- 30 Jul 2024 05:46 PM
- New
Has Piketty cast a shadow on the budget’s tax proposals?
Thomas Piketty became famous for his seminal work that was published in a book titled Capital in the Twenty First Century. In this book, he focused on developed countries, especially the US, where he traced the growth of inequality.
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- 30 Jul 2024 05:53 PM
- New
CBIC detect Rs. 36,374 Cr. Fake ITC in FY 2023-24
Source: https://taxguru.in/goods-and-service-tax/cbic-detect-rs-36374-cr-fake-itc-fy-2023-24.html
In a significant revelation, the Central Board of Indirect Taxes and Customs (CBIC) has reported a massive detection of fake Input Tax Credit (ITC) worth Rs. 36,374 crore for the financial year (FY) 2023-24. This figure, unveiled by Union Minister of State for Finance Shri Pankaj Chaudhary, underscores the scale of fraudulent activities involving fake ITC claims. The report highlights the growing trend of ITC fraud and outlines the steps taken by the government to combat this issue.
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- 27 Jul 2024 05:30 PM
- New
Petroleum Products under GST
Source: https://taxguru.in/goods-and-service-tax/petroleum-products-gst.html
In the Lok Sabha session on 25 July 2024, unstarred Question No. 678 addressed whether petrol, diesel, and LPG/CNG might be included under GST. The Minister of State for Petroleum and Natural Gas, Shri Suresh Gopi, clarified that the inclusion of these petroleum products in GST requires a recommendation from the GST Council, which has yet to be made. The GST Council had previously deferred this issue during its 45th meeting on 17 September 2021 due to potential financial impacts on both state and central revenues. The proposal to bring these products under GST has not been revisited or recommended since then. While LPG is included in GST, the prices of other petroleum products under GST remain uncertain, and no conclusive impact on consumer prices can be assessed at this stage.
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- 25 Jul 2024 06:13 PM
Budget 2024: ‘I want to relieve middle class, but I have limitations too,’ says Finance Minister Nirmala Sitharaman
The Finance Minister acknowledges the challenges the middle class faces and emphasises the government's efforts to provide relief through tax adjustments. However, these adjustments may not be sufficient for all middle-class taxpayers, particularly those with higher incomes.
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- 25 Jul 2024 06:06 PM
Income Tax Act revamp: Govt to set up panel to make law simpler for taxpayers
New Delhi: The government will set up an internal panel to overhaul the Income Tax Act, aiming to eliminate outdated provisions and enhance clarity, according to revenue secretary Sanjay Malhotra.
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- 24 Jul 2024 05:31 PM
Budget impact: ITC shares breach ₹500 for the first time on unchanged tobacco taxes, Jefferies’ upgrades to buy
ITC shares rise 3.7% post Budget 2024 as Jefferies upgrades to 'buy'. Stock hits ₹510.60 high with 19% July surge. Unchanged tobacco taxes, stable GST rates, and rural allocation boost non-tobacco businesses.
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- 24 Jul 2024 05:28 PM
The budget proposed an income tax law review. Then tinkered taxes and pre-empted it.
Finance minister Nirmala Sitharaman has proposed complex changes in the direct and indirect tax regime that are sure to give the jitters to taxpayers and investors. Some changes take effect immediately, leaving little scope for tax planning.
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- 23 Jul 2024 05:48 PM
Budget basics: Your essential guide to the key numbers, in 18 charts
NEW DELHI : The Union Budget is an annual statement of where the central government plans to earn its revenues from and where it plans to spend. It contains several quantitative terms that are a recurring feature, capturing some key dimension of the government’s finances. Here are 18 numbers that matter in this annual statement of intent and here’s what Budget 2024 said about them.
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- 23 Jul 2024 05:39 PM
Economic Survey: The government’s recipe for growth, in 12 charts
New Jobs, New Skills
One of the biggest priorities the Survey identifies is job creation, for both new workforce entrants and those leaving agriculture. It forecasts a need to create 7.8-8.1 million jobs a year, or about 103 million jobs by 2036 (Chart 1a).
- 23 Jul 2024 05:44 PM
Budget 2024: From F&O to GST optimisation — five things that Indian stock market seeks from FM Nirmala Sitharaman
Budget 2024 expectations: No change in capital gain tax, aggressive divestment policy, etc. are one of those major demands that the Indian stock market seeks from FM Nirmala Sitharaman
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