Page 2 - Taxation

Zomato parent Eternal gets over ₹40 crore tax demand from GST authority

In its late-night regulatory filing on Monday, the company said the total demand includes ₹17.19 crore in GST, ₹21.42 crore in interest, and a penalty of ₹1.71 crore

India's net GST revenue rises 1.7% to ₹1.68 trillion in July; refunds surge

July's net GST kitty growth marks the slowest pace since last February from when disaggregated data on gross and net GST collections is available. In June, net GST revenues were up 3.3 per cent

Gross GST mop-up rises 7.5% to ₹1.96 trillion in July; refunds jump 67%

Gross GST mop-up was ₹1.82 trillion in July 2024. Last month, the collection was ₹1.84 trillion

Fixing GST: India needs a simple, stable, and predictable tax structure

Unlike the states, the Union did not have the cushion of compensation for a revenue shortfall in the initial years

Claiming false deductions? I-T dept steps up scrutiny, warns of penalty

The warnings come as the government has given taxpayers more time to file their returns - the deadline is now September 15. But experts say this extra time comes with stricter checks

Govt to table 8 new Bills in monsoon session of Parliament starting July 21

The government has listed eight new bills for the upcoming monsoon session of Parliament, including amendments to taxation, mineral laws, and the Jan Vishwas Bill

June e-way bills 2.6% lower than May, indicating possible GST moderation

Intra-state e-way bills stood at 78.85 million in June, while inter-state e-way bills were at 40.60 million during the month

Outline for GST 2.0: Steps that will make it a good and simple tax

Rate rationalisation should not be viewed in isolation as a revenue exercise, but as one integrated with trade policy and broader macroeconomic objectives

CBDT sends emails over undisclosed crypto income in latest NUDGE drive

CBDT emails thousands of taxpayers urging them to review and update ITRs for under-reported crypto income as part of a NUDGE campaign targeting VDA discrepancies

An account of AI disruption in finance as technology reshapes work

OVER 50% of Indian accountants worry they are unable to develop skills due to frequently changing technology, according to a survey

IATA calls for greater clarity on India's complex aviation tax system

Global airlines' grouping IATA on Tuesday said there needs to be greater certainty in India's taxation system, which is very complex. India is one of the world's fastest growing civil aviation markets and airlines are expanding their fleets and networks to meet the rising demand. IATA Director General Willie Walsh said the rate of growth in the Indian aviation market will be higher than China. Against the backdrop of foreign airlines getting tax notices in recent times, Walsh said the taxation system in India is complex and there needs to be "greater uncertainty". The International Air Transport Association (IATA) represents over 350 airlines globally.

Start early, choose right ITR form: Tax guide for professionals

Professionals must select the correct ITR form and assess whether presumptive taxation or regular provisions suit their income, expenses and documentation requirements

Bombay HC grants interim relief in GST dispute over development rights

Bombay High Court restrains GST authorities from acting on 18 per cent tax demand for development rights, saying TDR may qualify as sale of land exempt from GST

Net direct tax mopup in FY25 hit Rs 22.26 trillion, shows govt data

This was marginally short of revised target; highest-ever refunds issued

Centre notifies rules for GST Appellate Tribunal to make it operational

Authorised representatives, including lawyers and tax professionals, must submit a power of attorney before representing clients

Raising millionaire tax would push the wealthy to leave US: Donald Trump

Trump's remarks are likely to pour cold water on discussions about creating a new 40 per cent tax bracket for people earning $1 million or more

CAIT seeks luxury tax on quick commerce, roll-out of e-commerce rules

Proposal to be part of recommendations to govt; move aimed at protecting kirana retailers

India's richest report only a fraction of their wealth, says a new study

They are not just underreporting income; they are reshaping what the income tax system perceives, says study

Govt sets April 30 deadline for filing declarations under Vivad se Vishwas

The scheme offers taxpayers the opportunity to settle disputed tax demands by paying the full disputed amount while availing a waiver on interest and penalties

CBDT signs record 174 APAs in FY25, including India's 1st multilateral APA

An APA helps taxpayers and tax authorities agree on how to price transactions between related companies in different countries