An investor’s blunt post on India’s tax burden has reignited criticism of the country’s indirect tax structure, drawing attention to the compounding effects of GST and levies on high-end purchases. “If buy any SUV in India, you have to pay over 50% in taxes to the government of India,” wrote investor A K Mandhan on … Read more
Finance Minister Nirmala Sitharaman informed the Rajya Sabha on Tuesday that a reduction in goods and services tax (GST) can be expected. She stated that the GST Council is currently working on streamlining the rate slabs for Goods and Services Tax. Additionally, the finance minister highlighted that there has been a significant decrease in GST … Read more
New Delhi: Tax consultancy firm PWC has urged Finance Minister Nirmala Sitharman to extend the beneficial tax regime for new manufacturing companies and introduce a comprehensive tax amnesty scheme for cases related to Customs. Sitharaman is scheduled to present the Union Budget for 2024-25 on July 23. “I think the Make in India is the … Read more
Six years after the rollout of the biggest indirect tax reform in India, Goods and Services Tax (GST) revenue of Rs 1.5 lakh crore every month has become a new normal and tax officers are focusing on dealing with fraudsters who are adopting newer modus operandi to game the system, causing loss to the exchequer. … Read more
GST on services by way of transportation of goods by aircraft / vessel is certainly on a roller-coaster ride these days. The story began in September 2022, when the GST exemption pertaining to goods transportation services witnessed a sunset from 1 October 2022 onwards. This resulted in taxing the transportation of export cargo by the … Read more
Pencilling in just 4 % GDP growth for the fourth quarter, a rating agency report has said the final growth numbers for the full year will be lower than the second advance estimate of 7 %. The economy grew at 13.2 % in the first quarter and 6.3 % in the second three-month period due … Read more
For every rupee in the government coffer, 58 paise will come from direct and indirect taxes, 34 paise from borrowings and other liabilities, 6 paise from non-tax revenue like disinvestment and 2 paise from non-debt capital receipts, according to the Budget documents for 2023-24. As per the Union Budget presented in Parliament by Finance Minister … Read more
(As part of a Budget special series by ETMarkets.com, we reached out to money managers seeking their perspective on Budget 2023 with a simple question: What if I were the Finance Minister of India) As the finance minister of India, I would take several steps that can be taken to improve the country’s economic situation. … Read more
From next month, importers will have to furnish additional information at Customs Automated System while filing a bill of entry in case of “specified goods”. The centre has notified the Customs (Assistance in Value Declaration of Identified Imported Goods) Rules, 2023, aimed at addressing the undervaluation of specified imported goods. The rules will be effective … Read more
Several companies and individuals who may have avoided paying taxes have come under the taxman’s lens following an elaborate investigation based on application of data analytics and machine learning and robust data sharing between various tax authorities. The government has used statistics of the last two financial years to create the audit checklist. Tax department … Read more