All stories by IndIvjal Dhasmana
GST@7: Challenges But Collections Surge
Rediff.com12 Jul 2024Average monthly GST collection rose from Rs 90,000 crore during the first year of its implementation -- 2017-2018 -- to Rs 1.68 trillion during 2023-2024, representing an 87 per cent rise.
Why Petroleum Products Are Not Under GST
Rediff.com4 Jul 2024Adding petrol and diesel to GST was a challenging task due to their significant role as revenue generators for both the central and state governments.
'Nobody's Asking Where Money Will Come For Freebies'
Rediff.com24 May 2024'The prime minister's comment on 'revdi culture' was welcome. But I am disappointed he did not follow up on that.' 'All political parties, including the BJP, have been guilty of this.' 'Now, Modi's guarantees, the Congress's 'nyay' path and both ruling and Opposition parties are vying with each other for freebies in my home state Andhra Pradesh.'
IT firms' work for int'l clients may not always attract IGST
Rediff.com17 May 2024Services provided by Indian information-technology (IT), marketing, and consulting companies to foreign clients may not always draw integrated goods and services tax (IGST) if a ruling by the Authority for Advance Rulings' (AAR's) Telangana Bench becomes a precedent. The AAR gave its ruling on a specific case of referral services provided by the Hyderabad-based Center for International Admission and Visas (CIAV) to foreign universities and colleges for admitting Indian students.
Shares given as gift may escape capital gains tax
Rediff.com9 May 2024In a case related to Mumbai-based Jai Trust versus Union government, the court ruled that a gift is a consideration-less transaction, and hence, not liable for capital gains tax. It quashes the reassessment notice issued by the tax authorities alleging that a specific income has escaped assessment on transfer of shares as gift by the trust.
Freebies Dominate Andhra Assembly Polls
Rediff.com9 May 2024The state's economic health is in focus as it has consistently breached the fiscal deficit in eight of the last 10 years since Telangana's formation.
Net direct tax collection surpasses RE in FY24; corp tax receipts a miss
Rediff.com22 Apr 2024Direct tax collection, net of refunds, moderately exceeded the revised estimates (RE) for the financial year 2023-24 (FY24) on the back of personal income tax revenues, but corporation tax receipts fell short of the RE. Net direct tax collection stood at Rs 19.58 trillion in FY24, surpassing the RE of Rs 19.45 trillion by Rs 13,000 crore, or 0.7 per cent. The government had revised up FY24 projections for personal income tax by 13.5 per cent over the Budget estimates (BE) of Rs 9 trillion, at Rs 10.22 trillion.
Despite dent in liquor taxes, Delhi maintains revenue
Rediff.com2 Apr 2024The new excise policy, introduced in Delhi in November 2021, made sweeping changes to the city's liquor trade.
Google Ireland gets tax relief on Rs 8.6K crore it got from India arm
Rediff.com28 Mar 2024An income tax tribunal held that the amount received by Google Ireland from Google India towards marketing and distribution rights of the AdWords programme is not royalty, and hence, cannot be taxed at the hands of the assessee (Google Ireland). The ruling by the Bengaluru-based Income Tax Appellate Tribunal (ITAT) may have repercussions on similar transactions by multinationals, feel experts. Explaining the case, Amit Maheshwari, tax expert at AKM Global, said Google Ireland had received Rs 8,662.93 crore under the Google Reseller Agreements.
Will legalising MSP reduce the import bill for edible oils and pulses?
Rediff.com12 Mar 2024The protesting farmers' main demand to legalise the minimum support price (MSP) regime has divided opinion. One school of thought says it would lead to crop diversification and help India keep under check its burgeoning import bill on edible oils and pulses, while another says it would incentivise farmers to produce low-quality crops. Contrary to popular perception, India has a trade surplus in agriculture and allied activities, which stood at $18.65 billion during 2022-23 (FY23) against $15.92 billion in the previous year. However, the surplus was mainly on account of rice, wheat, sugar, spices, and buffalo meat.
Tax devolution not about richer vs poorer states
Rediff.com8 Mar 2024Tax devolution shares, which threaten to create a north-south divide among states, may have more to do with per capita income, and not so much with population.
'60% of taxpayers will shift to new tax regime'
Rediff.com21 Feb 2024'Personal income tax is growing by 27 per cent and most refunds have already been issued.'
'Rs 1.7 trillion may be GST average collection next FY'
Rediff.com18 Feb 2024'We crossed Rs 1.7 trillion in three months this financial year.'
FY24 direct tax to GDP ratio may be highest since FY01
Rediff.com7 Feb 2024On the back of robust tax collection, the ratio of direct taxes to gross domestic product (GDP) this financial year is likely to be the highest in this century so far. This, along with strong goods and services tax (GST) collection, may drive up receipts from central taxes as a proportion of GDP to the highest level or close to the highest since 2008-09 despite subdued excise and customs duty receipts. This will be due also to lower nominal GDP projected in the first advance estimates for 2023-24.
FY24 per capita income growth may be one of lowest in 21 yrs
Rediff.com24 Jan 2024Growth rate in per capita income is projected to fall to the lowest in 21 years this financial year - except for the financial years 2019-20 (FY20) and 2020-21 (FY21) - according to the first advance estimates. During the last 21 years, the two periods - FY20 and FY21 - saw growth rates in per capita income lower than 7.9 per cent, seen during FY24. This was despite the real gross domestic product (GDP) being projected to grow by 7.3 per cent in the current financial year by the first advance estimates.
GDP to grow nearly 7% in FY24: Economists
Rediff.com12 Jan 2024The economy may grow by around 7 per cent this financial year as estimated by the Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI), say economists with various organisations. The first advance estimates for 2023-24 will be released on Friday by the National Statistical Organisation (NSO), an exercise done for calculating ratios such as the fiscal deficit. The interim Budget will be presented on February 1.
More Freebies In The Interim Budget?
Rediff.com15 Dec 2023The rising goods and services tax (GST) and personal income-tax collections may bolster the Narendra Modi government's ability to announce new schemes or enhance existing ones.
Should Nirmalaji Be Worried?
Rediff.com8 Dec 2023The deficit stood over Rs 8 trillion in the first seven months of the current financial year. Non-tax revenues, comprising transfers from the RBI and dividends of the public sector units, shored up the Centre's revenues.
Will Vasundhara Endorse Gehlot's Schemes
Rediff.com4 Dec 2023The scarcity of resources is particularly evident in the case of Rajasthan compared to many other states.
'The real GDP was captured better'
Rediff.com1 Dec 2023'Revision of the base year for both CPI and GDP are long overdue.' 'The basic data that went into the 2011-2012 series were mainly from surveys done in 2011 or earlier.' 'We have since seen the emergence of new sectors like platform-based work and online marketing.' 'The employment surveys and the consumption surveys need to reflect these adequately.'