Page 5 - Taxation

Good enough vs ideal: Incremental GST reforms may outshine rapid changes

Our guiding principle in taxation should be driven by the principle of what works, not what is theoretically the best idea. The good enough should not be made the enemy of the ideal

GoM on GST rate rationalisation to discuss slab, rate tweaks on Sep 25

The ministerial panel on GST rate rationalisation will meet on September 25 and is expected to discuss tweaking of tax slabs and rates. "The meeting of the GoM on rate rationalisation is scheduled for September 25 in Goa," an official told PTI. The six-member Group of Minister (GoM) under Bihar Deputy Chief Minister Samrat Chaudhary, last met on August 22 and had submitted a status report to the GST Council on September 9. During the August meeting, the panel had tasked the fitment committee comprising tax officers from the Centre and states to analyse the implication of tax rate change on some items and gather more data. Currently, goods and services tax (GST) is a four-tier tax structure with slabs at 5, 12, 18, and 28 per cent. Under GST, essential items are either exempted or taxed at the lowest slab, while luxury and demerit items attract the highest slab. Luxury and sin goods attract cess on top of the highest 28 per cent slab. There have been talks of merging the 12 and 18

GST Council meeting: E-invoice mandate may soon cover B2C transactions

Pilot run on voluntary basis for selective sectors

GST Council to meet on Sept 9; compensation roadmap may stretch into FY26

GST Council agenda includes tax relief for foreign airlines, and clarity on a host of items such as car seats

FinMin to develop climate finance taxonomy in 6-10 months: DEA secy

Climate finance taxonomy is a set of guidelines that will help investors and institutions direct funds towards investments that will aid in tackling climate change

Panel headed by V K Gupta to simplify decades-old direct tax laws

More than 90 sections seen redundant; panel in line with Budget promise of comprehensive review

New database on registration status of charities for taxation clarity

Cancellations of registration must be uploaded on I-T website by August 31

Insurance must be bought for right reason: HDFC Life CEO Vibha Padalkar

We don't believe in fire sale, says Vibha Padalkar

Remitting large amount abroad? Pay TCS, declare income accurately

Maintain detailed records of foreign remittances, including purpose, amount, and beneficiary details

HC sets aside assessment proceeding against NRI over faceless issue

It should be noted that the notification by the CBDT carved out an exception for international taxation cases, including NRIs, for reassessment

How to make tax officials accountable

The proposed simplification of the tax code offers a chance to instil accountability, following the model of the Public Service Guarantee Acts

Relief for homeowners likely as finance ministry may modify LTCG regime

FinMin reviews new LTCG regime after 12.5% tax without indexation sparks concerns over property transactions

GST demand order for Eicher Motors reduced to Rs 27 crore on appeal

Eicher Motors on Friday said a GST demand order by tax authority in Tamil Nadu has been reduced to Rs 26.97 crore from an original sum of Rs 129.79 crore upon appeal. The company had received the original demand from the Additional Commissioner, Chennai North Commissionerate, Chennai, Tamil Nadu on December 30, 2023 for aggregate amount of Rs 129.79 crore, including tax demand of Rs 117.99 crore and penalty of Rs 11.79 crore. "As a result of the appeal filed by the company against the above GST demand order, the demand order is now revised from Rs 129.79 crore to an aggregate amount of Rs 26.97 crore, which include tax demand of Rs 24.52 crore and penalty of Rs 2.45 crore," Eicher Motors said in a regulatory filing. The matter pertains to non-reversal of input tax credit on material returned instead of output tax liability paid by the company for 2017-18. "Based on the company's assessment, the aforesaid revised demand is not maintainable and the company is evaluating all options .

Exit with indexation should be offered

When the government reintroduced taxation on listed equity in 2018, it took care to exempt capital gains accrued until the date of the 2018 budget

Hike in capital gains taxes won't adversely impact market sentiment: Goyal

The Commerce minister termed the criticisms against the hike in capital gains tax and securities transaction tax in derivatives trading as fear-mongering

Royalty not tax: SC grants states power to levy taxes on mineral rights

The Supreme Court has affirmed that states have the authority to levy taxes on mineral rights and would not be limited by the Mines and Minerals (Development and Regulation) Act 1957 (MMDR Act)

G20 to back progressive taxation, without endorsing 'billionaire tax'

A broader G20 joint communique is expected on Friday, when finance ministers and central bankers conclude this week's meetings in Rio de Janeiro

Union Budget 2024-25: Emphasis on bringing simplicity in direct tax system

Tax proposals aim to bring in uniformity, improve compliance and reduce litigation

Rollover benefits to continue on capital gains up to Rs 10 cr: Revenue secy

Revenue Secretary Sanjay Malhotra has clarified that rollover benefits will continue on capital gains of up to Rs 10 crore under the new structure

Budget 2024 is growth oriented, addresses right sectors: Vikas Khemani

Union Budget 2024 analysis: The government has laid out a clear vision for 'Viksit Bharat' by addressing key areas - agricultural reforms, manufacturing push and employment generation among others