Page 4 - Tax

Over 50% taxpayers may shift to new tax regime: Revenue secretary

"Goods and Services Tax (GST) growth is estimated at 12 per cent as we expect the economy to do better domestically. However, keeping excise and customs in mind, we lowered the overall target"

Our capex increase accounts for global slowdown: Finance secy TV Somanathan

"The government's welfare schemes are quite large, comprehensive, well spread and the emphasis is on implementation rather than on budget provisions"

Budget 2023: Understanding 20% TCS on foreign remittance transactions

Budget 2023: Earlier, a 5 per cent tax collected at source was levied on foreign remittances

A balanced Budget against the backdrop of global uncertainties

Tax reliefs are expected to leave more money in the consumers' hands. While the aim is to boost consumption, the extent of the impact remains to be seen

Best of BS Opinion: Macro-fiscal question, Tax proposals a mixed bag & more

Here is the best of Business Standard's opinion pieces for today

Devolution to states: Cess, surcharge help Centre keep major chunk of taxes

Among a few tweaks to surcharges, Sitharaman announced the Centre would reduce the highest surcharge levied under personal income tax from 37 per cent to 25 per cent under the new tax regime

Budget 2023: Riding on robust collections, govt realistic on tax target

The budget pegs tax revenue at Rs 33.6 trillion, which is higher by 10.4 per cent over Rs 30.4 trillion projected in revised estimates for the current financial year (FY23)

Making the regime less taxing: Pain points & what's on offer in Budget

New co-operatives commencing manufacturing activities till March 31, 2024, will get the benefit of a lower tax rate of 15% , currently available to new manufacturing companies

Budget ends tax advantage in MLDs, move to impact wealthy investors

Products that invest in fixed-income and derivative instruments enjoyed taxation for bonds

Blackstone group entity gets Delhi High Court relief in income tax case

Delhi HC sets aside reassessment proceedings, asks revenue dept to re-examine the issue

Industrialists in Chhattisgarh freed from a hefty 'unwarranted' tax

Owners of the facilities located in the Urla Industrial Growth Centre - on the outskirts of capital Raipur - were in a fix over the huge penalty imposed due to a reported administrative error

Power ministry proposes tax-paid green bonds issuance, says report

The bonds are lucrative to investors, while marginally reducing the cost of funds as there is a difference in issuers' tax rate and investors' tax bracket, the official said

Indian gaming industry seeks clear tax regime, duty credit scrips in Budget

Budget 2023: They also suggested that the Centre can also consider levying separate tax slabs for each game category, like casual games, fantasy games and esports

Taxing times: Businesses face tax heat over deductions claimed for cess

CBDT tells I-T officials to nudge entities; move could help garner over Rs 5,000 cr

Govt should scrap windfall profit tax on domestic crude oil: FICCI

The government should scrap the windfall profit tax on domestically produced crude oil as the levy is adversely impacting the capex-intensive exploration of oil and gas, the industry said in its recommendation for the forthcoming annual budget. India first imposed windfall profit taxes on July 1, joining a growing number of nations that tax super normal profits of energy companies. At that time, a Rs 23,250 per tonne (USD 40 per barrel) windfall profit tax on domestic crude production was levied. The new tax, which was also slapped on the export of petrol, diesel and ATF, is calibrated every fortnight in step with international oil prices. Industry chamber FICCI in its recommendations for the Budget, said such levy is in addition to all other existing levies. "It is recommended that the Special Additional Excise Duty (SAED) on petroleum crude should be removed or if there is a need to continue the levy for some time as an extraordinary measure then the rate be changed to an ad-valo

Wealthy Indians reporting lower income, paying less tax: DSE study

The study found that the average taxable income reported by the bottom 10 per cent of households was more than 170 per cent of family wealth

FRAI appeals Centre to cut high taxes on daily goods to stem illicit trade

FRAI made a representation to Finance Minister Nirmala Sitharaman with an appeal to protect the interests of its 80 lakh retailers

Best of BS Opinion: Unscientific development, taxing demands, and more

Here is the best of Business Standard's opinion pieces for today

Taxing demands

Unrealistic revenue targets will affect business environment

Paid most of $1 bn tax for PhonePe shifting base to India, confirms Walmart

The company said last month it had completed the separation of PhonePe from Flipkart, adding that it would remain a majority stakeholder in both the companies