Oct 11, 2021 09:10 AM IST
India will have to withdraw its digital tax as part of the global tax deal, but a high threshold for revenues, set for sharing profits with countries like India, could hurt its interests
- Oct 11, 2021 07:38 AM IST
BEPS framework provides two-pillar solution to address tax challenges arising from digitalisation of the global economy, as well as prevents a proverbial ‘race to the bottom’ by countries looking to slash tax rates to attract investment.
- Sep 24, 2021 05:26 PM IST
The collections from April 1-September 22 this year were 27 percent higher even compared to the same period of pre-pandemic 2019-20 when net direct tax collection was Rs 4.49 lakh crore.
- Aug 02, 2021 04:08 PM IST
The share of states from the divisible pool of taxes was the lowest in at least five years during the pandemic-hit 2020-21, while the Centre’s net tax revenue was the highest in the same period. Additionally, taxes from income exceeded corporate taxes for the first time in at least five years, Finance Ministry data showed.
- Jul 05, 2021 10:51 AM IST
The OECD/G20 initiative on taxes that India joined and the G7 agreement earlier in the year hold out hope for making big multinational corporations pay more taxes. But the details need to be hammered out first
- Jun 13, 2021 12:52 PM IST
Years of international discussion over the issue gathered momentum after U.S. President Joe Biden proposed a global minimum corporate tax rate of at least 15% and possibly higher. The Biden proposal has found support among the Group of Seven wealthy democracies, raising the prospect that a new approach to international taxation might be reached this year.
- Jun 11, 2021 01:10 PM IST
A global minimum corporate tax rate of 15 percent is expected to be beneficial for India. The Tax Justice Network estimates the country to gain at least $4 billion, equivalent to ~6 percent of FY21 corporate tax collections
- Jun 08, 2021 03:36 PM IST
Unlike the corporates who are enjoying a rationalisation in income tax, no such move has been introduced for the households who continue paying elevated taxes.
- Jun 06, 2021 02:58 PM IST
The Finance Ministers of G-7 countries, comprising US, UK, Germany, France, Canada, Italy and Japan, on Saturday reached a landmark deal on taxing multinational companies as per which the minimum global tax rate would be at least 15 per cent.
- Apr 09, 2021 12:17 PM IST
Out of the total provisional net direct tax collections, around Rs 4.57 lakh crore have been garnered in corporate taxes, Rs 4.71 lakh crore in income tax, and around Rs 17,000 crore in Securities Transaction Tax. Mody said the net direct tax collections were 10 per cent lower than 2019-20.
- Apr 07, 2021 08:55 PM IST
The feeling in the government is that Yellen’s statement stems from the United States’ ‘one-shot’ approach to providing stimulus in face of the Covid-19 pandemic, which is opposed to India’s response, which has been more deliberate and has focused on the credit and fiscal side of things.
- Apr 06, 2021 07:44 PM IST
Gita Gopinath said current disparities in national corporate tax rates had triggered “a large amount” of tax shifting and tax avoidance, reducing the tax base on which governments could collect revenues to fund needed economic and social spending.
- Mar 02, 2021 06:05 PM IST
Britain may be first to see the tide turn as soon as Wednesday when finance minister Rishi Sunak is widely expected to announce a small increase in corporate levies in his budget announcement to help pay for the hit from COVID-19.
- Jan 27, 2021 04:47 PM IST
The government had constituted the direct tax code task force to overhaul the Income Tax Act.
- Jan 15, 2021 03:13 PM IST
Currently, the corporate tax rates for Foreign Companies are 43.68 percent and for Domestic Companies is 25.17 percent .
- Jan 05, 2021 08:04 PM IST
The gross tax revenue estimated in Budget 2020-21 stood at Rs 24.23 lakh crore, of which corporation tax was estimated to be Rs 6.81 lakh crore, income tax Rs 6.38 lakh crore, and GST Rs 6.90 lakh crore, among others.
- Dec 17, 2020 02:28 PM IST
The government had reduced the corporate tax rate for existing and newly incorporated companies to 25 percent and 15 percent, respectively, last year, after the September 15 deadline for advance tax payment was over.
- Dec 16, 2020 02:59 PM IST
The Centre's total net direct tax collection, which includes advance tax, dropped 17.6 percent in FY21 as direct tax collected up to December 15 stood at Rs 4.95 lakh crore as against Rs 6.01 lakh crore for the same period a year ago.
- Dec 16, 2020 12:58 PM IST
According to the initial projections, corporate tax collected till December 15 stood at Rs 2.26 lakh crore and personal income tax stood at Rs 2.57 lakh crore
- Nov 02, 2020 07:30 AM IST
The Narendra Modi government is now focused on sector-specific interventions, and is speaking to stakeholders across the board as it prepares its next set of stimulus announcements, Finance Secretary Ajay Bhushan Pandey told Moneycontrol in an interview.
- Oct 01, 2020 02:59 PM IST
The government's net direct tax collection fell 31 percent year-on-year to Rs 1.92 lakh crore in April-August 2020, Minister of State for Finance Anurag Singh Thakur said in Parliament. Net direct tax collection was Rs 2.79 lakh crore in April-August 2019.
- Sep 14, 2020 07:10 PM IST
This has enabled the corporate tax rates in India to be amongst the lowest in the world, he said, adding "given that investment decisions have a long term perspective, the impact of this landmark reform would be felt in coming years".
- Jun 08, 2020 08:16 PM IST
Addressing members of FICCI, the minister assured the industry of all possible government support with the intent of supporting Indian business and reviving the economy.
- Mar 03, 2020 08:11 PM IST
Sectors such as start-ups, manufacturing, auto-ancillary and initiatives such as ‘Make in India’ are expected to witness a fillip owing to the development.”
- Feb 01, 2020 07:27 PM IST
The government has focused on getting the economy back on track and improve the ease of doing business.