Tax | The Asian Age

Wednesday, Apr 24, 2024 | Last Update : 03:14 PM IST

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While the GST collections in June were lower than Rs 1,00,289 crore in May, they were higher than Rs 95,610 crore receipts in the same month of the previous year. (Photo: Representational)

GST collections dip below Rs 1 lakh crore mark in June

The collections comprise of receipts by both the centre and state governments of GST.

01 Jul 2019 5:33 PM

GST Council, chaired by Finance Minister and comprising state Finance Ministers, has reduced tax rates over the last two years which led to a revenue loss of more than Rs 90,000 crore, former Finance minister Arun Jaitley said. (Photo: ANI | File)

GST may become two-tier tax with merger of 12, 18 pc slabs: Jaitley

In a Facebook post on GST, Jaitley said as many as 20 states are already showing more than a 14 pc increase in revenues.

01 Jul 2019 2:28 PM

Armed forces personnel who suffer any kind of disability due to their service receive separate disability pension. (Representational Image | PTI)

'Disability pension taxable if personnel retired under normal circumstances'

The pension will be non-taxable only to those personnel who have retired due to any kind of disability.

26 Jun 2019 9:34 AM

Finance Minister Nirmala Sitharaman presents her first budget on July 5, for the fiscal year ending March 2020. (Photo: PTI )

Govt likely to let budget deficit rise as tax receipts fall short

Fiscal deficit target to as much as 3.6 per cent of GDP from an already upwardly revised target of 3.4 per cent.

21 Jun 2019 11:39 AM

Unlike other tax returns, there is no option to revise monthly or quarterly returns under GST which is the main cause of the entire prevailing situation.

Tax body seeks extension of GST return filing by four months

Govt has made the entire GST procedure and filing of returns very 'confusing with hundreds of changes in the rules and taxes'.

19 Jun 2019 4:31 PM

Much attention at G-20 meetings this year is focusing on how to adapt tax systems and regulation of increasingly digital economies. (Photo: Representational I File)

G-20 talks trade, finance as Japan readies for Osaka summit

Japan, the world's third-largest economy, is hosting the G-20 for the first time since it was founded in 1999.

09 Jun 2019 11:38 AM

About 20 per cent of the gross salary subject to a maximum limit of, say, Rs 1,00,000 could be considered for the purpose of standard deduction.

Assocham for raising tax exemption limit to Rs 5 lakh in Budget

The government is scheduled to present its first full Budget on July 5, for the current financial year.

09 Jun 2019 11:19 AM

The effective corporate tax on distributed profit is over 48 per cent.

Assocham demands cut in effective corp tax to 25 pc, inflation indexing of allowances

Assocham also demanded cut in customs duty rates on aluminium to 5 per cent from 7.5 per cent

03 Jun 2019 3:32 PM

Indian tourism sector is likely to grow at 6.7 per cent per annum to reach Rs 35 lakh crore.

Rationalise GST rate for hotels to push tourism sector growth: Report

Higher taxes on hotels make the segment less competitive as compared to other Asian peers.

29 Apr 2019 3:28 PM

An MNC having a fixed place of business in India is considered as having Permanent Establishment in India and is taxed as per domestic laws. (Photo: PTI)

I-T dept proposes new norms for taxing MNCs in India

The CBDT had set up the committee to bring greater clarity and predictability for taxing MNCs.

19 Apr 2019 9:09 AM

Reliance denies any favouritism or gain from the settlement.

Govt says no link between Reliance tax relief in France and Rafale jet deal

Under India’s defence procurement rules, any company selling equipment must invest at least 30 pc of the contract in India.

15 Apr 2019 8:53 AM

The wage hike has benefited more than 250,000 Amazon employees and over 100,000 seasonal employees. (Photo: AFP)

Walmart responds to Bezos with tweet asking Amazon to pay taxes

Some critics have said that Amazon received a USD 129 million tax rebate from the federal government.

12 Apr 2019 12:27 PM

Net service tax collections during 2016-17 stood at Rs 2.54 lakh crore as compared with Rs 2.11 lakh crore in 2015-16.

Taxmen to scrutinise mismatch between ITR and service tax returns

Service tax was subsumed into the goods and services tax (GST) with effect from July 1, 2017.

08 Apr 2019 3:41 PM

More than 100 media organisations participated in the investigation, which uncovered accounts in tax havens held by 140 politicians.

Tax take from 'Panama Papers' probes exceeds USD 1.2 billion: report

Britain has recouped some USD 253 million, France USD136 million and Australia USD 93 million.

03 Apr 2019 2:41 PM

Many taxpayers donate one day’s salary or part of their income for noble purposes but do not declare these donations in their tax returns.

Unusual methods to save more tax

The income law gives many non-traditional options to save tax. Here are some ways to raise exemption bar.

04 Mar 2019 2:43 AM

Must know facts before you take a joint loan

Taking a joint home loan with a lady co-borrower like your own wife, mother or sister can fetch alluring concessional interest rates.

27 Feb 2019 6:11 PM

Six steps to plan for taxes after retirement

Before retirement it’s essential for you to plan your taxes, investments, and returns.

27 Feb 2019 1:17 PM

5 last minute tax saving suggestions

Choosing the most suitable tax-saving investment option is a tough task, and it should be done cautiously.

26 Feb 2019 6:25 PM

The measure is one of a series by Prime Minister Narendra Modi’s government to try to stimulate consumption as he faces nationwide elections by May. (Photo: File)

Tax cuts should boost Indian real estate demand, but many issues linger

On Sunday, a government body said the sales-tax on under-construction residential houses in April will drop to 5 per cent from 12 per cent.

26 Feb 2019 12:55 PM

The working groups will emphasis on boosting exports through e-commerce, addressing the trade facilitation barriers faced in India's export market and improving the quality of logistics services for exporters. (Photo: File)

CBIC sets up 3 working groups to facilitate exports, curb tax evasion

The working groups will focus on export promotion and facilitation.

23 Feb 2019 4:48 PM

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Sanjeev Ahluwalia