Page 10 - Tax

Centre releases Rs 95,082 cr to states as November tax devolution

The Centre has released two instalments of tax devolution to the states amounting to Rs 95,082 crore in November, the Finance Ministry said on Tuesday.

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Centre's tax devolution to states doubled to Rs 95K cr in November: FM

Move to help capex, perk up growth, says FM Nirmala Sitharaman

Personal hearing can't be denied in faceless assessment: Delhi HC

In a case related to Umkal Healthcare vs National Faceless Assessment Centre, court set aside demand notice of tax dept given to the company as the request of personal hearing wasn't accepted

Taxmen order attachment of Rs 1,400-cr properties of Ajit Pawar's kin

Ajit Pawar is the nephew of NCP chief Sharad Pawar

G20 leaders endorse global minimum corporate tax deal for 2023 start

The conclusions are to be formally adopted on Sunday

GSTN blocks Rs 14,000-cr input tax credits of 66,000 taxpayers

GST Network on Tuesday said it has blocked Rs 14,000 crore worth of input tax credit (ITC) of 66,000 businesses registered under GST. Responding to social media posts based on an RTI reply about the Rs 6.14 lakh crore of ITC blocked under Rule 86A of GST laws, GSTN tweeted that the figure includes erroneous data entries made by the taxpayers. "ITC of approximately Rs 14,000 crore involving 66,000 taxpayers stands blocked as on date. This is only 0.38 per cent (approximately) of average ITC utilised by all taxpayers in a financial year," tweeted GSTN, the company that handles the technology backbone for goods and services tax. The government had introduced Rule 86A in GST rules in December 2019 giving powers to taxmen to block the ITC available in the electronic credit ledger of a taxpayer if the officer has "reasons to believe" that the ITC was availed fraudulently. There are currently 1.32 crore taxpayers registered under GST.

India awaits finality on taxing global MNCs before removing 'Google Tax'

OECD agreement to be deliberated by finance ministers of G20 nations on Wednesday

Google, Facebook and Netflix to pay a minimum global tax at 15%

India introduced equalisation levy for digital advertising services in 2016 at the rate of 6 per cent

'Pandora Papers' expose offshore financial dealings of hundreds of Indians

More than 300 Indian names are part of the list.

US remains world's largest tax haven despite vows to fight money laundering

This does not quite match the claims about the intention to fight corruption: Kremlin spokesman

Developing nations to gain 1% corp tax from digital tax deal: top OECD exec

In a Q&A, Pascal Saint-Amans, director at Centre for Tax Policy and Administration, OECD says global digital tax and digital service tax by individual countries can't co-exist

Kerala govt to slash motor vehicle tax on tourist caravans by one-fourth

The Kerala government will slash the motor-vehicle tax on tourist caravans by one-fourth, considering the immense scope of Caravan Tourism in the state, State Tourism Department said here on Thursday

GST Council: Kerala to oppose move to increase tax on coconut oil

Kerala will oppose the move to increase the tax on coconut oil as it will affect the interests of the people of the state, official sources said here on Thursday.

Inflation tax over and above the oil tax

The oil tax is unlike, say, the income tax, which is progressive as the income tax rate rises with the income

White House, business groups tangle over Biden tax increases

President Joe Biden has a simple message for fellow Democrats about his plan to raise taxes to remake large swaths of the American economy: look beyond the bottom line. Biden is trying to persuade Democrats to embrace a more emotional argument, namely that the plan is fair, that it increases taxes on those who can afford to pay more and spends money on programs targeting children and the middle class. The president has proposed more than USD 3 trillion worth of revenue increases, primarily through higher taxes for corporations and the country's richest households as well as greater IRS enforcement that would target the wealthy. But key lawmakers voiced doubts this past week about the size and possible impacts on the economy as congressional committees considered the measures and a wide array of business groups sifted through the details to highlight what they oppose. Interviews with three administration officials suggest the White House is comfortable with settling for a lower pric

Madras High Court upholds levy of tax on electronic music instruments

The Madras High Court has upheld the notifications of the Commercial Taxes department levying and collecting general sales tax on sale of electronically made Indian music instruments

FinMin regularly tracking resolution of tax portal bugs with Infosys: CBDT

Board rolls out statistics to prove the problems on the portal are being addressed

Govt announces RoDTEP rates for exporters; outlay Rs 12,454 cr in FY22

8,555 items covered; steel, organic and inorganic chemicals, pharma kept out of scheme

Bombay HC notice to AG on plea against faceless appeal in tax cases

The court noted that the matter, raised by the Chamber of Tax Consultants in a writ petition, involves serious questions in law