Taxation News - Latest Updates, Headlines & Analysis

Centre notifies new rules for GST Appellate Tribunal

New Delhi, April 25: The government has notified the Goods and Services Tax Appellate Tribunal (GSTAT) (Procedure) Rules which make it online filing of applications mandatory, provide for hybrid hearings and listing of cases on an urgent basis steps that will make the adjudication process simpler for businesses.

Punjab govt 'looting' traders, says BJP

Chandigarh, April 22: The BJP blamed the Aam Aadmi Party (AAP) government in Punjab on Tuesday for "looting" traders in the state to cover expenses of its leaders in Delhi.

ICICI Prudential Life gets Rs 3.67 crore GST demand order

Mumbai, April 18: ICICI Prudential Life Insurance on Friday said that it has received an order from the GST Commissioner (Appeals), Mumbai, upholding a tax demand of around Rs 3.67 crore.

Union Minister HD Kumaraswamy slams Karnataka govt over taxes, defends Centre on fuel price

Bengaluru, April 12: Union Minister and JD(S) state president HD Kumaraswamy on Saturday accused the Karnataka state government of "burdening the common man" through excessive taxation.

BRS demands rollback of hike in prices of petroleum products

Hyderabad, April 9: Bharat Rashtra Samithi's (BRS) Working President K.T. Rama Rao on Wednesday demanded that the Central government immediately reverse the hike in petrol, diesel, and LPG prices.

Gujarat CM takes key decisions to ensure effective implementation of Stamp Duty Act in State

Gandhinagar, April 8: Under the guidance of Chief Minister Bhupendra Patel, the Revenue Department of the State Government has made several amendments and additions to the provisions of the Gujarat Stamp Act.

Swiggy faces tax demands worth over Rs 165 crore, says no major financial impact

New Delhi, April 6: Online food and grocery delivery platform Swiggy is facing fresh tax troubles after receiving two assessment orders related to the financial year 2021-22.

Punjab sees record-breaking excise revenue of Rs 10,743.72 crore: Minister

Chandigarh, April 1: Punjab Finance Minister Harpal Singh Cheema said on Tuesday that the state's Excise and Taxation Department has reported a record-breaking excise revenue of Rs 10,743.72 crore for 2024-25, marking an impressive annual growth rate of 16.36 per cent compared to the previous fiscal.

Over 9 cr people filed ITR till Feb 28, high-income taxpayers stand over 4.6 lakh

New Delhi, March 18: More than 9 crore people have filed their income tax returns (ITR) for the financial year 2025 (as of February 28), according to latest data from the Income Tax Department.

High-end electric vehicles will be costlier in Maharashtra from April

Mumbai, March 11: People wanting to buy high-end electric vehicles in Maharashtra must rush to the showrooms now as the cars would get costlier from next month, once the taxes proposed in the state Budget comes into effect.

Israel sees 16.8 per cent drop Year-to-Year in February vehicle imports

Tel Aviv, March 11: In February 2025, vehicle imports to Israel totaled 13,312 vehicles (private) compared to 15,998 in February 2024, a decrease of 16.8 per cent. Imports of commercial vehicles amounted to 737 vehicles compared to 867 in February 2024, a decrease of 15 per cent.

GST collection increases by 20 pc in Haryana

Chandigarh, March 3: Haryana's Excise and Taxation Department on Monday achieved significant growth in the collection of Goods and Services Tax (GST).

IOCL among highest taxpayers to Mizoram govt: CM Lalduhoma

Aizawl, Feb 28: The state-owned Indian Oil Corporation Limited (IOCL) is one of the highest taxpayers to the Mizoram government and contributes a lot for the welfare and development of the state, Chief Minister Lalduhoma said here on Friday.

Punjab adds 46,338 GST taxpayers: Finance Minister Cheema

Chandigarh, Feb 18: Punjab Finance Minister Harpal Singh Cheema on Tuesday said the Excise and Taxation Department has conducted targeted GST registration drives to broaden the tax base, resulting in the addition of 46,338 taxpayers in 2023-24 and approximately 33,000 new taxpayers up to December 2024.

If we borrow, we borrow to build, says FM Sitharaman

Mumbai, Feb 17: Finance Minister Nirmala Sitharaman on Monday said that Prime Minister Narendra Modi-led government's "big shift in Budget-making" is ensuring a responsible approach to handling taxpayers' money which is reflected in borrowings directed toward capital asset building.

Questions raised on Bengal's govt claims over higher SGST collection in 2025-26

Kolkata, Feb 15: Economists in West Bengal have raised questions over the state government's claims for getting the higher collection from state goods services tax (SGST) during the next financial year of 2025-25 despite a shortfall in the collection under the same head in 2024-25.

Baijayant Panda to chair Select Committee on Income-Tax Bill

New Delhi, February 15: Lok Sabha Speaker Om Birla constituted a 31-member Select Committee of Lok Sabha MPs to examine the new Income Tax Bill, which aims to simplify tax laws, modernise definitions, and provide more clarity on various tax-related matters.

Punjab to disburse arrears of Rs 14,000 crore of employees, pensioners

Chandigarh, Feb 13: In a bonanza to employees and pensioners of the government, the Punjab Cabinet led by Chief Minister Bhagwant Mann on Thursday accorded consent to disburse arrears of Rs 14,000 crore to them.

Switzerland's MFN clause adjustment won't impact India-Swiss trade relations: Swiss Official

New Delhi, February 13: Switzerland's decision to adapt the Most Favored Nation (MFN) clause in its double taxation agreement with India will not impact bilateral financial and economic relations, according to Alexandra Fasel, State Secretary at the Swiss Federal Ministry of Foreign Affairs.

New simpler Income Tax Bill slashes volume of Income Tax Act, 1961 by half

New Delhi, Feb 13: The Income-Tax Bill, 2025 tabled in Parliament on Thursday, marks a significant step toward simplifying the language and structure of the Income-tax Act, 1961 based on global best practices, according to a statement issued by the Finance Ministry.

FM Sitharaman introduces new Income Tax Bill in Lok Sabha

New Delhi, Feb 13: Finance Minister Nirmala Sitharaman introduced the new Income Tax Bill, 2025, in the Lok Sabha on Thursday as part of the tax reforms to streamline and simplify the provisions so that they are easier to understand and reduce the scope for legal disputes.

FM Sitharaman tables new Income Tax bill in Lok Sabha, virtual assets like crypto defined under income from other sources

New Delhi, February 13: The government on Thursday tabled the New Income Tax Bill, 2025, which aims to simplify tax laws, modernize definitions, and provide more clarity on various tax-related matters.

Explained: Why Income-Tax Bill 2025 is a much-needed reform

New Delhi, Feb 12: As India moves closer to a major tax overhaul, the new Income-Tax Bill 2025 seeks to simplify the tax structure and to make it more transparent, efficient, and business-friendly.

SC says lottery distributors not liable to pay service tax to centre; states alone can impose taxes

New Delhi, February 11: The Supreme Court on Tuesday held that lottery distributors are not liable to pay service tax to the central government.

Average tax under GST dips from 15.8 % to 11.3 %: Nirmala Sitharaman in Rajya Sabha

New Delhi, February 11: Finance Minister Nirmala Sitharaman on Tuesday informed the Rajya Sabha that indirect tax under the Goods and Services Tax (GST) has significantly reduced over the years since its implementation.

New Income Tax Bill to raise transparency in tax laws, say experts

New Delhi, Feb 10: The new Income Tax Bill is contemplated to raise the level of transparency in tax laws by adopting clear and unambiguous language in tax provisions which allows the taxpayers to easily understand their obligations and rights, industry experts said on Monday.

UAE: Ministry of Finance announces issuance of cabinet decision on introduction of top-up tax for multinational enterprises

Abu Dhabi, February 8: The UAE's Ministry of Finance has announced the issuance of Cabinet Decision No. 142 of 2024 on the introduction of the Top-up Tax for Multinational Enterprises, providing further details on the UAE Domestic Minimum Top-up Tax (UAE DMTT). This follows the announcement made by the Ministry on December 9, 2024.

Indirect tax to rise by 8.3 pc, corporate tax by 10.4 pc in FY26: Report

New Delhi, February 6: The government's indirect tax collection is expected to increase by 8.3 pc in the financial year 2025-26 (FY26), according to a report by ICICI Bank.

Union Budget reflects 2047 Viksit Bharat, says CM Chandrababu Naidu

New Delhi, February 3: Andhra Pradesh Chief Minister N. Chandrababu Naidu on Monday asserted that the 2025-26 Union Budget reflects the 2047 Viksit Bharat vision, adding that the country is a pull factor for global economic growth.

Govt creating new Income Tax Act for tech-driven taxpayers, scrapping convoluted older law

New Delhi, Feb 3: After providing a big relief to the Indian middle class in the Union Budget 2025-26, the government is all set to present a new Income Tax Bill this week which would further simplify the entire tax system, bringing sweeping reforms.

FTA corporate tax awareness initiatives reach over 15,700 participants in 2024

Abu Dhabi, February 2: The Federal Tax Authority (FTA) has announced that its corporate tax awareness initiatives have witnessed significant growth in 2024, with 15,713 participants benefiting from its awareness events.

Punjab achieves 11.87 pc growth in GST, says Minister Cheema

Chandigarh, Feb 2: Punjab Finance Minister Harpal Singh Cheema said on Sunday that the state has achieved an 11.87 per cent growth in net GST collection till January in this fiscal, compared to the previous one.

Govt earns most from borrowings, spends major share of Budget on interest payments

New Delhi, February 2: India's Union Budget 2025-26 revealed a significant reliance on borrowings, accounting for 24 per cent of the government's income, followed closely by income tax, which contributes 22 per cent to the revenue.

Big tax relief to boost disposable income, stimulate consumption: Experts

New Delhi, February 2: Tax experts, industry observers, and banking leaders have lauded the Union Budget 2025-26 for its focus on economic growth, tax relief, and innovation across sectors.

Enough guardrails in Budget proposal to enhance FDI limit in insurance sector: Sitharaman

New Delhi, February 1: Union Finance Minister Nirmala Sitharaman has said that the Union Budget's proposal to increase the FDI limit in the insurance sector from 74 to 100 per cent will attract more funds and safeguards will ensure all premiums collected in India are reinvested locally.

GST collections clock 12.3 per cent growth at Rs 1.96 lakh crore for Jan

New Delhi, Feb 1: Goods and Services Tax (GST) collections for the month of January shot up by 12.3 per cent year-on-year in January to Rs 1.96 lakh crore, on the back of higher economic activity during the month, according to official figures released on Saturday.

Tax exemption up to Rs 12 lakh a booster for consumption-led growth

New Delhi, Feb 1: "Just as living beings live expecting rains, citizens live expecting good governance". With these words, Union Finance Minister Nirmala Sitharaman on Saturday proposed an across-the-board change in tax slabs and rates to benefit all taxpayers, especially the middle class. Approximately Rs 1 lakh crore will be made available in the hands of the taxpayers by virtue of changes in slab, rates and rebate.

Union Budget: Centre clears citizens' doubt on new income tax slabs

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