Page 16 - Tax

J-K PDD announces withdrawal of Electricity Duty to alleviate tariff hike

The decision, effective December 1, 2023, comes following the issuance of a new Tariff order by the Joint Electricity Regulatory Commission (JERC), Jammu and Kashmir

Govt should cut import tax on goods to lessen need for export schemes: GTRI

Reducing import duties on inputs and capital goods could help the government cut down the need for many of the existing export schemes, think tank GTRI said on Friday. This would be an important step as India continues to face challenges in managing these incentives within the framework of international trade laws, it said. The Global Trade Research Initiative (GTRI) said that many countries, including major trade partners of India like the European Union (EU) and the US continue to declare Indian schemes as subsidies and punish exporters by charging countervailing duties. America and the EU account for over 20 per cent of the country's total outbound shipments. At present, India is implementing many schemes to facilitate exports. These include the Advance Authorisation Scheme (AAS), Export Promotion Capital Goods Scheme (EPCGS), Duty Drawback Scheme (DDS), the Remission of Duties and Taxes on Exported Products (RoDTEP), Special Economic Zones (SEZ), Export Oriented Units (EOUs); .

Britain set to start cutting taxes ahead of likely election next year

Britain's Conservative government will try to win favour with voters by cutting taxes but avoiding worsening inflation in a budget statement on Wednesday, coming ahead of a likely national election next year that opinion polls suggest it will lose. Prime Minister Rishi Sunak has hinted that tax cuts are back on the agenda now that his self-imposed pledge to halve inflation this year has been met and government revenue is higher than anticipated. In a speech Monday, Sunak raised expectations that Treasury chief Jeremy Hunt's autumn statement will begin reducing the tax burden in the UK, which is the highest in 70 years in the wake of COVID-19 and the energy price spike triggered by Russia's invasion of Ukraine. Sunak said on Monday that his government would cut tax and reward hard work but would avoid doing anything that puts at risk our progress in controlling inflation". Inflation eased to 4.6 per cent in October from a year earlier after hitting a 41-year high of 11.1 per cent in

Japan vice minister resigns over tax scandal; another setback for Kishida

A Japanese vice finance minister stepped down on Monday, amid criticism from Prime Minister Fumio Kishida's Cabinet, after admitting his company's repeated failures to pay taxes, a further setback to Kishida's unpopular government. Deputy Finance Minister Kenji Kanda, in charge of government bonds and monetary policy, is the third member of Kishida's Cabinet to resign within two months following a Cabinet shuffle in September. Kishida later told reporters that he takes responsibility for the appointment of Kanda. I must apologise to the people that a vice finance minister had to resign soon after he assumed his position," Kishida said. I'm determined to concentrate on our work more seriously, as I believe that's the only way to regain the people's trust. Kanda, a tax accountant-turned-lawmaker, admitted that land and property belonging to his company was seized by the authorities four times between 2013 and 2022 after failures to pay fixed asset taxes, in response to a weekly magazi

Tax windfall gives Modi govt scope to spend more on welfare schemes

The revenue windfall gives Modi's government more firepower for a populist push as voters in five states take to the polls this month and the nation gears up for general elections in 2024

Govt weighs local tax options to avoid EU carbon levy: Piyush Goyal

"We will find a solution around a domestic tax to take care of equating with European taxes on carbon emissions," he said at an industry event

Govt hikes windfall tax on crude to Rs 9,800 per ton, reduces on diesel

The windfall tax on aviation turbine fuel that had been 1 rupee/liter has been removed, the notification said

Road tax imposed on commercial vehicles entering HP slashed up to 70%

The Himachal Pradesh government has reduced the special road tax (SRT) imposed on the entry of commercial vehicles registered outside the state has been reduced by 6070 per cent, officials said on Tuesday. According to officials a notification in this regard is likely to be issued later in the day. The decision has come as a relief to the tourism industry in the state which had earlier said that the tax on tourist vehicles has made group tours to Himachal unviable for the tour operators and as a result the occupancy levels in hotels have declined. A tax of Rs 3,000 to Rs 6,000 per day varying on the seating capacity was imposed from September 1, 2023. President Federation of Himachal hotels and Restaurant Associations (FOHHRA) Gajender Thakur had earlier said that levying taxes on entrance of commercial vehicles carrying tourists in the state at this point of time when the tourism industry has suffered heavy damage due to the recent monsoon season will further crumble the tourism .

Updating the tax haven debate

In a comprehensive analysis of black money, R Vaidyanathan's book explores the intricacies of its generation, the impact of tax havens, and the role of global initiatives

Deal to make MNCs to pay 15% tax marred by loopholes: EU backed watchdog

An ambitious 2021 agreement by more than 140 countries and territories to weed out tax havens and force multinational corporations to pay a minimum tax has been weakened by loopholes and will raise only a fraction of the revenue that was envisioned, a tax watchdog backed by the European Union has warned. The landmark agreement, brokered by the Organization for Economic Cooperation and Development, set a minimum global corporate tax of 15%. The idea was to stop multinational corporations, among them Apple and Nike, from using accounting and legal maneuvers to shift earnings to low- or no-tax havens. Those havens are typically places like Bermuda and the Cayman Islands where the companies actually do little or no business. The companies' maneuvers result in lost tax revenue of $100 billion to $240 billion a year, the OECD has said. According to the report, being released Monday by the EU Tax Observatory, the agreement was expected to raise an amount equal to nearly 10% of global ...

Global billionaire tax could yield $250 billion: EU Tax Observatory

If levied, the sum would be equivalent to only 2% of the nearly $13 trillion in wealth owned by the 2,700 billionaires globally, the research group hosted at the Paris School of Economics said

I-T dept may raise tax demand retrospectively from telcos: Analysts

The Supreme Court has set aside a Delhi High Court order of December 2013 and ruled that the licence fees paid by telecom operators should be treated as a capital expense

Govt cuts windfall tax on petroleum crude, will be effective from Oct 18

The government also cut windfall tax on aviation turbine fuel to 1 rupee per litre from 3.50 rupees per litre and reduced windfall tax on diesel to 4 rupees per litre from 5 rupees per litre

Dabur receives GST demand notice of Rs 320.60 cr, firm to challenge matter

Homegrown FMCG and Ayurvedic products maker Dabur on Tuesday said it has received a Goods and Service Tax (GST) demand notice of Rs 320.60 crore. The company will challenge the same based on strong merits by filing its reply before the relevant authorities, Dabur India said in a regulatory filing. "The Company has received intimation of tax ascertained as being payable under Section 74(5) of CGST Act, 2017, wherein GST short paid / not paid amounting to Rs 320.60 crore has been advised to be paid by the Company along with the amount of applicable interest and penalty... failing which Show Cause Notice will be issued," Dabur informed. However, the company -- which owns power brands like Dabur Chyawanprash, Dabur Honey, Dabur Honitus, Dabur PudinHara, and Dabur Lal Tail -- said it will have "no impact on the financial, operation or other activities of the company. "The impact will be limited to the extent of final tax liability as may be ascertained along with interest and penalty, i

Delta Corp plunges 9% on Rs 6,384 crore notice for short payment of GST

Shares of Delta Corp plunged nearly 9 per cent on Monday after the company received a GST notice for short payment of tax to the tune of Rs 6,384 crore. The stock tanked 8.79 per cent to settle at Rs 127.70 apiece on the BSE. During the day, it fell 11 per cent to Rs 124.60 -- its 52-week low. On the NSE, it plummeted 8.17 per cent to end at Rs 128.55 per piece. On the volume front, 28.26 lakh shares of the company were traded on the BSE and over 2.93 crore shares were traded on the NSE during the day. In another blow to the company, Delta Corp has received a GST notice for short payment of tax to the tune of Rs 6,384 crore, taking the overall tax demand on the firm to over Rs 23,000 crore. The company said that the tax demands are arbitrary and contrary to law, and added it will challenge them. DGGI (Directorate General of GST Intelligence) Kolkata on October 13, 2023 has served an intimation notice on Deltatech Gaming, a subsidiary of Delta Corp, seeking GST of Rs 6,236.8 crore

Delta Corp receives additional notices of GST shortfalls of Rs 6,384 crore

Three weeks earlier, Delta corp had received a similar notice from govt to pay tax of $1.34 bn along with interest and penalty for period July 2017 to March 2022

Govt maintains basmati rice floor price as grain export curbs continue

India imposed a $1,200 per ton minimum export price (MEP) on basmati rice shipments in August to calm local prices ahead of key state elections

Govt extends 20% tax on exports of parboiled rice until March 2024

The 20 per cent export duty on parboiled rice was imposed on August 25 till October 16 to maintain adequate local stock and keep domestic prices under check

Dividends triumph over buybacks despite potential for higher tax payouts

Share of buybacks in reward kitty drops to lowest in seven years

India's net direct tax collection rises 22% to over Rs 9.57 trillion

The net direct tax collection increased by 21.82 per cent to over Rs 9.57 lakh crore till October 9, helped by good inflow from corporates and individuals, the Finance Ministry said on Tuesday