Page 15 - Tax

Property tax payment rules to be amended: Karnataka Dy CM Shivakumar

While the government will bring in reforms, it is important that people also pay taxes promptly as per the properties they own, he added

VIL to seek reversal of Rs 10.7 cr penalty order received under CGST Act

Vodafone Idea on Thursday said that it has received an order under the Central Goods and Services Tax Act, 2017, entailing a penalty of Rs 10.76 crore. The troubled telco further said it will seek rectification and reversal of the order, as it does not agree with it. In a BSE filing, VIL said the contravention related to the "alleged wrong transition of CENVAT credit into GST regime". Citing details it said the order was received by the company under the Central Goods and Services Tax Act, 2017, entailing a levy of a penalty of Rs 10,76,56,733. The order was received on January 3, 2024. "The company does not agree with the order and will take appropriate action(s) for rectification/ reversal of the same," Vodafone Idea said in the filing.

LIC receives GST demand notice of Rs 663 crore from Chennai tax officials

Life Insurance Corporation of India (LIC) on Wednesday said tax authorities have slapped a demand notice of about Rs 663.45 crore on it for short payment of Goods and Services Tax (GST). The corporation has received communication/demand order for interest and penalty from Office of the Commissioner of CGST & Central Excise, Chennai North Commissionerate on January 1, LIC said in a regulatory filing. The demand pertains to wrong availment of Input Tax Credit (ITC) and non-payment on tax on turnover wrongly declared as non-GST supply in GSTR-1 for 2017-18, and 2018-19, it said. The corporation shall file an appeal before the Commissioner (Appeals), Chennai against the said order within the prescribed timelines, it said. There is no material impact on financials, operations or other activities of the corporation, it added. On Tuesday, the company received a demand order for interest and penalty of about Rs 116 crore for Telangana state for short payment of GST for 2017-18. The deman

Punjab's GST revenue rises 16.52% to Rs 15,524 crore in April-December

Punjab saw a 16.52 per cent year-on-year growth in revenue from Goods and Services Tax (GST) and a 10.4 per cent increase in revenue from excise levy during the April-December period of the current fiscal year. Punjab's Finance Minister Harpal Singh Cheema on Wednesday said the net GST collection up to December in FY24 was Rs 15,523.74 crore against the mop-up of Rs 13,322.59 crore during the April-December period of the previous financial year. Thus, the net increase in GST collection amounts to Rs 2,201.15 crore, he added. The minister said that the revenue from excise levy up to December in FY23 was Rs 6,050.7 crore, whereas for the current fiscal year, it rose to Rs 6,679.84 crore. Giving details about state's tax revenue, Cheema, in an official statement, said that Punjab achieved a growth rate of 14.15 per cent in total revenue from VAT, CST, GST, PSDT and excise up to December during the current fiscal year as compared to the same period of FY23. He said that revenue from V

LIC receives GST demand notice of Rs 116 crore for Telangana state

Life Insurance Corporation of India (LIC) on Tuesday said tax authorities have slapped a demand notice of about Rs 116 crore on it for short payment of Goods and Services Tax (GST) for 2017-18. The company has received communication/demand order for interest and penalty for Telangana state on January 2, LIC said in a regulatory filing. The corporation shall file an appeal before Joint Commissioner (ST), Hyderabad Rural Division against the said order within the prescribed timelines, it said. There is no material impact on financials, operations or other activities of the corporation, it added. The demand for Telangana came a day after LIC on Monday received a similar notice demanding about Rs 806 crore for short payment of GST for 2017-18 along with interest and penalty for Maharashtra.

Asian Paints receives three GST demand notices worth Rs 2.07 crore

Asian Paints on Tuesday said it has received three orders for GST demand, totalling Rs 2.07 crore. The total amount includes interest and penalties. The three orders related to the availing of "alleged ineligible Input Tax Credit (ITC)," were received on December 30, the leading paints maker said in a regulatory filing. These include an order passed under the Central Goods and Services Tax Act and Andhra Pradesh Goods and Services Tax Act for FY18-FY20, raising a demand of Rs 1.01 crore, disallowing ITC pertaining to repair and maintenance, travelling, and promotional expenses, and a penalty of Rs 5.72 lakh. Asian Paints had on Monday said it received a demand notice of Rs 13.83 crore and a penalty of Rs 1.38 crore from the Deputy Commissioner of State Tax, Chennai. This was also regarding a mismatch on ITC for FY18. The company said it has "rightly availed the ITC" for all three cases and also fulfilled all conditions prescribed under the Acts. "Further, the company has a stron

Asian Paints gets GST demand notice of Rs 13.83 crore from TN's tax dept

Asian Paints on Monday informed that it has received a GST demand notice of Rs 13.83 crore and a penalty of Rs 1.38 crore from the Deputy Commissioner of State Tax, Chennai. The demand is for the financial year 2017-18 over mismatch on input tax credit (ITC), the leading paints maker said in a regulatory filing. "The company has a strong case based on merits and will be filing rectification and/or appeal against the said order within the prescribed timelines," it added. Asian Paints further said it has discharged applicable taxes on the outward supplies made by the company and has also fulfilled all the conditions prescribed for availing of the ITC. The order was passed under relevant provisions of the Central Goods and Services Tax Act, 2017, and the corresponding provisions of the Tamil Nadu Goods and Services Tax Act, 2017. The department has demanded "additional tax on outward supplies, disallowance on account of ITC mismatch between purchases reported by the supplier in GST .

Eicher Motors gets Rs 130 cr tax demand notices, company to challenge

Eicher Motors has been served demand notices of over Rs 130 crore from three different authorities over issues related to GST, according to a regulatory filing by the company. The company has received a demand order for an aggregate amount of Rs 129.79 crore, including a penalty of Rs 11.8 crore and applicable interest from the office of the Principal Commissioner of CGST and Central Excise, Chennai, Eicher Motors said in a regulatory filing. The officer has disallowed certain GST credit and raised GST demand, largely on account of the difference in GST credit mismatch between the company's GST availment and details reported by suppliers in their GST returns, it added. Besides, the turnover difference as declared in GSTR-3B with GSTR-1 return and non-reversal of input tax credit on material returned instead of output tax liability paid by the company have also been cited as reasons. Eicher Motors further said a demand order for Rs 70.9 lakh, including a penalty of Rs 3.2 lakh, has

Tax collection to grow 3 times to over Rs 19 trn in 10 years of Modi govt

Personal income and corporate tax collections are likely to rise to more than Rs 19 lakh crore in 10 years of Prime Minister Narendra Modi-led government, providing more leeway to come out with people-friendly tax measures. Driven by the increasing income of individuals, net direct tax collections after adjusting for refunds increased from Rs 6.38 lakh crore in FY 2013-14 to Rs 16.61 lakh crore in FY 2022-23. In the current financial year, the collections from net direct taxes -- personal income tax and corporate tax -- have so far grown by 20 per cent and at this pace, the mop-up is likely to be around Rs 19 lakh crore in the fiscal ending on March 31, 2024. The projected amount will exceed the estimate of Rs 18.23 lakh crore in the 2023-24 Budget. Over the years, the government has been trying to make the tax regime simpler with lower rates and fewer exemptions. In 2019, the government offered a lower rate of tax for corporates who forego exemptions. Similar scheme was introduced

Bata India receives Rs 60 crore notice from sales tax authorities

Footwear major Bata India has received a notice from the State Tax Officer, Anna Salai Assessment Circle, Chennai, amounting to Rs 60.56 crore, the company said in a filing to the bourses on Thursday. The notice dated December 27, 2023, pertains to several issues raised in a final audit report on December 25, for the 2018-19 financial year, according to the filing. The issues raised include differences in turnover on outward supplies in the monthly GST returns, differences in tax on outward supplies in the GSTR-9 & GSTR-9C returns, excess Input Tax Credit (ITC) availed, and ITC Reversal on credit note. The company said it initially received an audit notice on April 27, 2023, and submitted relevant documents in response. Bata India was given a personal hearing on January 10, 2024, to present its case and provide further information on the disputed issues, as per the filing. The company expressed confidence in its ability to defend the case before the authorities concerned. "It is

BharatPe earns Rs 904 cr against a loss before tax of Rs 886 cr in FY23

BharatPe's EBITDA loss declined by about Rs 158 crore in FY23, it said in a statement

Income Tax dept notifies ITR forms 1, 4 for assessment year 2024-25

The Income Tax Department has notified ITR forms 1 and 4, which are filed by individuals and entities with annual total income of up to Rs 50 lakh, for assessment year (AY) 2024-25. Individuals, besides Hindu Undivided Families (HUFs), firms having income up to Rs 50 lakh and those having earnings from business and profession in the current fiscal (April 2023-March 2024) can start filing returns for the income earned this financial year. Usually, ITR forms for a particular financial year are notified by the end of March or early April. But last year, the forms were notified in February. However, this year, ITR forms are notified in December itself, to enable taxpayers file returns early. ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) are simpler forms that cater to a large number of small and medium taxpayers. The I-T Department notified the forms on Friday. Sahaj can be filed by a resident individual having income of up to Rs 50 lakh and who receives income from salary, one house ...

Time to review insurance cover; and buy art: Top personal finance stories

Our best stories this week explain how to review a key component of your financial portfolio and how to invest in art

Disgraced ex-IMF chief Rodrigo Rato goes on trial for tax evasion

The credit card case sparked widespread anger at a time when Spain was recovering from years of recession and a banking crisis partly triggered by Bankia's massive bailout

PM Modi seeks to revive hinterland finance hub GIFT city with new breaks

Modi last weekend addressed an investment conference in the city to breathe life back into the site, calling for it to become a "new age financial services and technology nerve center"

Global South disappointed over GST draft at COP28; calls for revisions

Developing countries have deplored the latest draft of the global stocktake, the most important document of the ongoing climate conference (COP28) here, calling for major changes, including in the section offering options to slash planet-warming greenhouse gas emissions, negotiators from the Global South said on Tuesday. The latest global stocktake (GST) draft, which will be the centrepiece of the final deal document, does not mention the "phase-out of fossil fuels". However, it includes stronger language on coal usage, which is problematic for heavily coal-dependent countries like India and China. Approximately 40 per cent of global CO2 emissions stem from coal, with oil and gas contributing to the remaining percentage. India, relying on coal for about 70 per cent of its power generation, aims to add 17 gigawatts of coal-based power generation capacity in the next 16 months. India has voiced strong concerns about the specific targeting of coal. Together with other developing ...

LIC gets demand order for GST collection worth Rs 183 cr from Telangana

LIC added that the monetary penalty will not have an impact on the financials of the corporation

COP28: New GST draft text gives four options for move towards clean energy

A new draft of the Global Stocktake released on Friday here at the COP28 has four options for the move towards clean energy ranging from phase out of fossil fuels to no mention of the phase out at all. The Global Stocktake is a fundamental component of the Paris Agreement of 2015 which is used to monitor its implementation and evaluate the collective progress made in achieving the agreed goals of restricting emission to keep temperature rise to 1.5 degrees Celsius as compared to the pre-industrial era. At the ongoing climate change negotiations, called the Conference of Parties (COP28), the Global Stocktake (GST) text is the most crucial document set to be finalised by the negotiators by the end of this two-week long annual meet. Several contentious issues, including proposals to phase out fossil fuels, triple renewables capacity, and double energy efficiency improvement are still unresolved as negotiations continue in the second week. The four options for the move towards clean .

India will address EU's carbon tax issue; will retaliate if required: Goyal

India will address the issue of the European Union's plan to impose a carbon tax on certain imported goods, Commerce and Industry Minister Piyush Goyal on Friday said, adding that "I will retaliate" if required. The CBAM (Carbon Border Adjustment Mechanism) or carbon tax (a kind of import duty) will come into effect from January 1, 2026. However, from October 1 this year, domestic companies from seven carbon-intensive sectors, including steel, cement, fertiliser, aluminium and hydrocarbon products, will have to share data with regard to carbon emissions with the EU. "Bharat will address the problem of CBAM with confidence, and we will find solutions. We will see how we can convert CBAM to our advantage if it comes in. Of course, I will retaliate. You need not worry about it," Goyal said here at an industry chamber event. According to a report of the think tank Global Trade Research Initiative (GTRI), CBAM will translate into a 20-35 per cent tax on select imports into the EU, starti

Govt cuts windfall tax on crude to Rs 5,000/tonne, on ATF to Rs 1.06 l/kL

Centre had earlier reduced the windfall tax on diesel and crude oil on November 16