The total number of FASTags issued by various agencies has crossed the 3 cr (30 mln) mark, minister Nitin Gadkari said today. This represents about 15% of the estimated 200 mln or so vehicles who are eligible for using such tags. FASTags are a form of RFID-based auto-debit mechanism being implemented across the country to […]
Government of India today announced that it has removed about 70 out of the 100 deductions and exemptions that tax-payers could avail of to reduce their tax liability, and will deal with the remaining 30 in the coming year. The exact details of the exemptions and deductions that are being removed will be published soon. […]
The government has reduced the Goods and Services Tax on amusements parks and events such as circus, pageants, drama, functions and concerts. While the GST rate on amusements parks has been reduced to 18% from 28%, all ticket sales of up to Rs 500 each for events has been made GST free. The new rate […]
Adi Godrej, chairman of one of India’s largest manufacturing and real estate groups, said most of the complaints about the new Goods and Services Tax is coming from businesses that have been built on a model of tax evasion. “The complaints about the GST are mainly coming from people who used to evade taxes in […]
HCL Infosystems, the India-focused IT arm of HCL Group, said it received a tax demand of Rs 312.34 cr plus interest and an amount equal to the interest amount as penalty. The company, which is already struggling with losses, did not specify the amount of interest involved or the year to which the dues relate. […]
Many people who booked railway tickets worth thousands of rupees during demonetization period and cancelled these tickets for refunds are yet to get their money back. According to Indian Railway sources, many of these people could end up waiting for 90 days or more to get their money. DEMONETIZATION RUSH When the government announced that […]
The government has cleared 98% of income tax refunds below Rs 50,000 in the current financial year, the finance ministry said. 67% of the refunds were issued within one month of filing the return, and 90% were issued within 60 days, the ministry said in a statement. Typically, tax refunds used to take several months […]
The ministry of consumer affairs, food and public distribution is still waiting to hear from the hotel and restaurant industry associations on how they intend to resolve the issue of levying service charges ‘unfairly’. The matter had come to a head in early January when the ministry sent a directive to all state governments asking […]
Department of Revenue and Central Board of Excise and Customs (CBEC) have started holding interactive sessions with industry representatives to understand and address the apprehensions and concerns of the various stakeholders about GST and also provide a platform for business to express their views on important aspects of the new system. The three-day consultations started yesterday. […]
The government today issued clarifications on the imposition of income tax when a salaried employee claims his provident fund benefit from his Employees Provident Fund or EPF. It said the new tax has been imposed to discourage people from withdrawing and spending their pension funds Under previous rules, money invested in EPF is not taxed, […]
India has a shortage of close 1.9 cr housing units in urban areas, but 1.1 cr houses in these areas are lying vacant as their owners do not live in them, nor do they rent it out, pointed out housing minister Venkaiah Naidu. The problem, he said, is being addressed in India’s new Draft National […]
Broker Credit Suisse said most Indian telecom companies have absorbed the impact of higher service tax on their accounts, instead of passing it on to customers by raising the price of vouchers. “Our quick checks on tariff changes over the last couple of days suggest that telcos have largely absorbed the recent increase in service […]
Following changes in some indirect tax rates are proposed in Union Budget 2014-15. The Excise Duty on all goods falling under Chapter 84 & 85 of the Schedule to the Central Excise Tariff Act is reduced from 12 percent to 10 percent for the period upto 30.06.2014. The rates can be reviewed at the time […]
