Parliamentary panel asks government to prevent misuse of input tax credit under GST as collection slows
Two years after its launch, the government has begun the review of GST, including a possible resetting of rates along with the slabs, the Standing Committee on Finance headed by Jayant Sinha said in its report tabled in Parliament.
Lok Sabha passes Bill to effect corporate tax reduction
The Lok Sabha passed a Bill to replace an Ordinance for effecting reduction of corpor...
Tax queries: No GST on sale of unfinished flat to another home buyer
Dilip Lakhani, Senior Chartered Accountant, answers queries from our rea...
Japan stocks end higher on trade hopes, talk of fiscal spending
Nikkei index closed up 0.28 per cent at 23,437.77, with advancers in the IT sector.
Digital companies scramble to save on tax as India tightens data laws
The fear for companies such as Google, Facebook, Netflix, Amazon and LinkedIn is that if the servers sit in India, it would be seen as a PE and will attract higher tax. Some are also exploring another route for tax saving. They may consider creating a separate company that would own servers and the main entity would only pay “rent” for using it.
Govt carrying out reforms to boost economy: Piyush Goyal
Piyush Goyal said as regards reforms in the tax system, it is stated that through the Taxation Laws (Amendment) Ordinance, 2019 (the Ordinance), corporate tax rates were reduced to 22 per cent plus the applicable surcharge and cess for all domestic corporate persons not claiming any deduction or incentive.
States seek pruning of GST exemptions
A panel of state and central government officials, set up to suggest measures for revenue augmentation, has also backed rejig in the GST rate structure to shore up revenues besides a tighter administrative hand to improve compliance.
RIL yet to decide on adoption of newer rate of corporate taxation
The gov had last month slashed the corporate tax by ten percentage points, under which the effective outgo for cos will come down to 25.17%. RIL has only reduced the Minimum Alternate Tax (MAT) to 15 per cent from the earlier 18.5 per cent
Tax fears keep family offices at bay from investing in India despite Sebi leeway
Sebi recently announced operational guidelines for FPIs and depository participants.
View: India should now move to standardised, stable and easily understood rates of taxation
Standardisation, simplification, reduction of human interface between tax department and payees, and stability are building blocks of tax reforms.
View: NDA government could reform India's regressive taxation philosophy
Removing bias in tax treatment can lead to better allocation of resources & end investments slowdown.
We are not done with stimulus: Nirmala Sitharaman on reviving economy
A personal income tax rate cut for Sitharaman would be difficult at this juncture.
Lamborghini expects 30% growth driven by non-metros
Almost a quarter of Lamborghini’s sales come from cities other than key metropolitan areas.
It is not healthy for us to flip-flop on taxation: Nishith Desai
This is not the way to bring laws. Every time, we hit a bad situation, we start reversing.
Big copper makers at war with smaller cos over customs duty
Secondary producers seek reduction in duty on copper cathode & copper scrap while large players want it to remain at 5%.
Copyright © 2019 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service