Tax
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Union Budget: What are the income sources of government
Budget | Jan 14, 2023, 05:53 PM ISTThe government relies heavily on both tax and non-tax revenues to fund its operations. Non-tax revenues are the recurring income that the government earns from revenue sources other than taxes, while tax revenues are collected on income and profits.
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World Cup 2023: BCCI could lose Rs 955 crore if ICC doesn't get tax exemption
Cricket | Oct 14, 2022, 05:53 PM ISTAs per ICC norms, the host nation is required to get tax exemption from the government for hosting tournaments organised by the global body.
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Govt hikes windfall profit tax on export of diesel, ATF; raises tax on domestic crude oil
Business | Sep 01, 2022, 07:08 AM ISTIndia first imposed windfall profit taxes on July 1, joining a growing number of nations that tax super normal profits of energy companies.
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Corporate tax collection up by 34 per cent between April-July
Business | Aug 13, 2022, 02:31 PM ISTBusiness news: The tax department tweeted on corporate tax collection growth in April-July in an apparent attempt to counter criticism of the 2019 reduction in tax rates for companies which was alleged to have dented the Centre's revenue collections, impacting its spending on social welfare schemes.
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GST imposed on ‘Sarais’? What Central Board of Indirect Taxes & Customs said
Fact Check | Aug 04, 2022, 11:53 PM ISTCertain sections of the media and social media are spreading the message that GST has recently been imposed with effect from 18 July, 2022 even on ‘Sarais’ run by religious/charitable trusts. This is not true, Central Board of Indirect Taxes & Customs said.
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Windfall tax on fuel export slashed; raised on domestic crude oil
Business | Aug 03, 2022, 06:58 AM ISTWindfall tax on domestically produced crude oil was hiked to Rs 17,750 per tonne from Rs 17,000, a move that will hit producers like ONGC and Vedanta Ltd.
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Windfall tax to recoup most of Rs 1 lakh crore revenue lost in excise cuts
Business | Jul 03, 2022, 11:45 AM ISTThe tax on crude oil producers like Oil and Natural Gas Corporation (ONGC), Oil India Ltd and Vedanta Ltd alone will fetch the government Rs 69,000 crore annually considering 29.7 million tonnes of oil production in 2021-22 fiscal (April 2021 to March 2022).
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Central Government slaps tax on petrol, diesel exports; imposes windfall tax on crude oil
Business | Jul 01, 2022, 02:54 PM ISTThe levy on crude, which follows record earnings by state-owned Oil and Natural Gas Corporation (ONGC) and Oil India Ltd (OIL) and private sector Cairn Oil & Gas of Vedanta Ltd, alone will fetch the government Rs 67,425 crore annually on 29 million tonnes of crude oil produced domestically.
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Centre releases Rs 95,082 cr to states as tax devolution for January
Business | Jan 20, 2022, 04:52 PM ISTPoll bound states of Uttar Pradesh will receive Rs 17,056.66 crore, Uttarakhand Rs 1,063.02 crore, Punjab will receive Rs 1,718.16 crore and Goa is going to get Rs 367.02 crore along with all other states.
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Government extends deadline for various tax compliances, VsV payments
India | Aug 29, 2021, 05:14 PM ISTThe deadline for filing the Equalisation Levy statement in Form-1 for the Financial Year 2020-21 has been extended till December 31, against the original due date of June 30.
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I-T Department extends deadline for various tax compliances
Business | Aug 03, 2021, 10:46 PM ISTThe income tax department on Tuesday extended the deadline for various compliances, including the filing of statements related to equalisation levy and remittances.
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GST revenue collection for July at over Rs 1.16 lakh crore
Business | Aug 01, 2021, 02:25 PM ISTOut of the total revenue collected CGST was Rs 22,197 cr, SGST was Rs 28,541 cr, IGST was Rs 57,864 cr- including Rs 27,900 cr collected on import of goods- and Cess was Rs 7,790 cr- including Rs 815 cr collected on import of goods.
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'Is it a govt or greedy money lender from old Hindi films': Rahul's dig at taxes on fuel
India | Jul 20, 2021, 01:54 PM ISTRahul Gandhi on Tuesday took a dig at the Centre over its tax collections on petrol and diesel.
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GST was notified with horrendous rates of tax: Chidambaram slams Centre
India | Jun 02, 2021, 11:48 AM ISTIn a statement on Wednesday, Chidambaram said, "GST started as a good idea, BJP converted it into a bad law. It was notified with horrendous rates of tax."
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Benefits on buying new vehicles on scrapping of old; taxes, other levies for polluting cars: Gadkari
India | Feb 07, 2021, 11:04 AM ISTBuyers of new vehicles after opting for the scrapping of their old and polluting vehicles will be offered benefits under the new policy to phase out old and polluting vehicles, Union minister Nitin Gadkari has said.
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Tax holiday for startups to be extended by one more year
Business | Feb 02, 2021, 08:19 AM ISTUnion Finance Minister Nirmala Sitharaman on Monday proposed the extension of tax holiday for startups by one more year.
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Un-fried 'Fryums' not 'Papad', hence taxable at 18%
Business | Jan 18, 2021, 08:11 PM ISTWith this interpretation, papad cannot be equated with any other un-fried fryums and hence it is liable to pay 18 per cent GST, as against nil GST applicable for papad, the AAR has said.
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Tax records show Trump tried to land China projects
World | Oct 21, 2020, 08:44 AM ISTPresident Donald Trump spent a decade unsuccessfully pursuing projects in China, operating an office there during his first run for president and forging a partnership with a major government-controlled company.
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J&K govt withdraws 50 per cent 'corona tax' on liquor
Business | Sep 01, 2020, 05:37 PM ISTThe Jammu and Kashmir administration on Tuesday withdrew the additional excise duty of 50 per cent levied on liquor after the outbreak of COVID-19 as a new excise policy for the remainder of 2020-2021 financial year came into force in the Union Territory, a senior government officer said.
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COVID-19 crisis fallout: Advance tax collection in June quarter dips 31 per cent
Business | Jun 16, 2020, 01:56 PM ISTThe gross advance tax collection fell 31 per cent in the first quarter. Advance corporate tax mop-up declined 79 per cent in the same period, PTI reports quoting an income tax official.