Tax

Indirect tax collections up 4.6% in Apr-Aug

Indirect tax collections upNew Delhi: Indirect tax mop up inched up by 4.6 percent in the April-August period of this fiscal, while customs duty and excise duty collections rose marginally.

Indirect tax collections comprising excise, customs and service tax stood at Rs 1,94,492 crore in the first five months of 2014-15 fiscal as against Rs 1,85,881 crore in the corresponding period a year ago, the finance ministry said in a statement.

The growth at 4.6 percent is far less than 25 percent annual increase envisaged in the Budget for the full 2014-15 fiscal.

Excise collection rose marginally 0.5 percent during the quarter to over Rs 61,415 crore.

Govt aware of alternate tax issues: Sitharaman

Nirmala SitharamanVisakhapatnam : Union Commerce and Industry Minister Nirmala Sitharaman on Saturday said that the government was aware that inventors in SEZs were facing issues related to minimum alternate tax and dividend distribution tax, and it was planing to usher in some curative policies.

Talking to reporters after laying foundation stone of IT Towers at the Special Economic Zone in Duvvada here, she said Finance Minister Arun Jaitley might not have mentioned the issue in his budget, but it had not gone unrecognised and measures would be taken to resolve it.

Revenue collection expected to exceed target in FY15: Jaitley

Arun-JaitleyNew Delhi, July 21 : Union Finance Minister Arun Jaitley hoped that the revenue targets fixed for Direct Taxes for the current Financial Year 2014-15 would not only be achieved but would also be surpassed.

The current year target for Direct Tax collections is Rs. 7,36,221/- crore. The Finance Minister said that in order to achieve this target, the officers of Income Tax Department will have to work with highest standard of ethics. He said that credibility of the Department is its biggest asset.

More tax concessions when economy improves: Finance Minister

Arun-JaitleyNew Delhi: Finance Minister Arun Jaitley today promised more concessions in income tax when the economy improves. "We do not want a high taxation regime. It was because of the high taxation regime of the previous government that inflation rose.

"I think there was never a Union Budget since 1947, which gave relief up to Rs 50,000 across all three classes of tax payers -- right from lower to the middle and higher income brackets," he told a news channel, according to a release issued by the channel.

Japan raises sales tax after 17 years

Japan raises sales tax after 17 yearsTokyo, April 1 - Japan Tuesday raised its sales tax rate from 5 percent to 8 percent, marking the first sales tax hike in 17 years, reported Xinhua.

The move by Prime Minister Shinzo Abe would affect Japan's economy that has showed signs of recovery brought by Abe's economic policies.

The first step of the two-stage tax hike is aimed at covering swelling social security costs for the country's aging society, which would help increase government tax revenues and restore the nation's fiscal health.

I-T offices to function 24x7 till March 31

I-T offices to function 24x7 till March 31Income tax (I-T) offices will function 24x7 till 31st of March in order to complete the collecting the remaining revenue of more than Rs. 50,000 crore before the end of financial year 2013-14.

The Central Board of Direct Taxes (CBDT) has declared that its tax collection offices would function around the clock, and that no official who is on tax collection duty will take leave till March 31.

Osborne asked to hike social-security tax on firms

George OsborneGeorge Osborne, the UK's Chancellor, is being urged to announce an increase in the level of social-security tax on firms in the UK as part of this year's budget in order to help increase job creation.

London-based Policy Exchange said that increasing the National Insurance Contributions in 2015 to 192 pounds per week from 157 pounds will save firms 250 pounds for every person employed. The amount is equivalent of
10,000 pounds a year. The institute is recommending an £5.4billion annual cut in National Insurance to save businesses £250 for each employee.

India tax case will not affect deal with Microsoft, says Nokia

India tax case will not affect deal with Microsoft, says NokiaFinish company, Nokia has said that that the pending tax case in India is not likely to affect the deal with software giant, Microsoft under which the company sold its handset division to the American company.

Nokia’s interim CEO discusses tax liability issue with Commerce Min. Anand Sharma

Nokia’s interim CEO discusses tax liability issue with Commerce Min. Anand SharmaFinnish handset maker Nokia on Wednesday repeated its warning that it could close its Chennai factory unless Indian government resolves the Rs 21,153 crore tax liability issue at the earliest.

Risto Siilasmaa, Chairman & interim CEO of Nokia, said the company as deeply concerned about thousands of jobs at stake at the Chennai factory.

I-T dept. devises six-point strategy to recover tax dues from corporate houses

Income TaxThe Income Tax (I-T) Department has devised six points strategy to recover tax dues from corporate houses, Minister of State for Finance J D Seelam told Parliament on Friday.

In a written reply to the Lok Sabha, Mr. Seelam also revealed that corporate houses owe a whopping Rs 2,46,416 crore in taxes to the government. In forty-five cases, corporate houses owe direct taxes of above Rs 500 crore each.

Answering a question, he wrote, "However, the amount of total corporate tax demand outstanding, as on December 31, 2013, is Rs 2,46,416 crore . there are 45 corporates cases where direct tax demand above Rs 500 crore is outstanding."

Single tax will not be easy to implement: Jaitley

Single tax will not be easy to implement: JaitleyA proposal to replace scrapping income tax and some other taxes with a single tax is attractive but will not be easy to implement, senior BJP leader Arun Jaitely said.

Mr.  Jaitley said that implementing a single tax would not be easy for the government to implement due to the federal structure of the country.

Speaking on the topic, he said, "At present, society is distraught with excessive taxation, complex taxation and Inspector Raj and that's why this proposal looks attractive, but there are many questions in implementation of this."

I-T Dept. asks jewellers to furnish information about gold transactions

I-T Dept. asks jewellers to furnish information about gold transactionsIn a bid to keep a check on big transactions by jewellers, the government has asked them to furnish information on all purchases of jewellery worth more than Rs 5 lakh by the end of January.

Jewellers have been asked by the Income Tax (I-T) department to furnish information like the number of transactions, value of transactions, and mode of payment.  In addition, they have been asked to reveal transaction codes.  The three-page letter sent to jewelers also warned that fines would apply for non-compliance.

Govt. to take stern penal action against service tax evaders

Govt. to take stern penal action against service tax evadersThe government on Monday advised tax evaders to either clear their dues by Tuesday or face stern penal action, including arrest and prosecution.

Revenue Secretary Sumit Bose said that the government would start taking stern action against service tax evaders from January 1, 2014.

Speaking to reporters, Bose said, "I would like to advise that from January 1, 2014 stern action will be taken against service tax evaders and provisions in the Finance Act relating to arrest and prosecution will be enforced in right earnest."

French firms will have to pay 75% tax on large salaries

French firms will have to pay 75% tax on large salariesFrench authorities have approved a new law that would require French firms to pay 75 per cent tax on annual salaries exceeding 1 million euros or about $1.47 million.

Tax evaders rush to clear their dues

Tax evaders rush to clear their duesAs the government's service tax amnesty scheme is fast approaching its end, tax evaders are in a rush to avail the rare opportunity and clear their taxes without facing any prosecution.

The Voluntary Compliance Encouragement Scheme (VCES) was announced by Union Finance Minister P. Chidambaram in the budget 2013-14 to encourage tax evaders to clear their dues. The scheme is scheduled to end on Dec. 31.

Indirect tax collections grow 5% in Apr-Nov

Indirect tax collections grow 5% in Apr-NovIndirect tax collections increased by 5 per cent year-on-year in the April to November period of the current financial year, sources from the Ministry of Finance revealed.

According to the sources, total collection of indirect taxes jumped to nearly Rs 3,07,568 crore during the first eight months of 2013-14, from Rs 2,93,145 crore in the corresponding period of the previous year.

Chancellor has more room for tax cuts

Chancellor has more room for tax cutsChancellor George Osborne of the UK will have more room for tax cut giveaways in the country as the economy continues to show strong recovery.

The Office for Budget Responsibility (OBR) is expected to announce that the government is ahead of its forecasts on cutting the deficit, which might allow the Chancellor to have more score for rate alterations.  The improving British economy might allow him to allow some tax incentives in the country.  The OBR has said that it is likely to increase its economic growth forecast for 2013 from 0.6 per cent to 1.4 per cent.

India needs to provide stable tax environment to attract investments: report

India needs to provide stable tax environment to attract investments: reportThe Indian government needs to provide a stable tax environment as well as simplify procedures in line with global practices to attract investments, a report prepared jointly by the Confederation of Indian Industry (CII) and Ernst & Young (EY) said.

In a white paper, the CII and EY suggested that a stable environment was necessary to foster investments, promote economic growth and facilitate job creation.

Reeves urges for scrapping bedroom tax

Rachel ReevesRachel Reeves, the Shadow secretary for work and pensions has urged the other MPs in the UK to scrap the controversial bedroom tax in the country.

Some suggest that the children in homes are getting affected as households are forced to squeeze family food budgets. According to new estimates, as many as 375,000 youngsters are being affected because of the tax in the country. A new research showed that families who have been unable to move home are now worse off by £13.60 a week on average and £709 per year.

Indirect tax collections jump 5.1% in Apr-Sept

Indirect tax collections jump 5.1% in Apr-SeptTotal collection of indirect taxes - excise, customs and service tax - increased by more than 5 per cent year-on-year in the six months ended September 30 this year, fresh figures released by the finance ministry showed.

According to the recently released official figures, total collection of indirect taxes increased 5.1 per cent to nearly Rs 228,550 crore during April to September quarter of current financial year.




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