Page 16 - Monika Yadav

New rule to avoid tax deduction on purchases through IFSC sellers

Under the new regulation, sellers must submit a declaration that includes details about the previous years for which they are claiming tax deductions

FISME recommends govt measures to address impact of protectionist policies

During a meeting with Chief Economic Advisor V Nageswaran, FISME representatives outlined several key recommendations to address these pressing issues

Net GST collections in December grow by 3.3%, reaching Rs 1.54 trillion

The gross GST collection - the amount before adjusting for refunds - rose by 7.3 per cent in December to Rs 1.76 trillion

Centre to launch revised standards for organic agricultural products

India's export of organic products is regulated under the NPOP, which has been in effect since 2001 and is administered by the Department of Commerce, Ministry of Commerce and Industry

CBIC clarifies rules, says no GST to apply on pre-paid gift vouchers, cards

The CBIC underlined that, regardless of the type of voucher, transactions involving vouchers themselves will not be construed as the supply of goods or services

I-T dept set to enhance operations in 2025 by adopting PRUDENT approach

The chairman noted that the past year saw significant progress, with over 2.4 lakh grievances resolved, including 1.75 lakh through the E-nirvan platform

Government extends deadline for belated and revised tax returns to Jan 15

July 31st was the last date for all the individual taxpayers to file their return for FY24 who do not have audit obligations

Government extends deadline for direct tax Vivad Se Vishwas Scheme

Under the scheme, penalty charges vary based on the date of payment

Industry seeks tax relief, capex boost, reforms at FinMin's pre-budget meet

Industry representatives stressed that, given the uncertainty caused by persisting global headwinds, government's focus on public capex in physical, social, and digital infrastructure will be crucial

Centre appoints Arunish Chawla as new Revenue Secretary in FinMin

Chawla will take over from Economic Affairs Secretary Ajay Seth, who is holding the additional charge of Revenue Secretary

Customers likely to gain as high-end hotels get GST options on dining

The GST Council decided to suitably amend the CGST Act to link GST on restaurant services with actual room tariff provided by the hotel

GST on caramel popcorn sold in theatres to stay at 5%, govt clarifies

Separately, on the hike in GST rate on all old vehicles and used electric vehicles (EVs) from 12 per cent to 18 per cent

Event organisers to gain ITC benefits as GST Council amends sponsorship tax

GST Council brings sponsorship services under forward charge mechanism

GST Council paves way for CGST Act amendments during Budget session

FinMin says some changes may take effect from April

Law committee calls for simplification of GST registration structure

As per GSTN data, more than 98 per cent of applicants for new registration under GST either do not pass on ITC or pass on ITC within a limit of Rs 500,000 per month

GST Council may provide exporter status to intermediaries for tax relief

At present intermediary services are charged at 18 per cent under the Central GST Act

Safari Retreats case on GST Council table, SC verdict may be reversed

The SC judgment on the expression "plant or machinery" appears to defeat the intention of the GST Council, the law committee observed

Net direct tax collection grew 16.45% to Rs 15.82 trn till Dec 17 of FY25

Gross direct collections during the period grew 20.3 per cent to Rs 19.2 trillion, with refunds increasing 42.5 per cent to Rs 3.4 trillion

FinMin unlikely to introduce new Income-Tax Bill in Budget session

Review panel may submit report before FY26 Budget

Nestle tax ruling fallout: Switzerland suspends MFN status to India

India signed DTCs with Lithuania and Colombia in 2011, under which it provided a withholding tax of 5 per cent to both countries