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.
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.
Courtesy: Hindustan Times
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
Courtesy: Business Standard
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.
Courtesy: The Times Of India
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.
Courtesy: Live Mint
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.
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
Courtesy: The Times Of India
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
Courtesy: Brifly Exclusive
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
Courtesy: Times of India
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.
Courtesy: Brifly News