ICRA Analytics anticipates several potential changes in the upcoming Interim Union Budget for the fiscal year 2025. The Budget will be announced on February 1, 2024. Since the general elections will be held in May, this will be the Interim Budget and a new Budget will be presented in July. Here’s a list of changes …
GST, introduced on 1 July 2017, is a form of indirect tax that is charged on sales and collected by businesses from a customer buying the service or goods. Income tax (or corporate tax), on the other hand, is paid by businesses on the net income or profit they make on the sales of such …
Dividends from central public sector enterprises (CPSEs) are likely to cross ₹50,000 crore during the current fiscal for the third year in a row. It has already exceeded the Budget Estimate (BE) during the current fiscal year, reported Business Line. However, disinvestment proceeds from CPSEs are likely to remain below the Budget Estimate. Collections from dividend and disinvestment …
New Delhi: Fancy the new smartphone launched recently that you want to own but cannot afford? No problem. Buy it now and pay for it over 3-8 months. This must be a loan, you may think. Well, that is true but there’s no interest to be paid. So, essentially, you are buying the phone on …
New Delhi: The government is mulling some relief on the levy of goods and services tax (GST) on vouchers or gift cards offered by companies and retailers, addressing the issue of double taxation in some instances. A host of retailers offer vouchers or gift cards to customers that can be redeemed for their products. A …
Mumbai: Even as the sword of large-scale open market bond sales by the Reserve Bank of India hangs over the debt market, state governments in the poll season have upset bond traders’ demand-supply calculations by overshooting their stated borrowing plans. So far in October, state government bond issuances have outstripped their indicative calendar by 24%, …
The Sikkim High Court has granted a stay on about Rs 628 crore GST demand order against Delta Corp, the casino and online gaming company said in a regulatory filing on Sunday. The government has raised a total GST demand of around Rs 23,000 crore against the company till date which includes recovery of the …
As states like Delhi and Goa raised the issue of tax demand on online gaming companies and casinos retrospectively, Revenue Secretary Sanjay Malhotra on Saturday reiterated that 28 per cent GST was levied on online gaming and casinos even before. “Certain members had raised the issue of retrospective taxation. It was informed to them that …
The government has exempted payments made for goods imported through ocean freight from 5 per cent integrated GST with effect from October 1. The Finance Ministry has notified changes to the IGST Act with regard to payment of integrated GST on ‘ocean freight’ on imported goods with effect from October 1. Currently, importers are required …
In a bid to simplify compliance and provide better visibility to the regulator, the Goods and Services Tax Network (GSTN) has introduced an all-new ledger to track the reversal and reclamation of the Input Tax Credit (ITC). Known as Electronic Credit and Re-claimed Statement (ECRS), it will provide taxpayers with the balance of all input …