Page 9 - Tax

Trudeau to cut sales tax, send checks to Canadians as election looms

Canadian Prime Minister Justin Trudeau's government announced plans on Thursday to temporarily lift the federal sales tax off a number of items and send checks to millions of Canadians who are dealing with rising costs and as a federal election looms. The measures come as a cost of living crisis has left voters unhappy with Trudeau and ahead of an election that could come anytime between this fall and next October. Our government can't set prices at the checkout, but we can put more money in people's pockets, Trudeau said at a press conference in Toronto. Under the plan, Canadians who worked in 2023 and earned up to 150,000 Canadian dollars (USD 107,440) will receive a check for 250 Canadian dollars. Trudeau noted that even those earning at the high end of that amount have been struggling to get by. An estimated 18.7 million Canadians will receive the one-time check. The federal goods and services tax break would begin December 14 and end February 15. The government said the tax

Taxpayers must disclose foreign income by Dec 31, says CBDT chairman

When asked about the progress in the income tax law review, the CBDT chief said that public consultation is ongoing and more than 6,000 suggestions have been received by the department

Finance Commission open to view alternate index for devolution: Panagariya

The Finance Commission is open to considering alternate index for devolution of funds to states with regard to natural calamities and state-specific issues, Chairman of the 16th Finance Commission Arvind Panagariya said here on Monday. The problems arising due to natural disasters were beginning to get more and more acute, he said and pointed out that the 15th Finance Commission has recommended partial devolution of funds. "The Commission is very much open to looking at alternate ways of measuring disaster relief, provided we can do it across all the states. The index has to be transparent and acceptable," Panagariya told reporters after a long session with the Tamil Nadu government earlier in the day. Apart from Tamil Nadu, states like Himachal Pradesh which the Finance Commission had consulted, put forth a similar view. "Let me look into it if any particular type of disaster is not included," the Chairman said. Also, he said that gap between the richer and poorer states widened.

GST system overhaul needed as compensation cess repayment nears 2026

The tax came into being in 2017 with a promise to compensate state governments for revenue losses during the first five years

CBDT issues new form to give details on 'other taxes' paid by employees

Employees have to use Form 12BAA to report to employers any deductions from sources of income other than their salaries

Flush with funds: Himachal rolls out 'toilet seat tax' amid crisis; details

Sukhvinder Singh Sukhu-led Himachal Pradesh government revised rates for water supply in the state which includes new tax measures and incentives

Gross GST collection slows to 6.5% at Rs 1.73 trillion in September

According to government data released on Tuesday, GST revenues in September last year was Rs 1.63 lakh crore, while the In August 2024, the mop-up was Rs 1.75 lakh crore

IBA calls for tax on non-alcoholic beverages based on sugar content

Indian Beverage Association on Monday called for rationalisation of GST structure on non-alcoholic beverages and levy taxes based on sugar content, saying with favourable policy the sector has the potential to grow to a size of Rs 1.5 lakh crore by 2030. Speaking at the release of a report by ICRIER on tax policy on carbonated beverages in India, Indian Beverage Association Secretary General J P Meena said non-alcoholic beverages are a key part of India's food processing sector and can play a very important role in making the country a global hub of manufacturing. He also said there is a need for bottled water to be taxed at 5 per cent GST across bottle sizes instead of different slabs of 12 per cent for 20 liter bottles and above and 18 per cent for less than 20 liter bottles in order to attract more private participation in supply of portable water in the country. "This (non-alcoholic beverage) sector as on date is estimated to be around Rs 60,000 crore and provided there is a ...

GSTN clarifies on notice validity, orders without digi signature of taxmen

GST Network on Thursday said show cause notices and assessment orders issued by the tax officer on the GST portal do not have digital signatures of the tax officers but such details are getting stored in the backend. In an advisory to taxpayers, GSTN said the validity of the document and who and for what purpose these documents have been issued can also be verified by the taxpayer pre-login as well as after login from the GST common portal. Doubts have been created regarding the validity of documents issued by the tax officers on the common portal viz. SCN/orders without the digital signatures on the PDF (portable document format) document downloaded from the common portal. The GSTN said it is to be mentioned that such documents are generated on the common portal from the login of the officer, who logs in using digital signature. "...these documents being computer generated on the command of the officer, may not require physical signatures of the officer as these documents can be .

Net direct tax collection rises 16.12% to Rs 9.95 trillion till Sep 17

Net direct tax collection grew 16.12 per cent to over Rs 9.95 lakh crore so far this fiscal on higher advance tax mop up. Refunds worth over Rs 2.05 lakh crore were issued, a 56.49 per cent jump over the same period last fiscal. The net personal income tax (PIT) collection grew 19 per cent to Rs 5.15 lakh crore between April 1 and September 17. Corporate tax collection went up 10.55 per cent to over Rs 4.52 lakh crore. Revenues from Securities Transaction Tax (STT) stood at Rs 26,154 crore. After taking into account refunds, net collection from PIT and corporate taxes stood at Rs 9,95,766 crore so far this fiscal, a growth of 16.12 per cent over the year-ago period. Advance tax collection grew 22.61 per cent to Rs 4.36 lakh crore. The growth in PIT advance tax mop up was 39.22 per cent while for corporate tax, it was 18.17 per cent. Gross direct tax collection stood at Rs 12.01 lakh crore, a growth of 21.48 per cent so far this fiscal. The government has budgeted to collect Rs 2

Tax change, spike in inflows revive interest in Rs 84,000-crore FoF space

The broader category, which includes offerings across equity, debt and commodities, has seen a spike in the inflows over the past two months

Gold ETFs ride the updraft: Tax shifts flip the switch on record inflows

LTCG tax perks and bond drought create perfect storm

Govt extends anti-subsidy duty on Chinese pesticide chemical for 5 years

India has extended countervailing or anti-subsidy duty on a Chinese chemical used in pesticides for five more years to guard domestic players. The decision followed a recommendation of the commerce ministry's investigation arm DGTR for continuation of the duty on the imports of 'Atrazine Technical' from China. "The countervailing duty imposed under this notification shall be levied for a period of five years (unless revoked, superseded or amended earlier) from the date of publication of this notification," a finance ministry notification has said. The finance ministry has imposed a duty of up to 11.94 per cent on the product. In its probe, the DGTR had concluded that the current duties have allowed more Indian producers to enter the market and have helped the domestic industry to expand its capacity. The subsidised exports were hurting Indian players. Earlier the revenue department had imposed the duty in September 2019. Subsidised exports impact the price of that product in th

Tyranny of GST status quo: Incremental changes fail to address the problem

The reluctance to undertake comprehensive rate rationalisation, fearing revenue loss, is short-sighted

Here's a look at the legal saga of Hunter Biden that ended in guilty plea

The legal saga surrounding Hunter Biden took an unexpected turn when he pleaded guilty to nine federal tax counts after prosecutors refused to budge in their opposition to a special plea that would have allowed him to maintain his innocence. The twist that played out as jury selection was scheduled to start in the tax trial Thursday almost brings to a close a yearslong investigation of President Joe Biden's son. The case has been punctuated by Republicans' allegations of preferential treatment and accusations by his defense attorneys that prosecutors overcorrected and bowed to political pressure when two indictments were issued as a previous plea deal fell apart. Hunter Biden will now await sentencing in both his June jury conviction on charges that he lied about his drug use on a federal form to purchase a gun, which he possessed for 11 days, and the tax case he pleaded guilty to Thursday. Here's a look at the winding legal road that led to the surprise plea. The plea deal that ..

How to use new electronic system to resolve Income Tax disputes

e-DRS system enables taxpayers to electronically submit applications for dispute resolution to the Dispute Resolution Committees

Different modes of MF holdings and how are they taxed?

Profits gained from investment in mutual funds are known as 'Capital gains'. These capital gains are subject to tax

India's net GST mopup growth slows to 6.5% in August, shows govt data

Experts say increased refunds key factor but see robust growth ahead with start of festival season

CBDT sets up DRCs in 18 principal commissionerates for e-dispute resolution

The Central Board of Direct Taxes (CBDT) had notified the e-Dispute Resolution Scheme, 2022 with the aim to reduce litigation and provide relief to eligible taxpayers

Best of BS opinion: Tax-reform dilemmas, ring-fencing a challenge

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