Page 2 - Tax

Telangana may face ₹7,000 cr annual loss from GST reform: Deputy CM

With the proposed GST rate rationalisation, Telangana is estimated to lose nearly Rs 7,000 crore annually, Deputy Chief Minister Bhatti Vikramarka said on Friday, requesting the Centre to properly compensate states for the losses expected from the new tax measure. Addressing the media in the national capital, Vikramarka said Telangana's accumulated losses since the introduction of GST are estimated to be nearly Rs 80,000 crore. "Estimates are saying that Telangana alone may lose Rs 7,000 crore annually (after the GST rate rationalisation). So when a state is estimated to lose Rs 7,000 to Rs 10,000 crore, it would impact welfare and developmental programmes of the respective states. However, we welcome the rate rationalisation and request the Centre to properly compensate," Vikramarka said. In order to compensate states for the losses due to rate rationalisation, the Centre should channel the revenue collected from taxes or cess on sin and luxury products to the states, he opined. H

India's GST cuts risk delay as states demand safeguards for revenue loss

Gross GST collections hit a record ₹22.1 trillion in fiscal year 2025, 9.4 per cent higher than a year earlier

Guaranteed return, tax breaks key benefits of retirement-focused insurance

Remember that their internal rate of return could be low, and unlike annuities, they do not make payments for life

Tax arrears worth ₹54.53 trillion pending as on June 30: Govt tells RS

Total direct and indirect tax arrears stood at over Rs 54.53 lakh crore as of June 30, Parliament was informed on Tuesday. In a written reply to a question in the Rajya Sabha, Minister of State for Finance Pankaj Chaudhary said, "The total amount of tax arrears pending as on June 2025, under indirect taxes is over Rs 7.01 lakh crore and under direct taxes is over Rs 47.52 lakh crore." Cumulatively, direct and indirect tax arrears stood at Rs 54.53 lakh crore as of June 30. Of the total indirect tax arrears, over Rs 2.66 lakh crore pertain to those where pending taxes in individual cases is above Rs 10 crore as of June 2025. In case of direct taxes, tax arrears above Rs 10 crore as on June 2025 totalled about Rs 35.48 lakh crore. Further, of the Rs 7.01 lakh crore pending tax arrears under indirect tax, over Rs 3.71 lakh crore is pending due to litigation at various stages. Similarly, for direct taxes out of total Rs 47.52 lakh crore arrears due, an amount of over Rs 31.26 lakh cr

Donald Trump's tax law to add $3.4 trillion to US deficits, says CBO

The CBO score for the law, released Monday, reflects a $4.5 trillion decrease in revenues and a $1.1 trillion decline in spending through 2034, relative to a current-law baseline

2006 Mumbai train blasts, Income Tax Bill 2025, Bangladesh jet crash, & more top #newsinamin

Nineteen years after the 2006 Mumbai train blasts that killed 189 and injured over 800, the Bombay High Court today acquitted all 12 men convicted by a lower court.

Sideshow to spotlight: FoFs weren't in the script, now they own the stage

₹15.6K cr floods in as tax reset, fund blitz, and asset bounce rewrite the playbook in Q1

Canada will scrap tax that prompted Trump to suspend trade talks

The government said on Sunday night that it would cancel its tax on American technology companies, handing a victory to the Trump administration

Smart moves for ITR filing: Do’s & don’ts you can’t skip New tax

It’s that time of the year again. Yes, we’re talking about Income Tax Returns. Whether you're a salaried employee, a freelancer, or running a business, filing your ITR correctly and on time is a must.

India to submit adaptation plan to UNFCCC in few months: Bhupender Yadav

To strengthen efforts to address climate-related risks and enhance India's climate resilience, the government recently released a draft framework for a climate finance taxonomy

Samsung India executives seek to quash $81 million penalty over tax evasion

The Indian tax authority in January found Samsung and its executives evaded tariffs by misclassifying imports of key mobile tower equipment from 2018 to 2021

Income Tax return filing deadline extended | What it means for you | ITR filing 2025-26 | Taxpayers

The Income Tax Department has extended the due date to file income tax return for FY 2024-25 (AY 2025-26) from July 31, 2025, to September 15, 2025. Know what it means for you!

Centre denying Kerala its rightful share in tax devolution: CM Vijayan

Kerala Chief Minister Pinarayi Vijayan on Friday slammed the Centre, accusing it of denying the State its rightful entitlement in the tax devolution.

1% TCS on luxury goods: FAQs, items covered under it & what experts say

'It could be counterproductive. PAN details were already required for purchases above Rs 2 lakh. TCS may discourage consumers, hurt GST collections from formal retailers, while benefiting grey market'

Venice rolls out new tourist fee: Higher costs for last-minute trips

Venice is expanding its day-tripper tax in 2025, with higher fees for late bookings and more restricted days. Here's what every visitor needs to know before planning a trip

Outlook gloomy for corporate share in direct tax mopup, shows data

The trend for corporate tax collections has been declining relative to overall tax collections. The share hit a high of 67 per cent in FY11 and dropped to 46.5 per cent as of FY24

CAs, taxpayers push back after Income Tax dept sends rebate notices

One option taxpayers have is challenging demand notice before tax appellate authorities, using the Bombay High Court's ruling as legal support, says one expert

Failure to deduct tax under Section 194-IA may deem transferee as default

From April 1, 2025, the higher TDS rate for non-filers (as per Section 206AB) will not apply under Section 194-IA

Resolution plan binding even if stakeholder not party to NCLT case: SC

Tax authorities issue apology for being in contempt of SC judgment

Govt recommends 12% provisional safeguard duty on select steel items

But MSMEs fear escalation in domestic prices, call for import quota