June 13, 2024 23:21 (IST)
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A day after taking oath, Sikkim Chief Minister's wife resigns as MLA | Centre reappoints Ajit Doval as NSA, PK Mishra to Principal Secy post | All gates of Puri's Jagannath Temple opened after 4 years, BJP fulfills Odisha poll promise | Pema Khandu takes oath as Arunachal Pradesh CM for 3rd term | NEET-UG 2024: Supreme Court cancels 1,563 candidates' scorecard, directs re-test on June 23

April GST collection hits record high at Rs 2.1 lakh crore, up 12.4% y-o-y

New Delhi: India saw a record high in Goods and Services Tax (GST) revenue for April 2024, a 12.4 percent y-o-y increase, hitting a historic peak of Rs 2.1 lakh crore in gross terms, the Finance Ministry said on Wednesday.

CBDT enables taxpayers to file returns from Apr 1

New Delhi: The Central Board of Direct Taxes (CBDT) on Thursday said it has facilitated taxpayers to file their Income Tax Returns (ITRs) for the Assessment Year 2024–25 (relevant to Financial Year 2023–24) from April 1, 2024, and onwards.

Direct tax collection surges 20% to Rs 18.90 trillion till March 17q

New Delhi: The income tax department reported a growth of 19.88 percent in net direct tax collection, which has surpassed Rs 18.90 trillion as of March 17.

January GST collection grows 4.4% to Rs 1.72 lakh cr

New Delhi: The government's Goods and Services Tax (GST) collections surged to Rs 1.72 lakh crore in January, according to the provisional data released by the Ministry of Finance on Wednesday.

Centre increases windfall tax on petroleum crude to Rs 9,800/ton

New Delhi: The Centre on Tuesday increased the windfall tax on petroleum crude from Rs 9,050/ton to Rs 9,800/ton, effective from November 1, a government notification said.

Direct tax collection grows 17% to Rs 5.84 lakh cr so far this fiscal

New Delhi: Net direct tax collection in the current fiscal year up to August 10 stood at Rs. 5.84 lakh crore, 17.33% higher than the net collections for the corresponding period of last year.

28% GST on online gaming: GST Council agrees to review after 6 months of implementation

New Delhi: Finance Minister Nirmala Sitharaman on Wednesday announced the decision to implement 28% GST on the full face value of bets placed on online games, horse racing, and casinos.

Higher TCS levy on overseas spending postponed by 3 months to Oct 1

New Delhi: The Finance Ministry said on Wednesday that the implementation of the increased Tax Collected at Source (TCS) on overseas spending would be delayed by three months from the initial deadline of July 1.

No TCS on overseas spending through international debit or credit cards up to Rs 7 lakh per financial year: Centre

New Delhi: The Centre on Friday announced that individuals who use their international debit or credit cards for payments, up to Rs 7 lakhs per financial year, will be exempted from the limits set under the Liberalized Remittance Scheme (LRS).

Direct tax collections in Fy23 up 24.09 pc till Feb

New Delhi: The direct tax collections for the financial year 2022-23 (till February 10) registered a growth of 24.09 pc at Rs 15.67 lakh crore over the collections for the corresponding period of last year, government data showed on Saturday.

June GST collection jumps 56 pc YoY to Rs 1,44,616 cr

New Delhi: India's GST collection in June jumped 56 percent on an annual basis to Rs 1.45 lakh crore compared to Rs 1.4 lakh crore in May, Finance Minister Nirmala Sitharaman said Friday.

Income Tax: Govt may increase standard deduction by 30-35 pc

New Delhi/IBNS: The government is mulling an enhancement in the tax bracket for the salaried individuals by 30-35 percent in the upcoming budget while keeping the existing income tax slabs unchanged, media reports said.

Income of company with no presence in India is not taxable: ITAT

New Delhi/IBNS: A tax tribunal has ruled that domestic taxes cannot be levied on a company that doesn't have any presence in India, media reports said.

35,074 taxpayers chose 'Vivad Se Vishwas Scheme': Anurag Thakur

New Delhi/UNI: A total of 35,074 taxpayers have opted for the Direct Tax Vivad Se Vishwas Act since its enactment through Form-1 (Declaration under the scheme) that were submitted till September 8.

Cabinet approves Agreement and Protocol between India and Chile for the avoidance of double taxation

New York/IBNS: The Union Cabinet chaired by Prime Minister Narendra Modi on Wednesday approved the signing of the Double Taxation Avoidance Agreement (DTAA) and Protocol between the Republic of India and the Republic of Chile for the elimination of double taxation and the prevention of fiscal evasion and avoidance with respect to taxes on income.