Indirect Taxes

Commerce Minister also said that the decision to reduce rates under the GST regime had nothing to do with any other nation or upcoming state elections.

Budget 2024: Relax I-T exemption limit to Rs 5 lakh under new tax regime, says EY

Suggests doubling of standard deduction limit to Rs 1 lakh

Indirect taxes in the journey of India’s economic growth

Indirect taxes have played an important role in contributing towards the economic development by replacing a fragmented indirect tax system

Budget Snapshot | Indirect taxes push up India’s tax to GDP ratio

India’s tax to GDP ratio has risen above its pre-pandemic levels and even over a decade ago

GSTAT: Relaxing retirement age, eligibility criteria of members to bring efficiency, say tax experts

Bigger bench strength to help reduce pendency of cases, but the government should go for recruitment of members on war footing, they say.

Understanding Union Budget 2022 through five easy graphs

Budget 2022 | Income tax and corporate tax are estimated to be nearly equal contributors to the FY23 revenue

Budget 2022 | FM announces changes to indirect tax regime; more duty concessions bring cheer

Gradual phasing out of the concessional rates in capital goods and project imports and applying a moderate tariff of 7.5 percent will be conducive to the growth of the domestic sector and ‘Make in India’, Finance Minister Nirmala Sitharaman said in Parliament while presenting the 2022 Budget.

Budget 2022: Why GoI cannot go easy with the taxes on salaried Indians

Tax compliance is abysmal in the country and corporate-tax collections need to pick up

Budget 2022| Unreasonable 21% indirect taxes resulting in chronically ill civil aviation industry, says IndiGo CEO

Ronojoy Dutta requested the Ministry of Finance to reduce central excise taxes on fuel from 11 to 5 per cent and eliminate custom duties on aircraft repair parts.

RBI authorises RBL Bank to collect indirect taxes

RBL Bank has been authorised by the Reserve Bank of India (RBI), based on a recommendation from the Controller General of Accounts, Ministry of Finance and Government of India, to collect indirect taxes on behalf of the Central Board of Indirect Taxes and Customs

Centre sees no impact on budget math from excise duty cut even as onus on opposition states to follow suit

The centre’s net tax collections (direct plus indirect taxes) for April-September 2021 were Rs 10.81 lakh crore, nearly double of the Rs 5.51 lakh crore that was garnered for the same period last year.

Burden of taxes impeding household consumption: Ind Ra study

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.

Union Budget 2017-18: A few changes in indirect taxes in line with big picture

With GST around the corner, this budget has not made significant changes in the existing indirect tax legislations.

Budget to be pro-poor; focus on rural infra, irrigation: Srcs

Indirect taxes are not likely to be tinkered much with as Finance Minister Arun Jaitley‘s focus continues to be the upcoming Goods & Services Tax (GST), government sources told CNBC-TV18.

Interest subsidy to MSEs can lead to rise in indirect taxes

Giving interest subsidy to micro and small enterprises (MSEs) can lead to nearly three-time rise in indirect taxes for the Government, according to a report by rating agency Crisil.

Budget 2017: Weighted deductions for incurring pharma R&D should continue

R&D/clinical trial services performed in India are liable to service tax at the rate of 15% even when the recipient of service is situated outside India. To lower the cost of provision of such services and to boost innovation in the country and make such services globally competitive, it is important to provide for some sort of exemption.

Constitutional compulsion to roll out GST from Sep next: FM

Citing constitutional compulsion, Finance Minister Arun Jaitley today sought to drive home the point that the Goods and Services Tax has to roll out before September 16 next year as the existing indirect taxes will come to an end by then and it would not be possible to run the country without revenue collection.

Tata Motors, Kingfisher owe over Rs 1,000cr each in indirect tax

Tata Motors has outstanding excise duty of Rs 629.76 crore in 91 cases and service tax dues of Rs 516.09 crore in 5 cases. This takes the total amount due in taxes to Rs 1,145.85 crore.

Upcoming Budget to further simplify tax policies: MoS Finance

"Tax administration and tax policies need to be further simplified to promote ease of doing business as well as its facilitation. The forthcoming Budget would reflect and adequately cater to this effect", he said at an event organised by PHD Chamber.

Indirect tax collection up 27% in Apr-Aug; direct tax, 15%,

Government's revenue collection in the first 5 months of current fiscal has shown impressive growth, with indirect taxes up 27.5 percent and direct taxes, 15.03 percent.

President hopes govt to set up GST Council soon

With landmark Goods and Services Tax (GST) now a law, President Pranab Mukherjee today hoped the government will set up a GST Council soon and reduce cascading effect of indirect taxes.

GST: A mixed bag for IT and Telecom sectors

The IT/ ITeS sector which has heralded the entry of India as a global economic superpower has hitherto had to deal with several ambiguities on the indirect tax front.

Govt forgoes Rs 17.15 lakh cr revenue

The amount foregone (direct tax) is estimated at Rs 93,047 crore in 2013-14; Rs 1,18,593 crore in 2014-15; and Rs 1,28,639 crore in 2015-16, Minister of State for Finance Santosh Kumar Gangwar said in a written reply to Rajya Sabha.

Central funds transfer to states declined 0.3% in FY16: RBI

Referring to the Goods and Services Tax (GST), the report said that despite several reform measures, goods and services continue to be bogged down with several indirect taxes at different stages of the value chain with significant tax cascading.

Tax collection in 2015-16 exceeds target by Rs 5,000 cr

In the revised estimates, presented by Finance Minister Arun Jaitley in the Budget for 2016-17, the tax collection was pegged at Rs 14.55 lakh crore, higher than the original Budget estimate of Rs 14.45 lakh crore.