Indirect taxes News

Against the backdrop of trade-related uncertainty triggered by the US tariffs, India’s investment activity showcased a mixed trend in Q4 FY2025.  

Currently, RWAs are required to collect 18 per cent GST on monthly maintenance charges only if two specific conditions are met: the per-apartment monthly maintenance exceeds Rs 7,500, and the society’s annual turnover is more than Rs 20 lakh. 

Here we are decoding such budget-related terminology in easy and simple language with their meanings.

The government has detected GST evasion worth Rs 38,896 crore in 6,585 cases in the April-October period of 2018-19, Parliament was informed Friday.

Coal India, the largest coal producer in the world, is engaging a tax consultant to assist the miner and its subsidiaries in getting ready for the Goods and Services Tax (GST) and indirect taxes for the miner.

The Asian Development Bank (ADB) today lauded Prime Minister Narendra Modi's effort of integrating indirect taxes through the GST, even as it wants the Indian market to be more "deregulated" and FDI friendly to realise the true potential.

The government has exceeded the tax collection estimates for 2016-17 fiscal at Rs 17.10 lakh crore.  

As the government gears up for a fresh push to get the long-pending GST law passed, Finance Minister Arun Jaitley today said the 'one nation, one tax' regime will reduce the taxation levels and also eliminate corruption. 

In a relief to tax payers, the government has asked taxmen not to proceed with recovery of a 'confirmed' demand in relation to indirect taxes during pendency of stay applications.

Indirect tax collections for the month of April 2016 stood at Rs 64,394 crore registering a growth of 41.8 percent as compared to Rs 45,417 crore collected during the same period previous year.

Helped by buoyancy in indirect taxes, the government managed to surpass the total tax collection target for 2015-16 by Rs 5,000 crore at Rs 14.60 lakh crore.

Simplifying and eliminate corporate taxes as well as cleaning up of legacy issues will continue going forward, he added.

Reflecting improvement in industrial activities, indirect tax collection jumped 34.3 percent to Rs 4,38,291 crore during the first eight months of current financial year.

Indirect tax collections have registered an increase of almost 36 percent in the first seven months of the current fiscal.

Growth in collection of indirect taxes in the first seven months of the current fiscal shows robust GDP expansion, Chief Economic Advisor Arvind Subramanian has said.

Growth in collection of indirect taxes in the first half of the current fiscal shows robust GDP expansion, Chief Economic Advisor Arvind Subramanian has said.  

It appears to be a race against time as the government mulls convening an early Winter Session of Parliament to ensure rollout of the ambitious nationwide indirect tax regime GST by April next.

In case of voluntary payments along with interest, reduced penalty have been provided depending upon the stage of litigation i.e. Prior to issuance of show cause notice, after issuance of show cause notice but before adjudication or after adjudication.

Tax arrears towards central excise rose to Rs 59,309 crore in 2013-14, from Rs 45,463 crore a year ago, government auditor CAG said on Tuesday.

Corporates owed over Rs 4.85 lakh crore approximately to the exchequer as outstanding tax demands, under direct and indirect taxes, towards the end of fiscal 2014-15, Parliament was informed on Tuesday .