Page 28 - Tax

Power ministry proposes tax-paid green bonds issuance, says report

The bonds are lucrative to investors, while marginally reducing the cost of funds as there is a difference in issuers' tax rate and investors' tax bracket, the official said

Indian gaming industry seeks clear tax regime, duty credit scrips in Budget

Budget 2023: They also suggested that the Centre can also consider levying separate tax slabs for each game category, like casual games, fantasy games and esports

Taxing times: Businesses face tax heat over deductions claimed for cess

CBDT tells I-T officials to nudge entities; move could help garner over Rs 5,000 cr

Govt should scrap windfall profit tax on domestic crude oil: FICCI

The government should scrap the windfall profit tax on domestically produced crude oil as the levy is adversely impacting the capex-intensive exploration of oil and gas, the industry said in its recommendation for the forthcoming annual budget. India first imposed windfall profit taxes on July 1, joining a growing number of nations that tax super normal profits of energy companies. At that time, a Rs 23,250 per tonne (USD 40 per barrel) windfall profit tax on domestic crude production was levied. The new tax, which was also slapped on the export of petrol, diesel and ATF, is calibrated every fortnight in step with international oil prices. Industry chamber FICCI in its recommendations for the Budget, said such levy is in addition to all other existing levies. "It is recommended that the Special Additional Excise Duty (SAED) on petroleum crude should be removed or if there is a need to continue the levy for some time as an extraordinary measure then the rate be changed to an ad-valo

Wealthy Indians reporting lower income, paying less tax: DSE study

The study found that the average taxable income reported by the bottom 10 per cent of households was more than 170 per cent of family wealth

FRAI appeals Centre to cut high taxes on daily goods to stem illicit trade

FRAI made a representation to Finance Minister Nirmala Sitharaman with an appeal to protect the interests of its 80 lakh retailers

Best of BS Opinion: Unscientific development, taxing demands, and more

Here is the best of Business Standard's opinion pieces for today

Taxing demands

Unrealistic revenue targets will affect business environment

Paid most of $1 bn tax for PhonePe shifting base to India, confirms Walmart

The company said last month it had completed the separation of PhonePe from Flipkart, adding that it would remain a majority stakeholder in both the companies

Retail giant Walmart gets $1-billion tax bill for PhonePe shift to India

The bill stems from the relocation and rise in value of PhonePe Pvt, which Walmart took majority ownership of after acquiring parent outfit Flipkart Online Services Pvt

Top Headlines: India ups windfall tax on crude, 6.5% growth likely in FY24

Business Standard brings you the top headlines at this hour

India raises windfall tax on crude oil, diesel and aviation turbine fuel

It raised windfall tax on crude oil to Rs 2,100 ($25.38) per tonne from Rs 1,700 ($20.55), effective Tuesday, the order said

TMS Ep335: 2022 M&A, state tax, stock markets, Arctic blast & bomb cyclones

Will this year's record M&A show continue in 2023? Should Indian states levy an income tax? What will guide the stock markets in the New Year? What are Arctic blast and bomb cyclones? Answers here

Clear, consistent taxes key to making India next global gaming hub: Experts

A clear and consistent approach to personal taxation is necessary for realizing India's vision of making AVGC (Animation, Visual Effects, Gaming and Comics) a high-growth sector, experts said. A high incidence of Tax Deducted at Source (TDS) to the tune of 30 per cent on gaming income is creating an incentive for offshore platforms that are not under any regulatory obligations and where no taxes need to be paid, to thrive in India, they said. Such evasion of taxes will be a huge loss to the government and will eventually even kill the domestic industry. An AVGC Promotion Task Force report, constituted by the government has proposed a national AVGC-Extended Reality Mission with a budget outlay to be created for integrated promotion and growth of the sector. As per estimates, the Online Skill-Based Gaming (OSG), is about USD 2.5 billion industry with a CAGR of over 38 per cent and is projected to grow to USD 20 billion by 2030 in terms of revenue. According to Games24x7 founder ...

Contribution of cesses to central govt's tax kitty doubles to over 18%

States have been concerned about increasing cases of Centre imposing cesses for garnering additional revenue

Windfall tax slashed: Down 65% on crude oil, and 37% on diesel exports

Windfall tax: The levy on diesel exports has been cut from Rs 8 to Rs 5 per litre and on aviation fuel from Rs 5 to Rs 1.5 per litre

DESH Bill: Commerce dept may scrap concessional corporate tax provision

In July, the commerce department sought inter-ministerial comments on the DESH Bill that aims at replacing the existing special economic zone (SEZ) law

Budget 2023-24: Centre mulls increasing tax-free slab to Rs 5 lakh

Only 10-12% assessees opted for new regime introduced in 2020

GST Council meeting: Trace and curb of gutkha firms' tax evasion on agenda

GoM submits recommendations on taxing pan masala, gutka on manufacturing capacity

US House gets access to Trump's tax returns after years-long fight

The Ways and Means Committee obtained the tax returns following a Supreme Court decision clearing their release