Elon Musk; Jeff Bezos.

Photo: Inc. Magazine

Richest Americans Paid No Income Tax In Some Years: Report

An investigative report by New York's ProPublica has revealed that several US-based billionaires including Jeff Bezos and Elon Musk have paid zero income tax in some years. Reportedly, Bezos avoided paying of tax in 2007 and 2011 while Musk paid no tax in 2018. Notably, the US does not tax the value of stocks and property people own but only the income generated from the sales of these items.

Wed, 09 Jun 2021 - 04:56 PM / by Harsh Vardhan

Tags: Elon Musk, Jeff Bezos, New York, ProPublica, tax

Courtesy: LiveMint

Representational image

Photo: Taxscan

Govt Waives Late Fee For March, April GSTR-3B, Tax Returns

The Central Board of Indirect Taxes and Customs (CBIC) on May 1 announced that no extra fee will be charged for late filing of tax and GSTR-3B returns for March and April. Reportedly, the date to file taxes was extended by 15 days for taxpayers with more than Rs 5 crore turnover and 30 days for others. CBIC also stated that these relaxations are in effect from April 18. 

Sun, 02 May 2021 - 09:00 PM / by Neha Sanjeev

Tags: tax, GST, tax Exemption, Central Government, CBIC

Courtesy: Hindustan Times

gst

Photo: Business Standard

GST Collections Clock All Time High Of Rs 1.41 Trillion In April

Setting a new record in the indirect tax bracket, the Goods and Services Tax (GST) collections stood at an all-time high of Rs 1.41 trillion in April. Experts attributed government's strict compliance along with heavy crackdown of evaders behind the surge. Reportedly, the collections crossed one trillion mark for seventh time in a row while surpassing previous month's collections by 14%. However, experts expressed worries about future… read-more

Sat, 01 May 2021 - 09:00 PM / by Ronit John

Tags: GST, Indirect tax, Goods and Services tax, april, India, tax

Courtesy: Business Standard

gst

Photo: Business Standard

March GST Collections Clock All Time High Of Rs 1.23 Lakh Crore

GST collections of March has skyrocketed at an all-time high of Rs 1.23 lakh crore. The FinMin has cited rapid economic recovery, effective tax administration and stringent fake billing measures besides the increase. Of the Rs 1.23 lakh crore, while CGST and SGST accounted for Rs 22,973 crore and Rs 29,329 crore respectively, IGST clocked Rs 62,842 crore. Notably, the collections increased by 27% compared to March 2020 figures.

Thu, 01 Apr 2021 - 07:07 PM / by Ronit John

Tags: GST, India, tax, Indirect tax, CGST, SGST, IGST

Courtesy: The Times Of India

GST Tax Slabs

Photo: India Filings

Centre Eyes To Merge 12%, 18% GST Tax Slabs Into One

The Centre is eyeing to merge the 12% and 18% GST tax slabs into one. Initially demanded by states and later backed by the Fifteenth Finance Commission, the matter is likely to be discussed by the GST council in its March meeting. Currently having four GST rates, and special rates on precious stones and metals, the Finance Ministry has been looking to make a three-rate structure of a merit rate, standard rate and demerit rate.

Fri, 19 Feb 2021 - 09:30 AM / by Nikita Thakur

Tags: tax, GST, FINANCE MINISTRY, Tax Slabs, Tax Slabs Merger

Courtesy: Live Mint

Representational Image of GST

Photo: Business Today

Over Rs 1 Lakh Crore GST Collection In Oct; FinMin Claims Economic Recovery

The Finance Ministry has claimed that the economy is rebounding after the Goods and Services Tax (GST) collection for October month stood at Rs 1.05 lakh crore. It added that total income generated by the Centre and state governments, after regular settlement, in October month was Rs 44,285 crore and Rs 44,839 crore respectively. It also stated that total number of summary tax returns filed for this month was 80 lakh.

Sun, 01 Nov 2020 - 12:14 PM / by Mahadevan K V

Tags: GST, FINANCE MINISTRY, Economy, tax

Courtesy: LiveMint

Swiss bank

Photo: Scroll

Switzerland Shares Information Of Swiss Bank Account Holders

Switzerland on October 9 shared data of about 3.1 million Swiss bank accounts to 86 countries under the Automatic Exchange of Information pact. Reportedly, the data released includes a "sizeable number" of accounts related to Indian citizens and entities. However, the exact numbers are not disclosed. The data is said to help tax authorities to determine whether the account holders have filed their tax returns in accordance with their… read-more

Fri, 09 Oct 2020 - 07:28 PM / by Sneha Ramesh

Tags: Switzerland, swiss bank, tax, India

Courtesy: The Times Of India

Nirmala Sitaraman

Photo: Live Mint

Finance Ministry To Disburse Rs 20,000 Crore Compensation Cess To States

Union Finance Minister (FM) Nirmala Sitharaman briefed the press after the 42nd Goods and Services Tax Council meeting on October 5. The minister stated that the compensation cess amount of Rs 20,000 crore will be distributed to the states by the night of October 5. She also stated that a committee, led by Bihar's Deputy CM Sushil Modi, has been constituted to deliberate on the issue of 'Integrated-GST'. She said Rs 24,000 crore of IGST will… read-more

Mon, 05 Oct 2020 - 08:26 PM / by Mahadevan K V

Tags: FINANCE MINISTRY, GST Council, tax, GST

Courtesy: Brifly Exclusive

Laptops

Photo: Gadgets Now

Government Ponders Tariff Hikes on Textiles, Cameras and Laptops

Furthering its economic offensive against China, the Indian government is pondering on imposing customs duty on close to 20 product categories, which include cameras, laptops, and textiles. Steel products are also being considered for import restrictions by the DGFT. A senior officer informed that Finance Ministry had earlier rejected the proposal from the Commerce and Industry Ministry; but this time around, Revenue Department may… read-more

Tue, 11 Aug 2020 - 05:13 PM / by Tania Mukhopadhyay

Tags: Boycott Chinese Goods, China, Indo-China, tax

Courtesy: Times of India

income tax
Govt Issues over Rs. 70,000 Crore Tax Refunds to the Taxpayers

A total of Rs. 24,603 Crore IT refunds have been paid to 19.79 lakh taxpayers and Rs. 46,626 Crore corporate tax to 1.45 lakh taxpayers. The government has further clarified that the government is planning to finish the remaining disbursal by August 31 to help taxpayers with liquidity during the pandemic as people are hoping to get their tax benefits at an urgency.

Fri, 17 Jul 2020 - 08:36 PM / by Taj Zehra

Tags: tax, Central Government

Courtesy: Brifly News