Tax

Centre advances ₹1.09 trillion tax devolution to states for November

Advance tax devolution aims to boost capital spending and meet development and welfare expenditure

Govt releases extra ₹1.09-trillion tax devolution tranche to states in Oct

The central government usually releases funds as tax devolution to states in 14 instalments a year and uses its own discretion to pick the months for double devolution

Centre releases addl instalment of tax devolution of ₹1.09 trn to states

The Centre on Saturday released additional instalment of tax devolution to state governments totalling over Rs 1.09 lakh crore. This is in addition to the regular monthly devolution and the second additional instalment this financial year. The Union government released tax devolution of Rs 1,09,019 crore to state governments, the finance ministry said in a statement. "This release is in view of the upcoming festive season and to enable states to accelerate capital spending, and also to finance their development/welfare related expenditure," the ministry said. Currently, 41 per cent of taxes collected by the Centre is devolved in 14 instalments among states during a fiscal year.

Govt raises windfall tax on diesel by ₹3, ATF by 50 paise per litre

The government on Saturday hiked windfall gains tax on export of diesel and ATF and slashed the levy to zero on petrol for the fortnight beginning October 31. For ATF exports, the duty has been hiked marginally to Rs 11/litre, from Rs 10.5/litre for the fortnight. The rate of special additional excise duty (SAED), along with road and infrastructure cess on export of diesel, will now be Rs 11.5 a litre, up from Rs 8.5 a litre. Duty on petrol exports has been slashed to nil, from Rs 2.5 per litre, for the next fortnight. The finance ministry in a notification said the duty changes will be effective from October 31. Amid escalating tensions in West Asia, the government imposed an export duty on diesel and ATF on March 27 and revised the rate every fortnight. Beginning May 16, the levy was imposed on petrol exports. The ministry also said there is no change in the existing duty rates on petrol and diesel cleared for domestic consumption. The windfall tax was levied to increase domes

Roll out red carpet for dollar, make capital gains tax zero: Shankar Sharma

Shankar Sharma, founder of GQuant Investech, has said that the government has been very arrogant towards foreign capital and suggested rolling out the red carpet for dollars, no matter

Crypto industry leaders flag tax hurdles, seek regulatory clarity in India

India's cryptocurrency industry needs greater regulatory clarity and a tax framework that accounts for the way digital assets are traded and used, cryptocurrency experts said at the Business Standard.

Rajasthan govt launches campaign to curb GST evasion, fraudulent ITC claims

Rajasthan's Commercial Tax Department has intensified its drive against GST evasion, detecting potential tax irregularities of ₹2.85 crore across 10 business establishments.

Truecaller expects $91 million tax claim from India over transfer pricing

A transfer price is the actual price charged in a transaction between related entities, according to Income Tax website

Madhya Pradesh collects ₹44,711 crore in revenue in first half of FY27

Revenue rose 11.37 per cent year-on-year, with the Excise Department coming closest to meeting its target and Commercial Tax contributing the largest share of collections

New FEMA rules: What changes for freelancers and YouTubers from October 1

Indian freelancers, consultants, YouTubers and influencers earning from abroad may now face an additional FEMA reporting requirement. The new EDF framework requires certain overseas service exports

AlcoBev industry contributed ₹4 trillion to India's FY25 taxes: Report

Telangana had the highest share of alcohol revenue in states' own tax revenue in FY25 at 32 per cent, followed by Tamil Nadu at 27 per cent and Uttar Pradesh at 25 per cent.

ESOP tax treatment uncertain as courts differ on pre-exercise payouts

Divergent court rulings on vested but unexercised ESOPs create uncertainty over whether employee payouts are taxed as salary or capital gains

Can tax planning with parents help lower your tax bill? What taxpayers need to know

Tax benefits can apply to health insurance, eligible medical expenses, rent and certain gifts involving parents, but the rules differ. Under the old tax regime, health insurance

Net direct tax mopup rises 13% to ₹12.12 trillion till September 17

Net direct tax collections rose 13% to ₹12.12 trillion, with corporate tax and STT driving growth despite a sharp rise in refunds

Brics backs tax working groups, customs pact under India's chairship

Brics leaders back deeper tax and customs cooperation under India's chairship, including new tax working groups, a customs pact and joint enforcement initiatives

Rajasthan govt seizes 44 vehicles in 3 weeks in tax evasion crackdown

Rajasthan tax department seizes 44 vehicles in three-week crackdown on suspected tax evasion

Southern states seek fair tax devolution, freeze Lok Sabha strength at 543

At the Southern Zonal Council meeting, states sought protection for their fiscal and political interests while discussing infrastructure and economic integration across the region

US tax court strikes down digital ad tax, orders refunds to Apple, Google

A Maryland state tax court has struck down the state's first-in-the-nation tax on digital advertising and ordered state officials to repay the tax money already collected from big tech firms. The Maryland Tax Court said the tax violates the federal Internet Tax Freedom Act as well as the First Amendment and the commerce and due process clauses of the US Constitution. The legal fight has been watched by other states that are considering taxes for online advertisements. Maryland estimated the tax, approved in 2021, could raise about USD 250 million a year to help pay for a sweeping K-12 education measure. In Friday's decision, the tax court ordered the state to repay the tax money already collected by Apple, Google and Peacock TV. The law taxed revenue that large companies make on digital advertisements shown in Maryland. Companies making more than USD 100 million in global annual gross revenues were taxed at a 2.5 per cent rate. The rate increased for companies with larger revenues,

Exim matters: Buyer's failure to pay should not undo export tax rebates

Export tax remissions should not be recovered when genuine foreign buyers default, as the goods have already left India and the underlying duties and taxes have been borne

GST implementation boosted states' tax revenue, buoyancy: Ind-Ra

India Ratings says simplified taxation, stronger compliance and a wider taxpayer base have lifted states' tax collections and buoyancy since GST rollout