Tax rates News

FM Nirmala Sitharaman added that while some refinements are needed, the Council is very close to finalising key changes such as rate reductions, rationalisation, and slab adjustments. 

According to the report, ready-to-eat popcorn is set to attract varying GST rates based on its preparation and packaging, as decided in the 55th GST Council meeting on Saturday.  

Budget 2024: Long-term gains on all financial and non-financial assets will attract a tax rate of 12.5 per cent instead of 10.0 per cent.  

Union Budget 2023-24 will be presented on Feb 1. Taxpayers will also have an eye on the budget, scroll down for the direct link and detailed procedure to calculate Income Tax

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GST is an indirect tax which was introduced in India on July 1, 2017.

The GST Council, which comprises of representatives of all states, have already rationalised tax rates for over 100 items.

Larger corporates paid lower tax rates than smaller ones for 2015-16.

Tax rates on certain kitchen items like pickles and mustard sauce, as well as movie tickets costing up to Rs 100 have been lowered as the Centre and states today reduced levies on 66 items.

Allaying concerns of exporters related to GST, the commerce ministry on Friday said it is looking at all options to ensure timely refund of taxes under the new indirect tax regime to be rolled out next month.

Gold demand in Asia tapered off this week as buyers took to the sidelines in India to await a new national tax policy and as China entered a seasonal slowdown.

The GST rollout will add 40 bps to GDP, lower than earlier estimates as multiple tax rates and exemptions announced under it are far from an 'ideal' structure and could blunt the growth impact of the reform process, says an HSBC report.

Tax rates cleared by the all powerful GST Council will bring cheer to the industry as prices of consumer products are likely to drop with the implementation of the new indirect tax regime from July 1, experts said.

Finance Minister Arun Jaitley ruled out any surprises in the tax rates in the Goods and Services Tax (GST) that is proposed to be rolled out on July 1 and also asserted that there will be no cascading in goods and commodities, which can even see tax rates coming down a little.

Tax rates on automobiles in the upcoming GST and monsoon will be crucial factors which will influence the rate of growth of the industry in the new fiscal, according to Toyota Kirloskar Motor.

The government can lower tax rates if people pay their dues sincerely, Union Power Minister Piyush Goyal said on Friday.

Finance Minister Arun Jaitley hints at low tax rates due to demonetisation.

According top priority to the implementation of GST, Finance Minister Arun Jaitley on Wednesday sounded confident on the tax rates coming down once the indirect taxation regime is put in place.  

 Amid intense speculation over the rate of Goods and Services Tax (GST), Finance Minister Arun Jaitley today said moderate taxes and high evasions cannot coexist.

Congress Vice President Rahul Gandhi on Monday said that the passage of the Goods and Services Tax (GST) bill is a good step but there should be a cap of 18 per cent on its rate.