Indirect Tax

Coronavirus Outbreak: Centre releases Rs 14,103 cr GST compensation to states; more to be released soon

In a bid to provide further relief to states amid the coronavirus outbreak, the finance ministry has released about Rs 34,000 crore in two phases to states as compensation for their revenue loss in the goods and services tax (GST) regime

Vivaad Se Vishwas scheme to help save time, money in fighting tax disputes, says Finance Minister Nirmala Sitharaman

Finance Minister Nirmala Sitharaman on Monday said the direct tax dispute resolution scheme announced in Budget will be of great help to people as they will be able to save time and money spent in fighting cases

Budget 2020: Govt stares at tax shortfall of Rs 2 lakh cr on faltering economy; room for personal income tax relief limited

The exchequer was shaved off Rs 1.45 lakh crore as the government slashed corporate tax rates up to 10 percentage points, the biggest reduction in 28 years.

Centre releases Rs 35,298 cr GST compensation to states; govt will not renege on promise, says Nirmala Sitharaman

The GST Council, the highest decision-making body for indirect tax, is slated to hold its meeting on 18 December.

Govt unlikely to go for personal income tax cut amid fiscal stress, lower tax realisation

The government is unlikely to moderate personal income tax rates for the rich due to fiscal stress on account of lower tax realisation amid a slowdown in the economy, sources said

Pendency of indirect tax appeal cases down 61% in 2 years: MoS Finance Anurag Thakur

The pendency of appeal cases related to indirect taxes in the Supreme Court, High Court and CESTAT has reduced 61 percent to 1.05 lakh in almost 2 years, Parliament was informed on Tuesday

GST has come as a challenge for CAG as huge numbers are to be worked, says Rajiv Mehrishi

GST also offers an opportunity as the data is available on a single platform making it possible to do a 100 percent audit.

Direct tax collection exceeds target in FY19, pegged at Rs 13.80 lakh cr in FY20; mop-up from customs crosses target

As per the 2019-20 Budget estimates, out of the Rs 13.80 lakh crore direct taxes, the government aims to raise Rs 7.60 lakh crore from corporate tax and Rs 6.20 lakh crore from PIT.

Arun Jaitley says GST standard rate to be fixed between 12-18% as revenues increase; claims sun setting on 28% slab

The GST Council in its last meeting on Saturday cut rates on 23 items, thereby trimming the 28 percent slab.

Indirect tax mop-up in current fiscal may fall short by Rs 90,000 cr, says SBI research report

According to the Budget Estimate, the government proposed to mop up Rs 7.4 lakh crore from the Goods and Services Tax (GST) and Rs 2.6 lakh crore from Union excise duties.