Taxes

The Union Budget 2026 needs to focus on widening the direct tax base, incentivising private sector investment and freezing peak direct tax rates to further accelerate growth and generate employment opportunities, a report said. Recent reforms under GST 2.0 have demonstrated that simplification and tax moderation can coexist with strong revenue growth, challenging the long-held belief that higher tax rates are necessary to boost collections, a report titled 'Shaping India's New Taxation Ideology: Simplification, Moderation and Growth' said. "As India approaches the Union Budget, the choices made will determine whether taxation becomes a catalyst for long-term economic expansion or a constraint on ambition," the report released by a think tank Think Change Forum (TCF) on Wednesday said. The report outlines a six-point advisory for policymakers, urging them to extend the principles of GST reform to direct taxes, enforcement and investment policy At the core of the advisory is a push f

Following weeks of speculation, Britain's unpopular Labour government will deliver its second budget later Wednesday since it returned to power in a landslide election victory in July 2024 after 14 years in opposition. Treasury chief Rachel Reeves, the first woman to hold the post of Chancellor of the Exchequer, is set to tell lawmakers that more tax-raising measures are necessary to plug a hole in the public finances. Reeves said much the same at her first budget a little more than a year ago. That budget, she had insisted, would be the one and only big tax-raising budget in this parliamentary term, which is due to run to 2029. Unfortunately for Reeves, the British economy, the world's sixth-largest, is not doing as well as she hoped, with many critics blaming her decision last year to slap taxes on business. Though there were signs that the economy was on the mend in the first half of the year when it was the fastest-growing among the Group of Seven leading industrial nations, it'

Britain's Business and Trade Secretary Peter Kyle admitted that it is Labour's taxation regime that is causing the exodus of the super-rich

PwC India's survey says shifting tariffs, uncertainty are testing supply chain resilience, even as firms underuse AI, face rising ESG pressures and struggle to give supply chains strategic influence

With ₹16 trillion locked in unresolved tax disputes, India must urgently reform its judicial and tax systems to clear backlogs and restore investor confidence in a rule-based economy

Maharashtra has received an advance instalment of Rs 6,418 crore from the Central government, as part of tax devolution ahead of the festive season, Deputy Chief Minister Ajit Pawar has said. The Centre on Wednesday said it has released an additional instalment of tax devolution of Rs 1,01,603 crore to state governments to enable them to accelerate capital spending and finance their development/welfare-related expenditure. This is in addition to the normal monthly devolution of Rs 81,735 crore due to be released on October 10, it said. In a statement on Thursday, Pawar, who is also the state finance and planning minister, said that Maharashtra has received Rs 6,418 crore from the Centre. He thanked Prime Minister Narendra Modi and Union Finance Minister Nirmala Sitharaman for releasing the funds. "With the upcoming festival season, and to enable the state to ramp up capital expenditure and provide adequate funding for our welfare and development schemes, this amount will undoubted

The New Haven school, the richest private US university after Harvard, faces an 8 per cent tax on annual investment gains from its endowment - up from 1.4 per cent

Substantial cash gifts should be received via cheques or drafts

While lower consumption taxes will indeed spur demand, particularly for durables such as autos, TVs and ACs, it may not happen immediately

Short payments of IGST on imports are usually discovered during internal audits or regulatory checks, and tend to arise due to valuation differences, classification errors, or other discrepancie

The Senate is slogging through a tense overnight session that has dragged into Tuesday, with Republican leaders buying time as they search for ways to secure support for President Donald Trump's big bill of tax breaks and spending cuts while fending off proposed amendments, mostly from Democrats trying to defeat the package. An endgame was not immediately in sight. Senate Majority Leader John Thune of South Dakota is reaching for a last-minute agreement between those in his party worried the bill's reductions to Medicaid will leave millions without care and his most conservative flank, which wants even steeper cuts to hold down deficits ballooning with the tax cuts. Thune declared at one point they were in the homestretch as he dashed through the halls at the Capitol, only to backtrack a short time later, suggesting any progress was elusive. At the same time House Speaker Mike Johnson has signalled more potential problems ahead, warning the Senate package could run into trouble when

From manual bonds to auto-processing, India's export refund system has come a long way - but gaps between Customs and GST refunds still remain

President Donald Trump likes to say he is bringing in trillions of dollars in investments from foreign countries, but a provision in his tax cuts bill could cause international companies to avoid expanding into the United States. The House-passed version of the legislation would allow the federal government to impose taxes on foreign-parented companies and investors from countries judged as charging "unfair foreign taxes" on US companies. Known as Section 899, the measure could cause companies to avoid investing in the the US out of concern they could face steep taxes. The fate of the measure rests with the Senate setting off a debate about its prospects and impact. A new analysis by the Global Business Alliance, a trade group representing international companies such as Toyota and Nestl, estimates that the provision would cost the US 360,000 jobs and USD 55 billion annually over 10 years in lost gross domestic product. The analysis estimates that the tax could cut a third off the

The CBIC on Saturday debunked a claim circulating on social media about delays and corruption in granting GST registration, saying the applicant has yet to furnish details sought by Delhi state GST officers. One individual took to LinkedIn to talk about how he has not been granted GST registration even after applying 20 days back. The post was shared on X by another user accusing that there is "corruption" in granting Goods and Services Tax (GST) registration. Replying on X, the Central Board of Indirect Taxes and Customs (CBIC) gave facts of the case and said the application was filed this week on May 26, 2025, which was assigned to Delhi State GST. The Central GST authorities had no role in this matter, the CBIC said. It further said that as per Delhi State GST authorities, the case was processed immediately and a query was raised about the missing designation of the person who has signed the rent agreement on behalf of the company. "At this stage, the ARN was pending for reply

Finance ministry says additional tax devolution to help states accelerate capital spending, fund welfare and development, and support priority schemes ahead of regular release

The Jharkhand government on Friday appealed to the Sixteenth Finance Commission to raise the vertical devolution of central taxes from the existing 41 per cent to 50 per cent. A finance commission team, headed by its chairman Dr Arvind Panagariya, held discussions with the state government. Jharkhand Finance Minister Radhakrishna Kishore and Chief Secretary Alka Tiwari were present during the meeting. "Increase the vertical devolution share from 41 per cent to 50 per cent," the state government appealed to the panel. The commission also held a series of meetings with representatives from local bodies, trade organisations, industry associations, chambers of commerce, and political parties. The finance commission team on Thursday visited Jharkhand's temple town of Deoghar and offered obeisance at the Baba Baidyanath temple. The finance panel also held discussions with representatives of panchayati raj institutions and administrators of urban local bodies from all six districts of ..

India holds immense potential to attract foreign tourists, but it is lagging severely, Indian Hotels Company Limited MD and CEO Puneet Chhatwal said on Friday, asserting that high tax rates were a key impediment in creating global brands for the country's hospitality sector. He also sought an "additional push" while referring to the "infrastructure" status accorded to 50 tourist destinations in this year's Budget and reiterated the long-standing demand for an "industry" status. Alluding to the lack of competitive advantage in terms of margins, the Indian Hotels Company Limited (IHCL) MD and CEO said, "If you are the highest taxed sector in every possible way, GST, excise, paying all charges during COVID when your business is shut with the least amount of budget for promotion, for marketing the destination and just relying on what we have, then how are you going to create those kind of global brands on your own". Speaking at CII's Annual Business Summit, Chhatwal said India is not ju

Section 899 of the House-passed bill seeks higher US tax rates on individuals and firms from countries with tax policies deemed "discriminatory" under the "Unfair Foreign Taxes" enforcement clause

Many of the studies in the latter approach combine data from all types of countries to obtain an estimate of potential revenue

Company says it faced 'challenging external environment' as urban consumption slowed down and there were inflationary pressures