankaj Chaudhary gave details of collections from Long Term Capital Gains (LTCG) tax between fiscal 2018-19 and 2022-23. The long term capital gains on equities and units of equity oriented mutual funds were brought in from April 2018. Such gains were taxed at 10 per cent, with gains of up to Rs 1 lakh annually b...
Government garners Rs 98,681 crore from long term capital gains tax on listed equities in 2022-23
Government garners Rs 98,681 crore from long term capital gains tax on listed equities in 2022-23
Source: Accord Fintech
2024-07-31 11:48:00 am
Centre collected Rs 98,681 cr from LTCG tax in FY23, not to abolish tax on equities or MFs in FY25 The Centre on Tuesday informed that it collected nearly Rs 98,681 crore from long-term capital gains (LTCG) tax in FY23, a nearly 15 per cent growth from Rs 86,075 crore in FY22.  Minister of State for Finance, Pankaj Chaudhary, gave the details of LTCG collections between fiscal 2018-19 and 2022-23 in reply to a question in the Rajya Sabha. The minister also informed that there is no proposal to abolish the LTCG tax on equities or mutual funds during FY2024-25. The Union Budget...
Centre collected Rs 98,681 cr from LTCG tax in FY23, not to abolish tax on equities or MFs in FY25
Centre collected Rs 98,681 cr from LTCG tax in FY23, not to abolish tax on equities or MFs in FY25
Source: IANS
2024-07-31 09:42:05 am
Removal of angel tax to help startups attract investments: Piyush Goyal Commerce and Industry Minister Piyush Goyal has said that removal of angel tax, which was introduced in 2012 by the UPA government, for all classes of investors will help startups attract investments. He noted that angel tax (income tax at 30 per cent rate) was imposed on funding raised by unlisted companies, or startups, if their valuation exceeded the company's fair market value. The minister also said that the customs duty reduction for gold and silver from 15 per cent to 6 per cent...
Removal of angel tax to help startups attract investments: Piyush Goyal
Removal of angel tax to help startups attract investments: Piyush Goyal
Source: IANS
2024-07-29 11:44:30 am
G20 calls for fairer global tax system Finance ministers and central bank presidents of the Group of Twenty (G20) concluded their third meeting in Rio de Janeiro, adopting a joint communique that calls for a more just, stable, and efficient international tax system.  "We acknowledge the urgency and importance of realignment in quota shares to better reflect members' relative positions in the world economy, while protecting the quota shares of the poorest members," the communique states, also addressing the de...
G20 calls for fairer global tax system
G20 calls for fairer global tax system
Source: IANS
2024-07-27 12:59:35 pm
New simplified Income Tax law to be put out for stakeholder consultation soon The government is working towards a comprehensive review of the Income Tax Act, and the first draft which will be prepared by an internal committee of the tax department will be put out for stakeholder consultation within the next 6 months, Revenue Secretary Sanjay Malhotra said on Thursday.  Addressing FICCI’s interactive session on Union Budget 2024-25, he said: "We will have a consultation process on the first draft and how it will happen, that we will decide. We would l...
New simplified Income Tax law to be put out for stakeholder consultation soon
New simplified Income Tax law to be put out for stakeholder consultation soon
Source: IANS
2024-07-26 09:07:04 am
CBDT explains taxation of capital gains The Central Board of Direct Taxes (CBDT) on Thursday issued FAQs to explain the new capital gains tax regime in Budget 2024-25.   Q: What are the major changes brought about in the taxation of capital gains by the Union Budget 2024-25? A: The taxation of capital gains has been rationalised and simplified. The five broad parameters to this rationalisation and simplification are: Holding period has been simplified. There are only two holding periods now, viz. one year and two years. ...
CBDT explains taxation of capital gains
CBDT explains taxation of capital gains
Source: IANS
2024-07-25 11:53:13 am
New capital gains regime to simplify tax system: CBDT Chairman The Reserve Bank of India may allow the rupee to weaken slightly to unwind the slightly elevated real effective exchange rate and keep the South Asian currency "competitive," BofA Securities said in a note on Thursday. "It supports the government's ambitions for attracting large-scale manufacturing investments," the Wall Street firm said, adding it expects the rupee to decline to 84 to the U.S. dollar by the end of the year. The rupee was quoting at 83.7075 as of...
New capital gains regime to simplify tax system: CBDT Chairman
New capital gains regime to simplify tax system: CBDT Chairman
Source: IANS
2024-07-25 11:37:23 am
Indexation removal on real estate won't hike tax burden, has limited impact Amid the growing chatter over the removal of indexation benefit in the long-term capital gain (LTCG) calculation, Finance Minister Nirmala Sitharaman has reiterated that the move is not a “revenue-raising measure” and will not lead to a higher tax burden on real estate transactions.  According to the Finance Ministry, the new LTCG regime will benefit taxpayers in “almost all cases” through substantial tax savings. The Union Budget 2024 has announced a reduct...
Indexation removal on real estate won't hike tax burden, has limited impact
Indexation removal on real estate won't hike tax burden, has limited impact
Source: IANS
2024-07-25 11:07:50 am
Here`s how new capital gain proposal helps investors save tax  The proposal to remove indexation benefit in the long-term capital gain calculation in the Union Budget 2024-25 will ultimately be beneficial to investors, the Centre  has said   As Finance Minister Nirmala Sitharaman’s proposal sparks debate, Revenue Secretary Sanjay Malhotra during a media interaction explained how it is beneficial to investors. Malhotra said, "If a person had purchased a property for Rs 20 lakh in 2005 and that property is sold for Rs 2 cro...
Here`s how new capital gain proposal helps investors save tax
Here`s how new capital gain proposal helps investors save tax
Source: IANS
2024-07-24 02:07:03 pm
Budget heralds big bang tax reforms, simplifies long term capital gains: Experts The Union Budget under Prime Minister Narendra Modi 3.0 contains some big bang tax reforms and the government is sticking to its path of simplifying and streamlining the entire tax regime, experts said on Wednesday.  Allaying the fears of investors on long-term capital gains (LTCG) tax, they said the whole idea of the government is to simplify the capital gains framework. There are multiple holding periods and tax rates which are there in the current LTCG framework that have been r...
Budget heralds big bang tax reforms, simplifies long term capital gains: Experts
Budget heralds big bang tax reforms, simplifies long term capital gains: Experts
Source: IANS
2024-07-24 02:03:37 pm
Budget Inputs on Mutual Funds, Stock Market, Infra, Tax by Mr Sanjay Sinha, Founder of Citrus Advisors Below the Budget Inputs on Mutual Funds, Stock Market, Infra, Tax by Mr Sanjay Sinha, Founder of Citrus Advisors   "The biggest takeaway from the Budget is the pragmatic fiscal deficit target of 4.9% in FY25 and a glide path to 4.5% by FY26. The corresponding moderation in the net and gross borrowing target by the Government of Rs 14.01 trillion and Rs 11.63 trillion will be welcomed by the bond market and may also eventually bring down borrowing cost by the corporate sector. ...
Budget Inputs on Mutual Funds, Stock Market, Infra, Tax by Mr Sanjay Sinha, Founder of Citrus Advisors
Budget Inputs on Mutual Funds, Stock Market, Infra, Tax by Mr Sanjay Sinha, Founder of Citrus Advisors
Source: PR Agency
2024-07-24 12:28:29 pm
Top industry chambers laud fiscal consolidation, tax reforms, job creation Leading industry chambers on Tuesday lauded the Union Budget 2024-2025, saying it is a people-centric budget which balances equitable growth with fiscal sustainability.   Sanjay Nayar, President of Assocham, said with no easy giveaways, the budget focuses on a longer, more sustainable path of job creation through manufacturing in the country and a strengthened role of the MSMEs.  "Skilling the youth, formalising job creation, continued infrastructure spending, and urban d...
Top industry chambers laud fiscal consolidation, tax reforms, job creation
Top industry chambers laud fiscal consolidation, tax reforms, job creation
Source: IANS
2024-07-23 05:26:50 pm
FM cuts fiscal deficit to 4.9 pc to keep economy on stable growth path Presenting the Union Budget 2024-25 in the Parliament on Tuesday, Finance Minister Nirmala Sitharaman fixed the fiscal deficit at 4.9 per cent of GDP despite higher allocations for social welfare schemes due to robust tax collections in a fast-growing economy.  Sticking to the fiscal consolidation path will help ensure a stable growth path for the economy as a lower deficit helps keep inflation in check.   “The gross and net market borrowings through dated securities dur...
FM cuts fiscal deficit to 4.9 pc to keep economy on stable growth path
FM cuts fiscal deficit to 4.9 pc to keep economy on stable growth path
Source: IANS
2024-07-23 05:17:44 pm
GST reduced tax incidence on common man, to be expanded to remaining sectors The Centre on Tuesday said Goods and Services Tax (GST) has decreased tax incidence on the common man, reduced compliance burden and logistics cost for trade and industry, and enhanced revenues of the Central and state governments.  The Union Budget 2024-25 indicated that GST will be expanded to the remaining sectors. “It is a success of vast proportions. To multiply the benefits of GST, we will strive to further simplify and rationalise the tax structure and endeavour to exp...
GST reduced tax incidence on common man, to be expanded to remaining sectors
GST reduced tax incidence on common man, to be expanded to remaining sectors
Source: IANS
2024-07-23 04:05:14 pm
Angel tax abolished on startups to boost local innovation In a major relief for the startup ecosystem, the government on Tuesday announced to abolish angel tax to further boost local talent and innovation.  The industry had sought rationalisation of Angel Tax by removing Section 56(2)(viib) in order to further nurture innovation among startups, saying scrapping this section would "greatly aid in capital formation" for the startup sector. Under Section 56(2) (viib) of the Income Tax Act, to become eligible for angel tax exemption...
Angel tax abolished on startups to boost local innovation
Angel tax abolished on startups to boost local innovation
Source: IANS
2024-07-23 02:36:17 pm
Union Budget: Healthcare leaders call for scaling up infra, medical tourism & tax reforms Prioritising and scaling up investment, infrastructure, medical tourism, and tax reforms will be key to creating a new ecosystem that can support the nation’s ambitious healthcare goals, said experts on Monday, ahead of the Union Budget 2024-25.  Finance Minister Nirmala Sitharaman is expected to present the Union Budget 2024 on July 23. While the interim budget in February has provided a roadmap, the journey toward transforming the entire healthcare landscape requires a compreh...
Union Budget: Healthcare leaders call for scaling up infra, medical tourism & tax reforms
Union Budget: Healthcare leaders call for scaling up infra, medical tourism & tax reforms
Source: IANS
2024-07-16 10:03:04 am
Net direct tax collection grows 19.54% to over Rs 5.74 lakh crore so far this fiscal: CBDT Central Board of Direct Taxes (CBDT) in its latest data has showed that net direct tax collection grew 19.54 per cent to over Rs 5.74 lakh crore so far this fiscal on higher advance tax payment by corporates. The first instalment of advance tax, which was due on June 15, rose 27.34 per cent to Rs 1.48 lakh crore. This includes Corporation Income Tax (CIT) at Rs 1.14 lakh crore and Personal Income Tax (PIT) at Rs 34,470 crore. CBDT stated that the net direct tax collection of Rs 5,74,357 cr...
Net direct tax collection grows 19.54% to over Rs 5.74 lakh crore so far this fiscal: CBDT
Net direct tax collection grows 19.54% to over Rs 5.74 lakh crore so far this fiscal: CBDT
Source: Accord Fintech
2024-07-15 11:01:03 am
Direct tax collections surge 19.5 pc to Rs 5.74 lakh crore in 2024-25 so far The country’s nets direct tax collection posted a robust 19.5 per cent growth to Rs 5.74 lakh as on till July 11 of the current financial year (2024-25) compared to the same period of the previous year, according to the latest figures compiled by the Income Tax Department Net corporate tax collections from April 1 to July 11 increased 12.5 per cent over the same period last year to Rs 2.1 lakh crore, while personal income tax including securities transaction tax rose 24 per cent to R...
Direct tax collections surge 19.5 pc to Rs 5.74 lakh crore in 2024-25 so far
Direct tax collections surge 19.5 pc to Rs 5.74 lakh crore in 2024-25 so far
Source: IANS
2024-07-13 12:34:38 pm
EV startups hail UP governments move to waive road tax for hybrid cars Electric vehicle (EV) startups on Tuesday hailed the Uttar Pradesh government's announcement on the complete waiver of registration tax on strong hybrid cars to promote the use of environment-friendly vehicles in the state. The state is offering a 100 per cent waiver on registration fees for strong hybrid electric vehicles and plug-in hybrid electric vehicles. The move is set to benefit hybrid cars being offered by automakers like Maruti, Toyota and Honda. Raghav Arora, Co-Founde...
EV startups hail UP governments move to waive road tax for hybrid cars
EV startups hail UP governments move to waive road tax for hybrid cars
Source: IANS
2024-07-10 08:58:46 am
GST reduced tax rates on household goods: Finance ministry The finance ministry said Goods and Services Tax (GST), which completed 7 years of implementation on Monday, has brought happiness and relief to every home through reduced taxes on household appliances and mobile phones. The ministry said the GST taxpayer base has increased to 1.46 crore in April 2024 from 1.05 crore as of April 2018. GST, which subsumed about 17 local tax and cesses, was rolled out on July 1, 2017. It stated household goods like cosmetics, wrist watches, sanitary plastic ...
GST reduced tax rates on household goods: Finance ministry
GST reduced tax rates on household goods: Finance ministry
Source: Accord Fintech
2024-07-02 10:32:36 am
GST Council waives interest, penalty on notices to taxpayers under Section 73 As part of several taxpayer-friendly decisions, the GST Council on Saturday recommended the waiving of interest and penalty in cases of tax demand notices that have been sent under Section 73, of the GST Act, Finance Minister Nirmala Sitharaman said after the meeting.    "In the case of demand notices issued for 2017-18, 2018-19, 2019-20, interest and penalty will be waived off, if tax is paid by March 31, 2025," Nirmala Sitharaman said. The GST Council has also reco...
GST Council waives interest, penalty on notices to taxpayers under Section 73
GST Council waives interest, penalty on notices to taxpayers under Section 73
Source: IANS
2024-06-23 10:07:12 am
India considering personal tax rate cuts to boost consumption, sources say  The Indian government is considering lowering personal tax rates for certain categories of individuals, which could help boost consumption in the Asia's third-largest economy, two government sources told Reuters. The plan could be announced in July, when Prime Minister Narendra Modi's government presents the first federal budget after his Bharatiya Janata Party (BJP) failed to win a majority on its own. A post-poll survey showed that voters were worried about inflation, un...
India considering personal tax rate cuts to boost consumption, sources say
India considering personal tax rate cuts to boost consumption, sources say
Source: Reuters
2024-06-17 04:44:35 pm
Centre releases Rs 1.39 lakh crore as tax devolution to states to boost development In a bid to enable state governments to accelerate development and capital spending, the BJP-led NDA government released one additional instalment of devolution of taxes, cumulatively amounting to Rs 1,39,750 crore this month.  The Interim Budget 2024-25 had a provision of Rs 12,19,783 crore towards devolution of taxes to states. With this release, the total amount devolved (for FY 2024-25) to states till June 10 stands at Rs 2,79,500 crore. Uttar Pradesh got the highest amount ...
Centre releases Rs 1.39 lakh crore as tax devolution to states to boost development
Centre releases Rs 1.39 lakh crore as tax devolution to states to boost development
Source: IANS
2024-06-11 12:31:25 pm
Income Tax Dept rolls out new functionality in AIS for taxpayers The Income Tax Department has now rolled out a new functionality in Annual Information Statement (AIS) to display the status of the information confirmation process to taxpayers, according to a statement issued by the Central Board of Direct Taxes (CBDT) on Monday. This functionality will display whether the feedback of the taxpayer has been acted upon by the source, by either, partially or fully accepting or rejecting the same. In case of partial or full acceptance, the information is req...
Income Tax Dept rolls out new functionality in AIS for taxpayers
Income Tax Dept rolls out new functionality in AIS for taxpayers
Source: IANS
2024-05-14 10:32:38 am
Power & Instrumentation (Gujarat) touches roof on getting LoA from Ahmedabad International Airport Power & Instrumentation (Gujarat) is currently trading at upper limit of Rs. 75.05, up by 1.47 points or 2.00% from its previous closing of Rs. 73.58 on the BSE. The scrip opened at Rs. 75.05 and has touched a high and low of Rs. 75.05 and Rs. 75.05 respectively. So far 30694 shares were traded on the counter. The BSE group 'T' stock of face value Rs. 10 has touched a 52 week high of Rs. 93.45 on 17-May-2023 and a 52 week low of Rs. 36.53 on 13-Sep-2023. Last one week hig...
Power & Instrumentation (Gujarat) touches roof on getting LoA from Ahmedabad International Airport
Power & Instrumentation (Gujarat) touches roof on getting LoA from Ahmedabad International Airport
Source: Accord Fintech
2024-05-07 11:58:52 am
South Korea welcomes US move to extend tax credits for EVs containing Chinese graphite  Seoul's Industry Minister Ahn Duk-geun on Saturday welcomed the US government's move to extend tax credits for electric vehicles (EV) containing Chinese graphite until the end of 2026. In a statement, Duk-geun said that his ministry's efforts to "reflect South Korean companies' position, including on the graphite issue, bore fruit," reports Yonhap news agency. South Korea has expressed concerns that it will be difficult to find an alternative supply chain...
South Korea welcomes US move to extend tax credits for EVs containing Chinese graphite
South Korea welcomes US move to extend tax credits for EVs containing Chinese graphite
Source: IANS
2024-05-05 08:50:15 am
GST collections scale record high of Rs 2.1 lakh crore in April The country's gross GST revenue collection for April this year soared to the highest ever level at Rs 2.10 lakh crore, Finance Minister Nirmala Sitharaman announced on Wednesday. This represents a significant 12.4 per cent year-on-year growth, driven by a strong increase in domestic transactions (up 13.4 per cent) and imports (up 8.3 per cent). After accounting for refunds, the net GST revenue for April 2024 stands at Rs 1.92 lakh crore, reflecting an impressive 17.1 per cent growth...
GST collections scale record high of Rs 2.1 lakh crore in April
GST collections scale record high of Rs 2.1 lakh crore in April
Source: IANS
2024-05-01 01:50:27 pm
Direct tax collections shoot past budget target by Rs 1.35 lakh cr in 2023-24 The net direct tax collections for the financial year 2023-24 have clocked a double-digit growth to exceed the Union Budget Estimates (BE) by Rs 1.35 lakh crore or 7.4 per cent reflecting the strong fiscal position of the country driven by robust economic growth, data released by the Central Board of Direct Taxes (CBDT) on Sunday showed. The net direct tax collections, comprising corporate tax and personal income tax shot up to Rs 19.58 lakh crore in 2023-24, compared to Rs 16.64 lakh cror...
Direct tax collections shoot past budget target by Rs 1.35 lakh cr in 2023-24
Direct tax collections shoot past budget target by Rs 1.35 lakh cr in 2023-24
Source: IANS
2024-04-21 01:42:24 pm
CBDT signs record 125 pacts to ease tax payments by big multinational firms  Central Board of Direct Taxes (CBDT) has entered into a record number of 125 Advance Pricing Agreements (APAs) in 2023-24 with taxpayers as part of the government’s policy to promote ease of doing business, especially for big multinational companies which have a large number of cross-border transactions within their group entities. “This marks the highest ever APA signings in any financial year since the launch of the APA programme. The number of APAs signed in FY 2023-24...
CBDT signs record 125 pacts to ease tax payments by big multinational firms
CBDT signs record 125 pacts to ease tax payments by big multinational firms
Source: IANS
2024-04-17 10:26:44 am
Oil companies stocks fall as government hikes windfall tax on petroleum crude Oil exploration & production companies stocks fell on the BSE after the government hiked the windfall tax on petroleum crude to Rs 6,800 a metric ton from Rs 4,900 with effect from April 4. The windfall tax, which is revised fortnightly, remains at zero for diesel and aviation turbine fuel. The government has raised its windfall tax on petroleum crude for the fifth time since February. On March 15, the government raised the windfall tax on petroleum crude to Rs 4,900 a metric ton from Rs ...
Oil companies stocks fall as government hikes windfall tax on petroleum crude
Oil companies stocks fall as government hikes windfall tax on petroleum crude
Source: Accord Fintech
2024-04-04 03:10:36 pm