TAX REVENUES

Former Chief Economic Advisor Arvind Subramanian revealed that the Centre has been sacrificing a substantial portion of GST revenue, amounting to 1 per cent of GDP annually, to uphold a 14 per cent compensation guarantee for states since the introdu...

Sanjay Malhotra's panel progresses GSTAT selection with an advanced appeals portal. Mishra heads GSTAT amid delays, critiqued by Mathews. GST Council sets time and monetary limits for cases, enhancing tribunal functionality.

It would be unreasonable to expect very quick results. While concrete outcomes on this agenda are likely to be backloaded within the financial year, clear timelines and a glide path of transition may well emerge sooner.

Sports betting is currently legal in 38 states in the US but some particular states wager the most income out of it, be it from Super Bowl or horse racing. These are some of the top US states that thrive on online and offline sports betting.

Introduced seven years ago, the Goods and Services Tax (GST) has streamlined compliance and boosted tax revenues, but challenges persist with fake invoices and fraudulent registrations causing tax evasion concerns. Despite this, GST has simplified t...

Ravi Agarwal has been serving as a member, CBDT (Administration) since, July 2023. According to the order issued by the Appointments Committee of the Cabinet on Saturday Ravi Agrawal, will be chairman of the CBDT, effective, July 1 up to the date of...

The official data revealed the fiscal deficit reduced significantly between April and May, indicating financial improvement. Analysts foresee a faster fiscal consolidation than expected, with potential to enhance expenditure. Aditi Nayar from ICRA h...

The budget, facing opposition, sets growth targets and tax revenue goals while addressing concerns about IMF loans and tax exemptions to aid economic growth.

Just as in the previous investigation, the probe led by Milan prosecutors alleges that Google did not file and pay taxes on revenues generated in Italy, but this time the basis for the accusation is different, sources said.

Urban Company, a Gurugram-based home services platform, saw its revenue in the April-June period grow 38% at Rs 282-283 crore, cofounder and CEO Abhiraj Singh Bhal told ET. Urban Company’s profit before tax margin was 4% for the period, he added.

The idea of a global tax on the richest is already supported at the G20 by Brazil, France, Spain and South Africa -- although the United States has opposed it. Tuesday's report by economist Gabriel Zucman calls for a coordinated minimum tax standard...

States may need less convincing about basic reform of the GST with their reservations over revenue neutrality successfully laid to rest. The council can step up the pace of building consensus over converging the actual weighted average GST with the ...

India Budget Tax Expectations: India's government under Prime Minister Narendra Modi is considering measures worth over 500 billion rupees to boost consumption in the upcoming budget. This includes tax cuts for lower income individuals for the first...

The think tank suggested increasing the GST exemption limit for a firm's annual turnover from 40 lakh to 1.5 crore as this will be transformative for India's MSME sector, promoting job creation and growth. Firms with less than Rs 1.5 crore turnover ...

The economic agenda would include steps to fast-rack reforms to make India a USD 5-trillion economy in near future and turn the country into a 'Viksit Bharat' by 2047.

The letter was written after the board noted that many tax officers were abusing the exceptional case clause, initiating recovery proceedings before the expiry of the specified three-month period, even in routine cases, forcing the companies to move...

The CBIC has authorized Principal Commissioners or Commissioners to demand GST dues within three months of a demand order if necessary for revenue. Generally, recovery starts post the three-month period, but early recovery can be initiated if justif...

The Indian government's fiscal deficit could be slightly lower than revised estimates of 5.8% of GDP due to robust revenues and lower subsidy outgo. Tax revenues could exceed the revised estimate by ₹27,000 crore. The fiscal deficit in absolute term...

A World Inequality Lab study recommends India implement a wealth tax on the ultra-rich to combat wealth inequality and boost social sector investments. Proposed measures include a 2% annual tax on wealth over Rs 10 crore and a 33% inheritance tax on...