Page 22 - Monika Yadav

US-India Tax Forum proposes simplifying TDS, customs tariff structure

To establish GIFT City as a global financial hub, the Forum has proposed tax exemptions on dividends and financial transactions

Union Budget 2025-26: 25% income tax slab, higher rebate on the cards

The upcoming Budget may raise the rebate further, potentially making income up to Rs 10 lakh tax-free

Faceless tax assessments: Benefits, challenges, solutions for improvement

How can govt improve upon the faceless tax assessment system

Income-Tax department recovers Rs 1,070 crore from wrongful claims

The taxpayers filed updated income tax returns (ITRs) for assessment years from FY23 to FY25 after doing the corrections

Delhi High Court exempts electricity commissions' fees from GST

The judgment came in response to show cause notices (SCNs) issued by tax authorities demanding GST on regulatory fees under the Central GST (CGST) Act, 2017, and the Integrated GST (IGST) Act, 2017

Net direct tax mopup rises 16% to Rs 16.9 trillion until January 12

Corporate tax during the same period grew at a slower pace, 8.1 per cent, to Rs 7.7 trillion. The securities transaction tax grew 75.2 per cent to Rs 44,538 crore

GST notices worth Rs 1.12 trillion on online gaming companies stayed

SC mandates consolidation of all such cases by next hearing on March 18

Centre extends GST return filing deadline for GSTR-3B and GSTR-1

Additionally, the deadline for the October-December 2024 quarter has also been adjusted, with varying due dates for different classes of registered persons

E-way bills in December at second highest level in two years, shows data

E-way bills are mandatory for the movement of consignments worth more than Rs 50,000 and are, therefore, an early indicator of demand and supply trends in the economy

Finance secretary Tuhin Kanta Pandey takes charge as revenue secretary

A 1987-batch Indian Administrative Service (IAS) officer from the Odisha cadre, Pandey had been serving as the DIPAM secretary since October 24, 2019

FinMin files review petition in Supreme Court's Safari Retreats case ruling

The move follows the Goods and Services Tax (GST) Council's recommendation last month for a retrospective amendment to the Central Goods and Services Tax (CGST) Act

SC to hear online gaming firms' urgent plea for interim relief on GST

In July 2023, during its 50th meeting, the GST Council categorized online games-both skill-based and chance-based-under the 28 per cent GST slab

Gujarat HC provides relief, says no GST on transfer of state land leases

The court's decision not only alleviates the financial strain on affected businesses but also addresses long-standing concerns regarding double taxation

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