Page 32 - Tax

Reports of UP businessman's Rs 52-cr tax settlement 'speculative': DGGI

DGGI said the entire recoveries are kept in the safe custody of State Bank of India pending further investigation

Govt extends FY'21 GST annual return filing deadline till Feb 28

The government on Wednesday extended till February 28 the deadline for businesses to file GST annual returns for 2020-21 fiscal ended March 2021. "The due date for furnishing annual return in FORM GSTR-9 & self-certified reconciliation statement in FORM GSTR-9C for the financial year 2020-21 has been extended from 31.12.2021 to 28.02.2022," the Central Board of Indirect Taxes & Customs (CBIC) tweeted. GSTR 9 is an annual return to be filed yearly by taxpayers registered under the Goods and Services Tax (GST). It consists of details regarding the outward and inward supplies made or received under different tax heads. GSTR-9C is a statement of reconciliation between GSTR-9 and the audited annual financial statement. Furnishing of the annual return is mandatory only for taxpayers with aggregate annual turnover above Rs 2 crore while reconciliation statement is to be furnished only by the registered persons having aggregate turnover above Rs. 5 crore.

A grand tax loophole for the ultrawealthy is very easily multiplied

Once aimed at small businesses, it's a popular way for Silicon Valley founders and investors to avoid taxes on investment profits

Govt says GSTN portal working fine as tax consultants list glitches

Industry associations seek extension of deadline to file annual returns.

What does the industry expect from upcoming GST council meet?

The Centre is likely to convene GST Council meeting next month. On the agenda will be a rationalisation of taxes and inverted duty structure for certain goods. Find out what to expect from the meeting

Centre releases Rs 95,082 cr to states as November tax devolution

The Centre has released two instalments of tax devolution to the states amounting to Rs 95,082 crore in November, the Finance Ministry said on Tuesday.

Top Headlines: Railway fares to reduce by 15%, RBI unions to step up stir

Business Standard brings you the top headlines at this hour

Centre's tax devolution to states doubled to Rs 95K cr in November: FM

Move to help capex, perk up growth, says FM Nirmala Sitharaman

Personal hearing can't be denied in faceless assessment: Delhi HC

In a case related to Umkal Healthcare vs National Faceless Assessment Centre, court set aside demand notice of tax dept given to the company as the request of personal hearing wasn't accepted

Taxmen order attachment of Rs 1,400-cr properties of Ajit Pawar's kin

Ajit Pawar is the nephew of NCP chief Sharad Pawar

G20 leaders endorse global minimum corporate tax deal for 2023 start

The conclusions are to be formally adopted on Sunday

GSTN blocks Rs 14,000-cr input tax credits of 66,000 taxpayers

GST Network on Tuesday said it has blocked Rs 14,000 crore worth of input tax credit (ITC) of 66,000 businesses registered under GST. Responding to social media posts based on an RTI reply about the Rs 6.14 lakh crore of ITC blocked under Rule 86A of GST laws, GSTN tweeted that the figure includes erroneous data entries made by the taxpayers. "ITC of approximately Rs 14,000 crore involving 66,000 taxpayers stands blocked as on date. This is only 0.38 per cent (approximately) of average ITC utilised by all taxpayers in a financial year," tweeted GSTN, the company that handles the technology backbone for goods and services tax. The government had introduced Rule 86A in GST rules in December 2019 giving powers to taxmen to block the ITC available in the electronic credit ledger of a taxpayer if the officer has "reasons to believe" that the ITC was availed fraudulently. There are currently 1.32 crore taxpayers registered under GST.

India awaits finality on taxing global MNCs before removing 'Google Tax'

OECD agreement to be deliberated by finance ministers of G20 nations on Wednesday

Google, Facebook and Netflix to pay a minimum global tax at 15%

India introduced equalisation levy for digital advertising services in 2016 at the rate of 6 per cent

'Pandora Papers' expose offshore financial dealings of hundreds of Indians

More than 300 Indian names are part of the list.

US remains world's largest tax haven despite vows to fight money laundering

This does not quite match the claims about the intention to fight corruption: Kremlin spokesman

Developing nations to gain 1% corp tax from digital tax deal: top OECD exec

In a Q&A, Pascal Saint-Amans, director at Centre for Tax Policy and Administration, OECD says global digital tax and digital service tax by individual countries can't co-exist

Kerala govt to slash motor vehicle tax on tourist caravans by one-fourth

The Kerala government will slash the motor-vehicle tax on tourist caravans by one-fourth, considering the immense scope of Caravan Tourism in the state, State Tourism Department said here on Thursday

GST Council: Kerala to oppose move to increase tax on coconut oil

Kerala will oppose the move to increase the tax on coconut oil as it will affect the interests of the people of the state, official sources said here on Thursday.

Inflation tax over and above the oil tax

The oil tax is unlike, say, the income tax, which is progressive as the income tax rate rises with the income