Page 5 - Tax

Retail giant Walmart gets $1-billion tax bill for PhonePe shift to India

The bill stems from the relocation and rise in value of PhonePe Pvt, which Walmart took majority ownership of after acquiring parent outfit Flipkart Online Services Pvt

Top Headlines: India ups windfall tax on crude, 6.5% growth likely in FY24

Business Standard brings you the top headlines at this hour

India raises windfall tax on crude oil, diesel and aviation turbine fuel

It raised windfall tax on crude oil to Rs 2,100 ($25.38) per tonne from Rs 1,700 ($20.55), effective Tuesday, the order said

TMS Ep335: 2022 M&A, state tax, stock markets, Arctic blast & bomb cyclones

Will this year's record M&A show continue in 2023? Should Indian states levy an income tax? What will guide the stock markets in the New Year? What are Arctic blast and bomb cyclones? Answers here

Clear, consistent taxes key to making India next global gaming hub: Experts

A clear and consistent approach to personal taxation is necessary for realizing India's vision of making AVGC (Animation, Visual Effects, Gaming and Comics) a high-growth sector, experts said. A high incidence of Tax Deducted at Source (TDS) to the tune of 30 per cent on gaming income is creating an incentive for offshore platforms that are not under any regulatory obligations and where no taxes need to be paid, to thrive in India, they said. Such evasion of taxes will be a huge loss to the government and will eventually even kill the domestic industry. An AVGC Promotion Task Force report, constituted by the government has proposed a national AVGC-Extended Reality Mission with a budget outlay to be created for integrated promotion and growth of the sector. As per estimates, the Online Skill-Based Gaming (OSG), is about USD 2.5 billion industry with a CAGR of over 38 per cent and is projected to grow to USD 20 billion by 2030 in terms of revenue. According to Games24x7 founder ...

Contribution of cesses to central govt's tax kitty doubles to over 18%

States have been concerned about increasing cases of Centre imposing cesses for garnering additional revenue

Windfall tax slashed: Down 65% on crude oil, and 37% on diesel exports

Windfall tax: The levy on diesel exports has been cut from Rs 8 to Rs 5 per litre and on aviation fuel from Rs 5 to Rs 1.5 per litre

DESH Bill: Commerce dept may scrap concessional corporate tax provision

In July, the commerce department sought inter-ministerial comments on the DESH Bill that aims at replacing the existing special economic zone (SEZ) law

Budget 2023-24: Centre mulls increasing tax-free slab to Rs 5 lakh

Only 10-12% assessees opted for new regime introduced in 2020

GST Council meeting: Trace and curb of gutkha firms' tax evasion on agenda

GoM submits recommendations on taxing pan masala, gutka on manufacturing capacity

US House gets access to Trump's tax returns after years-long fight

The Ways and Means Committee obtained the tax returns following a Supreme Court decision clearing their release

Reducing taxes on automobiles can benefit economy: Vikram Kirloskar

A roadmap to reduce taxes on automobiles by half over a 10-year period to make the Indian auto industry more competitive globally and provide large scale employment to benefit the economy needs consideration, according to Toyota Kirloskar Motor Vice Chairman Vikram Kirloskar. Although at the moment India cannot afford to slash the tax rate on automobiles drastically, he said a plan to reduce cess on the industry can be looked at considering the sector's contribution to the overall GDP of the country. "The auto industry is highly taxed. If we look at a car by the time it's produced and by the time it's sold, in most cases it is 30 to 50 per cent more than the ex-factory prices (after adding) GST and all the other taxes, including road taxes," he told PTI in an interview. He further said, "We as an industry are very competitive. I think in the world, cost wise, quality wise, we have become quite competitive. So I think a plan to reduce taxes over a period of time will really benefit t

Supreme Court to set up separate special Bench to hear tax matters

Abhishek Rastogi said the Bench would be useful to expedite the matters and would also ensure that a lot of matters on the same issue were clubbed and placed in one single Bench

Legal hitch keeps small field oil operators liable for windfall tax

Entities whose FY22 crude oil output was less than 2 mn barrels exempted from windfall tax already

UK's push to restore financial credibility means higher taxes, energy bills

Millions of people across Britain face higher taxes and energy bills after the government on Thursday announced an emergency budget focused on restoring the country's financial credibility and bolstering an economy battered by soaring inflation. Treasury chief Jeremy Hunt unveiled a 55 billion-pound (USD 65 billion) package of tax increases and spending cuts designed to demonstrate that Britain is committed to paying its bills after his predecessor spooked financial markets by proposing tax cuts without saying how they would be paid for. Hunt sought to cushion the blow by pledging to protect the most vulnerable, announcing that he would increase welfare benefits and state pension payments in line with inflation and help low-income residents with their energy bills. The government will also maintain investment in energy and infrastructure projects to boost economic growth, he said. Even so, the government's fiscal watchdog warned that Britons face a painful 7 per cent fall in living

Supreme Court dismisses review petition on pre-GST state tax on lotteries

Court's verdict earlier led to legislation brought out by Karnataka and Kerala being declared invalid

Tax-authorities tighten noose around under-invoicing of Chinese imports

Tax authorities suspect a tax evasion of more than Rs 16,000 crore through under-invoicing by businesses from April 2019 to December 2020

India's taxes on crypto transactions may 'kill the industry': Binance CEO

Binance Holding CEO Zhao "CZ" Changpeng said India's onerous taxes on cryptocurrency transactions will probably "kill the industry"

Centre slashes windfall tax on domestic crude oil, increases on ATF export

At its seventh fortnightly review, the government hiked the tax on the export of ATF to Rs 5 per litre from Rs 3.50

On the cards: Expansionary Budget with optimistic tax revenue rise

Finance Minister Nirmala Sitharaman is expected to present the next Budget on February 1