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The Taxation Law (Amendment) Bill 2019 passed by Lok Sabha is all set to change the current dynamics of corporation tax rates. This recent bill passed is an attempt to replace the orders issued in the goods and service tax (GST) Council meeting Get to know about GST (Goods and Services Tax) council 1st to […]
Finally, a rise in Goods & Service Tax (GST) collection in the month of November to INR 1.03 lakh crore has brought good news for GST officials who have been constantly working for measures to improve GST collection. This rise by 6% seems to reverse the last two month’s fall in GST collection. Experts are […]
So far, the Government of India has collected up to ₹6 trillion as a direct tax. The government has set a target of Rs 13.5 lakh crore for this fiscal year’s tax collection, 50% of which has been achieved till the date. This information has been made available by a senior officer. PC Modi, Chairman […]
Determined by Fitch Solutions, India’s fiscal deficit forecast has increased to 3.6% of the GDP for this FY from 3.4% mentioned earlier. This hike is because of the week revenue collections which is again due to dismal economic growth and government’s widening corporate tax rate cut. “We at Fitch Solutions are revising the fiscal forecast […]
According to a report, auto sales which were witnessing a steep fall will only be benefited with a minimal discount of 1-2 per cent discount only as against to proposed massive reduction in corporate tax which brings down the levy on companies to 10-12 percentage points. In contrast to this, if the government offered a […]
Suggestions have been made by the Economic Advisory Council to the Prime Minister regarding the relinquishment of the lowest tax rate slab of 0% and the highest tax rate slab of 28%. It has been two years & a quarter since GST has implemented in 2017. There were dual ways to introduce this reformation. One […]
The 37 Council meeting chaired by Union Finance Minister Nirmala Sitharaman on 20 September concluded with various amendments in tax laws including tailoring of corporate tax rates from 30% to 22%. The reform is the breeze of relief for India in this stressed economy. Depressed GDP (current 5% from 8% a year ago), on the […]
The current situation is a catastrophe for the income tax governance as the revenue collection target for 2019-20 is seeming beyond the reach. The first half of the financial year (April to mid-September) has ended with lower than expected growth in revenue collection, giving the signs of a severe economic slowdown. The advance tax collection […]
In the case of poor demand situations, most producers opt for bringing prices down as a natural response. Then, why India’s automobile industry is demanding for cuts in GST rates besides owning for a slash in prices. The GST Council only will make a final decision on this at its meeting on Friday. Fundamentally, the […]
