Last month, the department had raised its GST tax collection target to Rs 1.1 lakh crore per month with Rs 1.25 lakh crore for a single month for the remaining period of this financial year while the direct tax target was to remain at Rs 13.35 lakh crore sans the corporate tax relief of Rs 1.45 lakh crore.
The government is considering a proposal to extend further incentives to salaried taxpayers in the upcoming budget. The Finance Ministry may allow individual taxpayers to pay a lower flat rate of tax if they forego all exemptions.
The common man has his eyes set on Finance Minister Nirmala Sitharaman's second Budget next month for relief in income tax, but an economic slowdown and a sharp reduction in corporate tax rates hint that she has very little flexibility to dole out a big largesse.
The tax had also irked travel and tourism industry stakeholders in Goa, who had expressed concern that such a tax may be emulated in other coastal villages, which would deter tourists from visiting the areas.
Conceding that GST may have some flaws in its present form, finance minister Nirmala Sitharaman on Friday asked tax professionals not to curse it and sought their help to make it better.
Pakistan has granted a 23-year income tax holiday, exemptions of sales tax and customs duties to the Chinese operators of the strategic Gwadar Port and its free zone as the two countries stepped up their efforts to build the China-Pakistan Economic Corridor, according to a media report on Wednesday.
This was announced by Pakistan Federal Minister for Maritime Affairs Ali Haider Zaidi on Tuesday. He said that the government has granted tax exemption to the China Overseas Ports Holding Company (COPHC) for 23 years to facilitate establishment of its industrial units at Gwadar Port.
The revenue department said the scheme will bring in a "paradigm shift" in taxation by eliminating human interface in the income tax assessment system.
Finance Minister Nirmala Sitharaman will on Monday inaugurate the income tax department's national e-assessment centre (NeAC), which will avoid face-to-face interaction between taxpayers and tax officials.
The festival season is all set to bring good news for those planning to buy cars or bikes. Details inside.
The reactions came as the government on Friday slashed the income tax rate for companies by almost 10 percentage points to 25.17 per cent and offered a lower rate to 17.01 per cent for new manufacturing firms to boost economic growth rate from a six-year low by incentivising investments to help create jobs.
The announcements in the last few weeks clearly demonstrate that the government is leaving no stone unturned to make India a better place to do business, improve opportunities for all sections of society and increase prosperity to make India a USD 5 trillion economy, he said on Twitter "The step to cut corporate tax is historic.
"A headline-itis afflicted, panic-stricken Modi Sarkar has cut corporate tax rates less than 3 months after a Budget and 4 months before the next one. This is welcome but it is doubtful whether investment will revive. This does nothing to dispel fear that pervades in India Inc'," he said on Twitter.
Maruti Suzuki India (MSI) is pitching for tax relief for hybrid and CNG cars in addition to electric vehicles in order to promote green mobility in the country.
If we talk about low risk and better returns, NSC is a better option to invest and save tax. Whereas, ELSS are those in which money can be invested through mutual funds in equity markets. One can invest in other options as well like fixed deposits, Public Provident Fund, National savings certificate, ELSS and many in the market, through which one can avail tax benefits depending on risk and returns.
Startups should not have any concern related to taxation and the government is putting in place an administrative mechanism to resolve the legacy issues, CBDT chief P C Mody said on Tuesday.
Budget 2019-20: Union Finance Minister Nirmala Sitharaman's proposal to slap a 5 per cent customs duty on imported books in order to encourage the domestic publishing industry has not gone down well with book lovers, while publishers feel the government could help the publishing industry with some more concrete measures, like reducing the cost of paper.
The Directorate General of GST intelligence, which became functional in December 2018 has booked around 50 cases and detected GST evasion of about Rs 300 crore resulting in the recovery of approximately Rs 250 crore in six months.
The shop, known as ‘Mukesh Kachori', is located near Seema cinema hall and is a favourite among the locals. Mukesh, the owner of the shop begins selling ‘kachoris' and ‘samosas' in the morning and continues through the day. The line of customers never seems to end.
The Government has compulsorily retired almost a dozen senior tax officers on charges ranging from extortion, bribe and sexual harassment.
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