-
2 months ago | 
rediff.com | MONIKA YADAV |Asit Ranjan Mishra
'We are not incentivising the old tax scheme. These taxpayers will also shift to the new regime after comparison.'IMAGE: Finance Minister Nirmala Sitharaman with the Budget team. The tax concessions in the Budget will not lead to increase in prices, according to Revenue and Finance Secretary Tuhin Kanta Pandey. He is confident of the government achieving 14.4 per cent growth in income-tax collection even after forgoing Rs 1 trillion revenue. "We have not increased the fiscal deficit.
-
2 months ago | 
rediff.com | MONIKA YADAV |Asit Ranjan Mishra
'Going forward, the encouragement would be to move to the new tax regime.'IMAGE: Finance Minister Nirmala Sitharaman addresses a post Budget media conference, February 1, 2024. "The computation of income should be simple, and that can be done by doing away with the deductions and exemptions," Ravi Agrawal, chairman, Central Board of Direct Taxes (CBDT), tells Monika Yadav and Asit Ranjan Mishra/Business Standard.
-
2 months ago | 
business-standard.com | MONIKA YADAV |Asit Ranjan Mishra
That was purely a drafting error in the Act. Despite the high court order in the Safari Retreats case, many could have claimed input tax credit, but very few did - so few they can be counted on one hand. There was clarity that it was not admissible. The Council decided on this retrospective amendment, with the Centre and all states, regardless of party, represented. It was a unanimous decision. Nobody opposed it.
-
2 months ago | 
rediff.com | Ruchika Chitravanshi |MONIKA YADAV |Harsh Kumar
'Nearly 10 million people will benefit from the increase in the rebate limit for those earning up to Rs 12 lakh.''We expect all that money will come back into the economy in either savings, consumption, or investments.'IMAGE: People watch the live telecast of Union Budget 2025 at a showroom in Patna, February 1, 2025.
-
2 months ago | 
rediff.com | Ruchika Chitravanshi |Harsh Kumar |MONIKA YADAV
This will be the first full-year Budget of the BJP-led National Democratic Alliance government since it came to power for a third consecutive term in July last year. IMAGE: Finance Minister Nirmala Sitharaman. On February 1, Union Finance Minister Nirmala Sitharaman will present the 14th Budget of the Narendra Modi government since it took office in 2014.
-
Jan 16, 2025 | 
business-standard.com | MONIKA YADAV
The Delhi High Court on Wednesday ruled that the fees collected by the Central Electricity Regulatory Commission (CERC) and the Delhi Electricity Regulatory Commission (DERC) cannot be subjected to Goods and Services Tax (GST). The judgment came in response to Show Cause Notices (SCNs) issued by tax authorities demanding GST on regulatory fees under the Central Goods and Services Tax Act, 2017 (CGST Act) and Integrated Goods and Services Tax Act, 2017 (IGST Act).
-
Jan 15, 2025 | 
business-standard.com | MONIKA YADAV
Ahead of the presentation of the FY26 Budget, the US-India Tax Forum, a key body under the US-India Strategic Partnership Forum (USISPF), has recommended streamlining the Tax Deduction at Source (TDS) structure to two or three rates. It has also called for aligning tax rates for foreign bank branches with domestic banks and introducing a 10 per cent concessional tax rate on dividends for Foreign Portfolio Investors (FPIs).
-
Jan 13, 2025 | 
business-standard.com | MONIKA YADAV
Net direct tax collection surged 15.9 per cent to Rs 16.9 trillion between April 1 and January 12 of FY25, according to the latest data released by the Income Tax (I-T) department on Monday. Of this, non-corporate tax-which includes taxes paid by individuals, Hindu undivided families (HUFs), firms, body of individuals, association of persons, local authorities, and artificial juridical persons-grew 21.6 per cent year-on-year (Y-o-Y) to Rs 8.7 trillion.
-
Jan 10, 2025 | 
business-standard.com | MONIKA YADAV
In a landmark decision, the Supreme Court of India has provided substantial relief to online gaming companies by staying Goods and Services Tax (GST) show-cause notices amounting to a staggering Rs 1.12 trillion. The apex court has ordered that all further proceedings under these notices be suspended until a definitive resolution is reached. The Court has also mandated the consolidation of cases involving a group of gaming companies, with the next hearing set for March 18, 2025.
-
Nov 28, 2024 | 
newindianexpress.com | MONIKA YADAV
NEW DELHI: Ahead of the release of official GDP numbers for the second quarter of FY25, economic analysts present varied estimates ranging from 6.2% to 6.9%. The outlook reflects contrasting indicators from various sectors of the economy, highlighting both structural challenges and potential growth drivers. The Q2 GDP numbers will be announced on Friday by the Ministry of Statistics and Programme Implementation. ICRA has projected GDP growth to dip to 6.5% in Q2 from 6.7% in Q1FY25.
