Tax Rate

Why is Japan reviving debate on higher tax on income from investment

The flat-rate tax system helps lower the overall burden for high-income earners, who tend to earn more through investments

GST relief on health insurance: Council likely to take up 4 options

Expected cost to exchequer likely between Rs 650 crore and Rs 3,500 crore

On the table: Fitment panel working on 2 sets of 3-slab GST structure

The panel is working on two options to keep prices of essential goods in check

Capital gains tax rejig on share sale in Modi 3.0 budget can spook markets

Market pundits also expect some changes in the tax treatment of gains arising from trades in the futures & options (F&O) segment

Uber, other apps seek govt clarity over GST liability for their business

Move comes after Karnataka AAR exempts Namma Yatri from GST, citing its role as mere intermediary between auto drivers and customers

Interim Budget 2024: Some key imperatives that are need for the economy

Simplifying taxes would help businesses navigating turbulent times, writes Ketan Dalal

Govt should propose tax rate cut on fertilisers to GST Council: Parl panel

A Parliamentary panel has recommended that the government should propose to the GST Council to reduce tax rates on fertilisers from the current 5 per cent. In its report laid in Parliament on Wednesday, Standing Committee on Chemicals and Fertilizers said the committee have been informed that fertilisers were placed under the 12 per cent GST bracket. However, on demand of various states, GST on fertilisers was reduced to 5 per cent. "The issue to further reduce GST on fertilisers was placed before the GST council in its 45th and 47th meetings held in September 2021 and June 2022, respectively. The GST council, however, did not recommend any change in the rates of fertilisers or other organic farm inputs. "The committee strongly recommend that the issue to further reduce GST on fertilisers may be placed before the GST Council at the earliest in the best interest of the farmers of our country," it added. The panel noted that fertilisers are levied GST at 5 per cent and its raw ...

The rise of revenue department

The rollback in TCS rates for remittances reveals a pre-reform mindset of tax collectors

Enablers in Budget will perk up economy: FDCI chairman Sunil Sethi

"It is exciting to know about the encouragement to states for setting up Unity Malls for the further promotion and sale of One District One Product scheme, GI and handicraft products"

New tax rates will raise purchasing power of middle class: Bandhan Bank CEO

The revision in income tax rates will increase the purchasing power of the middle class sections of the society, Bandhan Bank's Chief Executive Chandra Sekhar Ghosh said

Optional tax regime aims to provide relief to low-income bracket people: FM

Finance Minister Nirmala Sitharaman on Friday said the optional income tax regime with seven tax slabs was brought in by the government to ensure lower rates for those in the low income bracket. Sitharaman said in the old tax regime, every tax assesses can claim about 7-10 exemptions and the income tax rates vary between 10, 20, and 30 per cent, depending on income threshold. The minister said along with the old tax regime, the government has come up with a parallel system which has no exemptions, but with simpler and more favourable tax rates. "The reason why I had to bring in seven slabs was to make simpler and lower rates for those who are in the lower income (bracket)," Sitharaman said. She was speaking at an event to launch the book 'Reform Nation', authored by Observer Research Foundation Vice President Gautam Chikarmane. The government in Budget 2020-21 introduced the optional income tax regime, under which individuals and Hindu Undivided Families (HUFs) were to be taxed at

Here is why the Centre should hand over a lower share of taxes to states

The Centre should share only 25 per cent of tax revenues with states, and the states should be allowed to impose their own income tax

Union Budget 2023-24: Govt mulls options on capital gains tax regime

As preparations begin for the next budget, discussions have gained steam around what the government would do with the capital gains tax regime

Centre may introduce changes to capital gains tax rules, says report

A task force had recommended changes in indexation benefit rules for the capital gains tax in 2019, and it is expected to be the main basis of the review

Centre slashes windfall tax on domestic crude oil, increases on ATF export

At its seventh fortnightly review, the government hiked the tax on the export of ATF to Rs 5 per litre from Rs 3.50

CBIC offers clarity on classification of cranes for GST, customs duty

Experts say this would reduce litigation in courts, as different classes of cranes attract different tax rates

India's economic recovery falters as high prices, falling rupee bite

India's economic activity showed early signs of cooling off in June as acute price pressures, rising interest rates, and a falling rupee dampened sentiment after a strong showing the previous month

Jairam Ramesh slams FinMin, calls tax hike cruel when CPI inflation over 7%

Congress denounced Finance Minister Nirmala Sitharaman for defending the hike in GST rates and questioned the timing saying its "cruel" to hike the rates when CPI is over 7 per cent

Rate tweaks to make up for inefficiencies in value chain: FM Sitharaman

Stating that all states are aware of the potential impact of rate rationalisation on inflation, Sitharaman said any increase in tax rates will also make up for the tax burden.

GST Council meet: Easier e-comm supplier registration, tax tweaks on cards

The council will also clear levying the highest tax of 28 per cent on online games, casinos and horse racing, besides, discussing a report of a GoM on high-risk taxpayers under GST to curb evasion.