Page 19 - Harsh Kumar

GST rate rationalisation recommendations may yield Rs 22,000 cr surplus

At present, the average GST rate is around 12.2 per cent, which is below the revenue-neutral rate of 15.3 per cent, spurring the need for discussions on rate rationalisation

Indian banks in Canada fear biz loss amid ongoing diplomatic tensions

According to government data, about 427,000 students are studying in Canada. Banks feel they could face potential impact if this key segment of their customer base shrinks

Direct tax-GDP ratio hits 24-year high of 6.64% in FY24, shows data

Direct tax mopup rises 18%, outpacing economic growth; buoyancy at 2.12

States convey support for compensation cess merger with 28% GST slab

State FMs, in first meeting of GoM, suggest no new item in lists of luxury, sin, and demerit goods until transition

Govt to decide on RINL funding next month after viability report

The Centre is awaiting a technical viability report, due November, from a UK-based consulting firm

CBDT comes out with FAQs on Direct Tax Vivad se Viswas scheme 2024

The Direct Tax Vivad Se Vishwas (DTVSV) Scheme, 2024, was announced in the Union Budget 2024-25 by the Union Finance Minister to resolve pending income tax disputes

GST compensation cess to be discussed at GoM meeting on Wednesday

During the 54th GST Council meeting on September 9, Finance Minister Nirmala Sitharaman indicated that the government plans to fully repay the loan, including interest, by January 2026

ITC rule: Bombay High Court seeks response from state's revenue dept

During the initial stage of developing the pharmaceutical product, the petitioner (Enzene Biosciences) had incurred a lot of expenditure

Putting a leash: Govt likely to disband unit tracking pre-GST evasion

DGGI expects to complete investigation in all such cases by March

Steady growth: Net direct tax collection up 18.3% to Rs 11.3 trillion

Of the tax mop-up, personal income-tax (PIT) outpaced corporation tax. PIT stood at Rs 5.98 trillion (net) compared to Rs 4.88 trillion in the same period a year ago

SBI-led panel against 18% GST on co-lending; submits report to FinMin

Says co-lending should be restricted to priority sector lending and not extended to other areas

Centre considers seed funding to establish a shipping insurance entity

The finance ministry may undertake an amendment to the Insurance Act, which will allow mutual insurance associations

CBDT forms an internal committee for full review of Income-Tax Act

Public feedback invited to help make the Act concise and easy to understand

Rs 500 cr investment scam: PhonePe, Easebuzz, 20 other firms under probe

Delhi Police also probing alleged involvement of social media influencers

Supreme Court allows claiming input tax credit on construction expenses

Exception for commercial buildings meant for renting, leasing purposes

SC upholds 90,000 tax reassessment notices issued under old regime

Move will impact assessees who received tax notices from April to June 2021 under the old reassessment regime

Banks to seek govt guarantee on equity conversion before lending to Vi

The telecom giant is seeking to borrow approximately Rs 35,000 crore, but most banks are wary of extending credit, particularly as VI has struggled to raise funds from other sources

Gandhi Jayanti: MSME raises wages for spinners by 25%, weavers by 7%

According to the official statement by the ministry, a special discount of 20 per cent on Khadi products and 10 per cent on Village Industries products has been launched at the flagship Khadi Bhavan

GST mopup growth in September slowest in H1FY25 amid high refunds

Net numbers fall 3.9% to Rs 1.5 trn

Mechanism to control GST fraud in ITC claims expected in November

In FY24, Central GST officers booked 9,190 cases involving fake ITC worth Rs 36,374 crore