TAXATION


Moneylife Digital Team 02 October 2024
Goods and services tax (GST) revenue growth rate increased 6.5% to Rs1.73 lakh crore in September, despite slower groth in collections from domestic transactions as well as imports. However, this is the slowest growth of GST over the past 40 months. It is also lower by 1% compared with GST...

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Abhimanyu Hazarika (Bar  and   Bench) 23 September 2024
The Supreme Court on Monday rebuked the Income Tax Department for indulging in long and expensive litigation over small amounts (Principal Commissioner of Income Tax 1 v M/S Weedo Ventures Pvt Ltd).   A Bench of Justices Sanjiv Khanna and PV Sanjay Kumar emphasised that a litigant should...

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Moneylife Digital Team 18 September 2024
While small and medium businesses face stringent punishments for not paying statutory dues within time, SpiceJet Ltd has not paid its dues worth Rs427 crore for tax deducted at source (TDS), provident fund (PF) or gratuity dues to employees and goods and services tax (GST) since 2020, reveals a...

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Moneylife Digital Team 10 September 2024
After reaching a broad consensus on reducing taxes on health and life insurance premiums, the goods and services tax (GST) council will take a final decision on this during its meeting in November.    Briefing reporters after the 54th meeting of the GST council, Union finance minister (FM)...

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Moneylife Digital Team 27 August 2024
Hindustan Unilever Ltd (HUL) received a demand notice for Rs962.75 crore, including interest of Rs323.33 crore from the income-tax (I-T) department. The demand notice has been sent for not deducting tax deducted at source (TDS) while making a payment of Rs3,045 crore for buying intellectual...

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Moneylife Digital Team 22 August 2024
Urging the income-tax (I-T) department to be fair and friendly and ensure that there is an improved taxpayer experience, Union finance minister (FM) Nirmala Sitharaman says the tax notices should be temperate, simple and easy to understand for the taxpayer.   Underlining the judicious use of...

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Limca book of records has no specific entry for the highest tax demands! Else, a Rs32,000 crore (US$4bn) provisional tax demand eminently qualifies to top the list!   There is no intention to analyse the merits of the issue giving rise to this unprecedented sum as a potential tax demand,...

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Moneylife Digital Team 08 August 2024
In a move that could open Pandora's box and spark an outcry from corporate India, Mahindra & Mahindra Ltd (M&M) has been served a notice from the office of the goods and services tax (GST) for the use of the 'Mahindra' brand name by various group companies, says a report from Economic Times...

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Moneylife Digital Team 07 August 2024
After facing a backlash, the Union government has decided to allow indexation benefits for long-term capital gains (LTCG) tax but with a 20% rate or 12.5% tax without the indexation benefit on a property bought before 23 July 2024.    Replying to a debate on the Finance Bill on Wednesday,...

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Owning a home in India is not merely a financial decision, it is an aspirational and emotional issue that represents a significant personal milestone and is a measure of success. Most Indians will invest in a home as soon as they can afford the down payment and equated monthly instalment (EMI)....

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Moneylife Digital Team 02 August 2024
Nitin Gadkari, Union minister of road transport and highways has requested finance minister (FM) Nirmala Sitharaman to withdraw the 18% goods and services tax (GST) on premiums for life and medical insurance.   In his letter to the FM, Mr Gadkari says he received a memorandum from the Nagpur...

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Moneylife Digital Team 02 August 2024
In a surprising turn of events, Infosys Ltd, India's second-largest IT firm, has received a temporary reprieve from a substantial goods and services tax (GST) demand of Rs32,403 crore. The Karnataka state tax authorities, who had initially issued the notice, have now withdrawn it, instructing...

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Moneylife Digital Team 01 August 2024
Infosys Ltd, India's second-largest IT firm, has come under the spotlight following a pre-show-cause notice (SCN) from the Karnataka state goods and services tax (GST) authorities. The notice pertains to alleged non-payment of integrated GST (IGST) amounting to Rs32,403 crore between July 2017...

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Anil D Harish 26 July 2024
The Finance No2 Bill 2024 has as many as 99 clauses relating to the Income-Tax (I-T) Act. As always, many of these are justified as being rationalisations and simplifications and, as always, several are retrospective or have a retroactive impact in that plans that assessees have made, and which...

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Moneylife Digital Team 26 July 2024
While again revising the income-tax (I-T) slabs for individual taxpayers, Union finance minister (FM) Nirmala Sitharaman increased the standard deduction under the new tax regime to Rs75,000 from Rs50,000. Similarly, the FM proposed an enhanced deduction from Rs15,000 to Rs25,000 on family...

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Debayan Roy (Bar  and   Bench) 25 July 2024
A nine-judge Constitution Bench of the Supreme Court on Thursday held that royalty paid by mining operators to the Central government is not a tax and that States have the power to levy cesses on mining and mineral-use activities (Mineral Area Development Authority etc vs Steel Authority of...

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Moneylife Digital Team 23 July 2024
While rationalising capital gains tax, the removal of indexation benefit from long-term capital gains (LTCG) tax will hit hard those who are holding assets like property, gold and other unlisted assets. In the Budget, Union finance minister (FM) Nirmala Sitharaman says the long-term gains on...

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Moneylife Digital Team 23 July 2024
Emphasising that it has been a consistent endeavour of the Union government to simplify taxation, improve taxpayer services and reduce litigation, finance minister Nirmala Sitharaman announced a comprehensive review of the Income Tax (I-T) Act in six months to make it concise and lucid. “This...

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Moneylife Digital Team 23 July 2024
The Union government on Tuesday slashed customs duties on a range of products, including gold, silver, critical minerals, mobile phones and other electronic items, to cut input costs, increase value addition, promote export competitiveness and boost domestic manufacturing. In the Budget speech,...

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Moneylife Digital Team 17 July 2024
Following the meeting of the 53rd goods and service tax (GST) council, the central board of indirect taxes & customs (CBIC) issued a clarification on exemptions on services provided by Indian Railways, statutory collections made by the real estate regulatory authority (RERA), tax liability on...

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