Page 20 - Monika Yadav

Govt replaces 'certificate' with 'proof' in Rules of Origin regulations

The amendment, effective from March 18, modifies key rules governing the determination of the country of origin of imported goods - a crucial factor in availing duty benefits under FTAs)

GST Council meet: Uniform 5% rate on drones for business use on agenda

This could be a major relief to India's burgeoning drone industry, which consists of around 488 drone companies that have collectively secured $518 million in funding so far

Parl's Standing Committee on Finance calls for GST relief on MPLAD fund

A GST of up to 18 per cent is charged on the work done under the MPLAD scheme

Income-Tax Bill expands scope of AMT, increasing tax burden on LLPs

Special treatment of LTCG is proposed to be removed

Over Rs 11.8 trn locked in direct tax litigation, FM informs Rajya Sabha

For indirect taxes, 82,011 cases are pending, with a locked revenue of Rs 5.76 trillion as of January 31, 2025

Net direct tax collections rise 13% to Rs 21.3 trn till March 16 of FY25

Advance tax collections jump 14.6% during the period

Govt likely to bring back single tax return system for search cases

Single return may cover six years plus part-year when investigation is done

I-T Bill may not impact revenue collection: MoS finance Pankaj Chaudhary

The Bill retains existing technological reforms, including initiatives such as pre-filled income tax returns (ITRs), the Annual Information Statement, and faceless proceedings

Can GST rate rationalisation make India's tax system truly simple?

The Union government plans to propose GST rate and slab cuts to the GST Council. Can this reform make India's indirect tax system truly simple?

CBDT campaign leads to disclosure of over Rs 29,000 crore foreign assets

As a result of this campaign, 6,734 taxpayers also revised their residential status from resident to non-resident

No recovery proceedings on donuts GST dispute, says Bombay High Court

The court also allowed the petitioner to seek a stay in case it receives any recovery notice from the revenue department

Govt may ease norms to allow 2-month window for ITC on credit notes

Move would give taxpayers flexibility and preclude a financial burden

North Block to Sebi's hot seat: Market's new watchman Tuhin Kanta Pandey

Pandey's tenure as the DIPAM secretary also saw the public listing of Life Insurance Corporation of India and the government moving away from disclosing disinvestment targets

India's economy unshaken by global risks: CEA V Anantha Nageswaran

The CEA noted that urban demand has strengthened while inflation is on a downward trend

Madras High Court rules in favour of 12% GST for railway contracts

The case involved STS-KEC, a joint venture between Stroytechservice LLC (Russia) and KEC International Limited, which was awarded a contract for railway infrastructure projects

Income-Tax Bill empowers taxman to ask for access to electronic systems

Scrutinising crypto, other virtual digital assets may become easier

FM Nirmala Sitharaman introduces new Income-Tax Bill in Lok Sabha

FM urges Speaker Om Birla to constitute a select panel to examine the proposed law

Income Tax Bill 2025 to replace 1961 Act, introduces concept of 'tax year'

Deductions from salaries, such as standard deduction, gratuity, and leave encashment, have now been consolidated in one section instead of being scattered across various sections

Net direct tax collection rises 14.7% to Rs 17.8 trillion until Feb 10

Corporate tax during the same period grew at a slower pace of 6.1 per cent to Rs 7.8 trillion, while the securities transaction tax grew 65.05 per cent to Rs 49,201 crore

I-T return filings rise nearly 4% to 83.9 million in FY25: Govt data

To include more taxpayers within the income tax framework, the scope of Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) has been broadened, Chaudhary said