Page 11 - Taxation

Taxes account for 67-80% of liquor prices; threatens sector's future: ISWAI

High rates of taxation are crippling the alcoholic beverages (alcobev) sector and threatening the future of the liquor industry in the country, the International Spirits & Wines Association of India (ISWAI) said. ISWAI, the apex body of the premium alcobev industry in the country, said that taxes account for 67 to 80 per cent of the product prices, leaving little for the trade to sustain and manage operations. The Indian alcobev industry is in deep crisis due to inflation on one hand and high taxation rates. In this context, it is needed to decrease taxes and raise product prices for the sector to sustain," ISWAI CEO Nita Kapoor said. Unlike other industries, the liquor industry does not have the freedom to price the products, Kapoor said. "The liquor trade contributes 25 per cent to 40 per cent of the state governments' revenues. Despite this, the government chose to tax it at high rates. The rates should be rationalised," Kapoor said. According to ISWAI, the Indian alcobev ...

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

White-collar workers turn to gig jobs in search of better work-life balance

The demand for the white-collar gig workforce in the previous quarter has gone up seven times as compared to the same period last year

Indian aviation market promising but taxation always an issue: IATA chief

The Indian civil aviation market has exciting and significant opportunities but taxation has always been an issue which also makes the industry less competitive, according to IATA chief Willie Walsh. The International Air Transport Association (IATA) is a global grouping that represents around 300 airlines, including those from India, and its members account for nearly 83 per cent of the global air traffic. India is seeing a "much stronger recovery" than the Asia Pacific region in general but there could be challenges in terms of getting new aircraft and spare parts, as per IATA. "The market in India... The opportunity in India has to be considered to be very very significant. There are issues in India not unique to aviation but the regulatory regime and bureaucracy can hinder the pace (of growth)," Walsh said during an interaction with reporters from the Asia Pacific region earlier this week here. While the Indian market has not seen the pace of growth that was seen in China, the

'Govt's duty cuts to impact customs; GST to help achieve FY23 tax target'

Robust GST collections will help achieve the FY23 revenue growth target on the indirect taxes front, despite the impact of duty cuts on central excise and customs mop-up, a top official said on Wednesday. Central Board of Indirect Taxes & Customs Chairman Vivek Johri said the government's cuts in duties will make collections on customs and central excise challenging for the fiscal. "If you look at indirect taxes as a whole, then I am pretty confident that we will meet the target. We are on track," he told reporters on the sidelines of an event here to mark the 60th anniversary of the Customs Act, 1962. Johri said most of the growth has been coming from the Goods and Services Tax (GST), where revenues have been doing very well for the last two months. "Given the very robust growth in GST, I think overall.. we will be able to meet the revenue targets," he said. "There might be a bit of challenge in central excise revenue because of the scaling down of duties by the government ...

Thailand to tax stock trading, 0.05% levy for starters in 2023

A levy of 0.05% will be imposed on stock trading next year, before it's raised to 0.1%, according to a finance ministry statement

Budget 2023-24 should clear confusion over options for personal income tax

From 2020-21 onwards, the Budget gave an option of a lower personal income tax regime to those earning up to Rs 15 lakh, provided they forgo some exemptions

Union Budget 2023-24: Govt mulls options on capital gains tax regime

As preparations begin for the next budget, discussions have gained steam around what the government would do with the capital gains tax regime

Trust, sustainability & talking robots at global accounting event in Mumbai

The 4-day event began on Friday and has delegates from across the world

Common ITR form for all proposed by govt, here's what you need to know

It is expected that the proposed ITR form will be applicable from FY 2022-23 onwards

Centre may introduce changes to capital gains tax rules, says report

A task force had recommended changes in indexation benefit rules for the capital gains tax in 2019, and it is expected to be the main basis of the review

GST law panel working with experts to define games of skill, chance

Centre and state GST officers are working with online gaming sector experts to define 'games of skill' and 'games of chance' with a view to design different taxation structures for them, sources said. The vexed issue of levying Goods and Services Tax (GST) on online games has been hanging fire for over a year now with many states pitching for a lower tax rate on those online games which require skill. They are of the opinion that games of skill should not be treated at par with games of chance. The absence of a clear definition often leads to tax notices being sent to online game portals and subsequent litigations. According to sources, the GST Council's Law Committee, which met in Bengaluru on Saturday, discussed the issues concerning definition for 'games of skill' and 'games of chance' with technical domain experts. As all states are not part of the law committee, the draft report on definition would be shared with all states for their views. Sources further said the GoM (Group

GST collection over Rs 1.51 trillion in October, second highest ever

Revenue for October is second highest monthly collection, next only to April 2022

GST Council to meet before mid-Nov; GoM report on tax casinos on agenda

The GST Council is likely to meet in the first half of November to discuss the reports of the panel of ministers on setting up GST appellate tribunal and levy of tax casinos and online gaming, an official said. In addition, the status on the much awaited full report of the committee tasked with rationalisation of GST rates may also come up for discussion at the 48th Council meeting in Madurai. Even if the report, which is to look at merger in GST slab that may result in prices of some goods and services going up, is presented, it is unlikely to be acted upon by the GST Council in view of high inflation. The GoM on rate rationalisation set up on September 24, 2021 was originally due to submit its report within two months or November 2021. The panel has got subsequent extensions since then. The Council, in its last meeting in June, had given the GoM time till September to submit a full report. The official said that the GoM on GST appellate tribunal has already submitted its report,

Odisha AAR says separate registration must for construction work in state

The ruling is in conflict with position taken by other AARs; industry wants CBIC clarification

UK's new finance minister Jeremy Hunt reverses all of Liz Truss' tax cuts

Britain's new Chancellor of the Exchequer, Jeremy Hunt, on Monday reversed entirely all of British Prime Minister Liz Truss' tax cuts and scaled back the expensive energy bills support in an emergency fiscal statement. Hunt's statement is an attempt to reassure the markets about the country's fiscal sustainability and calm the shockwaves of his predecessor's mini-budget last month. The finance minister said a 1 pence cut to income tax will be delayed "indefinitely" until the UK's finances improve, instead of being introduced in April 2023 as announced in predecessor Kwasi Kwarteng's mini-budget. The government's energy price guarantee will only be universal until April and not for two years as originally planned. The government has today decided to make further changes to the mini-budget, and to reduce unhelpful speculation about what they are, we've decided to announce these ahead of the medium-term fiscal plan, which happens in two weeks," Hunt said in a statement. After meeting

OECD releases global framework for exchange of info on cryptocurrencies

The exchange of information on cryptocurrency between countries will become automatic under the new framework propsed by OECD

Sri Lanka cuts tax on female hygiene products amid ongoing economic crisis

Amid the ongoing economic crisis in the country, Sri Lanka has cut taxes on female sanitary products in a bid to help women unable to afford the hygiene product, according to reports

Small oil and gas field operators ask govt for exemption from windfall tax

The central government from July 1, 2022, levied a tax on crude and petroleum products to capture supernormal profits of energy companies amid a sharp rise in global oil prices

Overseas firms see compliance burden increasing to get tax treaty benefits

Chartered accountants' group asks CBDT to do away with PAN requirement for filing form electronically