Page 18 - Tax

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

Commercial Taxes dept detects multiple QR code use by hotels to evade tax

The vigilance wing of the Commercial Taxes department unearthed some hoteliers who were using 30 QR codes to suppress actual turnovers and evade taxes. The search operation also led to the detection of Rs 1.47 crore cash from the residence of one of the proprietors. In a statement on Monday, the Commissioner of Commercial Taxes (Karnataka), C Shikha said the Vigilance wing conducted searches in Hoskote, Bengaluru Rural District and successfully unearthed the modus operandi used by some hoteliers wherein suppression of GST turnovers was detected. After conducting multiple surveys and reconnaissance, searches were made by a team of 50 officers at the business premises and residences of such hoteliers who were mainly engaged in supply of biriyani and other non-vegetarian items, she said. "The modus operandi is receiving payments by using numerous UPI accounts (in addition to cash) and constantly changing the UPI accounts, so that the actual turnovers are suppressed and taxes are evade

GST Council approves 'amnesty scheme' for appeal filing till Jan 2024

The GST Council on Saturday came out with an amnesty scheme, giving taxpayers time till January 31, 2024, to file appeals against demand orders passed by tax officers till March 2023. As per the GST law, an assessee can file an appeal against an assessment order seeking taxes within three months of the tax officer passing such an order. This can be extended by one more month. The 52nd GST Council in its meeting on Saturday gave extra time to GST-registered businesses to file appeals with an enhanced pre-deposit of 12.5 per cent of the tax demand, against 10 per cent currently. Briefing reporters after the Council meeting, Revenue Secretary Sanjay Malhotra said the council has recommended that a period till January 31, 2024, may be given for filing of appeals by taxpayers for all orders passed till March 31, 2023, with an enhanced pre-deposit. Of the pre-deposit of 12.5 per cent of the tax under dispute, at least 20 per cent (i.e. 2.5 per cent of the tax under dispute) should be ...

GST Council 'cedes right' to states on taxing neutral alcohols: FM

Strap: GST Council has slashed rates on molasses, millet mix, cleared air on corporate guarantee

GST Council decides to slash rates on millet products, molasses: FM

The GST Council on Saturday decided to reduce GST on molasses to 5 per cent, from 18 per cent, and exempt alcohol for human consumption from the levy. Chhattisgarh Deputy Chief Minister T S Singh Deo, who is a member of the GST Council, said extra neutral alcohol (ENA) for industrial use will continue to attract Goods and Services Tax (GST). "ENA (potable alcohol) for human consumption will be exempt from GST and the same will be communicated to the Supreme Court," Deo told reporters after the 52nd GST Council meeting. The tax rate on molasses, a by-product of sugarcane and used as raw material for alcohol production, has been reduced to 5 per cent from 18 per cent currently, Deo added. He further said that some states like Delhi and Goa raised the issue of online gaming companies facing GST demand notice for alleged evasion. "There were discussion on charges (tax demand notice) on these companies retrospectively. Because DGGI is an independent body, there cannot be any interferen

Online gaming, casinos liable to 28% GST since beginning: Revenue Secy

As states like Delhi and Goa raised the issue of tax demand on online gaming companies and casinos retrospectively, Revenue Secretary Sanjay Malhotra on Saturday reiterated that 28 per cent GST was levied on online gaming and casinos even before. "Certain members had raised the issue of retrospective taxation. It was informed to them that this is not retrospective, and this was the law earlier. These liabilities already existed because money online games played with bets...They were already attracting (28 per cent GST) by way of betting or gambling," Malhotra told reporters. In the 52nd GST council meeting, Delhi and Goa raised the issue of tax demands on e-gaming companies and casinos. Delhi Finance Minister Atishi said tax notices for the past 6 years calculated at a much higher rate of 28 per cent are being sent to online gaming cos, even though on October 1, this 28 per cent GST was to be implemented. "An industry whose revenue is Rs 23,000 crore, you are slapping a tax notice

Union excise duty collection fell 12% in first five months of FY24

Experts were not sure why excise duty yielded fewer revenues in August year-on-year since the production of petroleum rose during the period

Govt increases windfall tax on petroleum crude, cuts levy on diesel, ATF

The windfall tax on petroleum crude will be raised to 12,100 rupees ($145.65) per ton from 10,000 rupees ($120.37), effective Sept. 30

Delta Corp gets tax notice for $1.34 bn along with interest, penalty

The tax notice comes at a time when the company, valued at over $566 million, is already facing heat over the recent move in July by the country's GST Council to impose a 28% indirect tax

SMEV writes to Gadkari, seeks unified policy of road tax exemption for EVs

Society of Manufacturers of Electric Vehicles (SMEV) on Tuesday urged the government to formulate a unified policy of road tax exemption for Electric Vehicles (EVs) across the country. In a letter to the Union Road Transport and Highways Minister Nitin Gadkari, SMEV said a consistent and favourable policy environment is essential to accelerate the shift towards electric mobility in India. "I am writing to request your esteemed office to weigh in on a unified policy of road tax exemption for EVs that will play a pivotal role in encouraging the adoption of clean and sustainable transportation options, which is vital for our nation's environmental and economic future," SMEV Chief Evangelist Sanjay Kaul wrote. In July, SMEV had named Kaul as its Chief Evangelist to help revise the association's agenda. In view of the Ministry of Heavy Industries' decision to reduce the subsidy component mid-way through the FAME II scheme, this input (unified policy of road tax exemption for EVs) from t

ISC raises concern on WHO report suggesting nutrition-based tax on food

Indian Sellers Collective has raised concerns over a recent WHO Report, which suggested the implementation of a taxation system based on nutritional content. The WHO report titled 'The growth of ultra-processed foods in India: An analysis of trends' suggests increasing tax on non-packaged and unlabelled foods, which are currently taxed at 5 per cent under the Goods and Services Tax (GST) regime. It also advocated for the implementation of point-of-sale marketing restrictions, curbing of freebies and discounts offered by small grocers or Kirana stores, and a crackdown on the unorganised food manufacturing sector, said a statement from Indian Sellers Collective. Moreover, the report also said that zero-sugar carbonated drinks should not be classified under the same GST category in line with carbonated drinks, currently taxed at the highest 40 per cent, which consists of a GST rate of 28 per cent along with a sin tax of 12 per cent. Opposing the report, the Indian Sellers Collective s

Hunter Biden sues IRS over tax info disclosures after agent testimony

Hunter Biden sued the Internal Revenue Service on Monday, alleging that two agents who claimed interference into the case against him wrongly shared his personal tax information amid escalating legal and political struggles as the 2024 election looms. The suit says the agents targeted and sought to embarrass Mr. Biden." Biden says federal whistleblower protections sought by the agents don't include the sharing of confidential information in press interviews and testimony before Congress. The suit comes as a long-running investigation into Hunter Biden continues to unfold against a sharply political backdrop, including an impeachment inquiry aimed at his father, President Joe Biden. Hunter Biden was indicted days ago on federal firearms charges alleging that he lied about his drug use to buy and possess a gun in October 2018. His defense attorneys have indicated they plan to fight the charges. The case could be on track toward a possible high-stakes trial as the 2024 election ...

Govt extends deadline for filing tax returns by companies, audit reports

The government on Monday extended the due date for filing income tax returns by companies by one month till November 30. Also, the due date for furnishing audit reports by companies who need to get their accounts audited has been extended by one month till October 31. "The due date of furnishing of Return of Income in Form ITR-7 for Assessment Year 2023-24, which is 31.10.2023 is extended to 30.11.2023, the finance ministry said in a statement.