Tax

Govt extends anti-subsidy duty on Chinese pesticide chemical for 5 years

India has extended countervailing or anti-subsidy duty on a Chinese chemical used in pesticides for five more years to guard domestic players. The decision followed a recommendation of the commerce ministry's investigation arm DGTR for continuation of the duty on the imports of 'Atrazine Technical' from China. "The countervailing duty imposed under this notification shall be levied for a period of five years (unless revoked, superseded or amended earlier) from the date of publication of this notification," a finance ministry notification has said. The finance ministry has imposed a duty of up to 11.94 per cent on the product. In its probe, the DGTR had concluded that the current duties have allowed more Indian producers to enter the market and have helped the domestic industry to expand its capacity. The subsidised exports were hurting Indian players. Earlier the revenue department had imposed the duty in September 2019. Subsidised exports impact the price of that product in th

Tyranny of GST status quo: Incremental changes fail to address the problem

The reluctance to undertake comprehensive rate rationalisation, fearing revenue loss, is short-sighted

Here's a look at the legal saga of Hunter Biden that ended in guilty plea

The legal saga surrounding Hunter Biden took an unexpected turn when he pleaded guilty to nine federal tax counts after prosecutors refused to budge in their opposition to a special plea that would have allowed him to maintain his innocence. The twist that played out as jury selection was scheduled to start in the tax trial Thursday almost brings to a close a yearslong investigation of President Joe Biden's son. The case has been punctuated by Republicans' allegations of preferential treatment and accusations by his defense attorneys that prosecutors overcorrected and bowed to political pressure when two indictments were issued as a previous plea deal fell apart. Hunter Biden will now await sentencing in both his June jury conviction on charges that he lied about his drug use on a federal form to purchase a gun, which he possessed for 11 days, and the tax case he pleaded guilty to Thursday. Here's a look at the winding legal road that led to the surprise plea. The plea deal that ..

How to use new electronic system to resolve Income Tax disputes

e-DRS system enables taxpayers to electronically submit applications for dispute resolution to the Dispute Resolution Committees

Different modes of MF holdings and how are they taxed?

Profits gained from investment in mutual funds are known as 'Capital gains'. These capital gains are subject to tax

India's net GST mopup growth slows to 6.5% in August, shows govt data

Experts say increased refunds key factor but see robust growth ahead with start of festival season

CBDT sets up DRCs in 18 principal commissionerates for e-dispute resolution

The Central Board of Direct Taxes (CBDT) had notified the e-Dispute Resolution Scheme, 2022 with the aim to reduce litigation and provide relief to eligible taxpayers

Best of BS opinion: Tax-reform dilemmas, ring-fencing a challenge

Here is the best of Business Standard's opinion pieces for today

Tax reform dilemmas: Taxing agri, adjusting exemptions key to fairness

Any proposed reforms, therefore, need to be analysed from this perspective as well

Why there is an urgent need to rationalise both GST slabs and rates

Rationalisation of the tax structure is expected to be discussed in the GST Council meet on Sep 9. The group of state ministers would be well advised to initiate the process

Got tax refund text? Verify source, don't divulge sensitive information

They sometimes misuse personal information collected during tax preparation, leading to identity theft or unauthorised financial transactions

PhonePe turns profitable with adjusted PAT, revenue up 74% for FY24

This is the first time the company has reported profit on consolidated numbers

MIF launches one-stop portal for NRIs; will help resolve tax issues

Owing to tax-related changes in India, Rajasthani NRIs face difficulties related to investment provisions in India, Vijay Garg, founder and general secretary of MIF, said

Low tax is India's lure as green debt misses nation's sovereign bond boom

The nation will allow the trading of sovereign green debt from its newest finance hub in Prime Minister Narendra Modi's home state of Gujarat by March

Hero MotoCorp gets over Rs 17 cr tax notice from Delhi GST authorities

Hero MotoCorp on Sunday said it has received a demand notice of over Rs 17 crore from Delhi GST authorities. The company has received an order dated August 17, 2024, for disallowance of input tax credit for FY 2019-20 from the Office of the GST Officer, Government of NCT of Delhi, the two-wheeler major said in a regulatory filing. The company said the tax demand is for Rs 9,38,66,513, interest Rs 7,32,15,880 and penalty Rs 93,86,651 as per the notice. Based on the company's assessment, the tax demand is not maintainable in law, it added. The input tax credit disallowed by the office of the GST Officer, New Delhi, was rightfully claimed by the company as per the provisions of the GST law but disallowed on account of the supplier's non-compliance, which is not attributable to the company, Hero MotoCorp said. Accordingly, the company shall take appropriate steps, including filing an appeal, it added. There is no material impact on financials, operations or other activities of the ..

Maruti to increase deferred tax liability provision by Rs 850 cr in Q2

Maruti Suzuki India on Saturday said it would need to increase provision for deferred tax liability by around Rs 850 crore due to the withdrawal of indexation benefit while calculating long-term capital gains on debt mutual funds. The company was making accounting provisions for deferred tax liability on fair value gains on these investments, Maruti Suzuki India said in a regulatory filing. A one-time impact on profit after tax will be felt in the second quarter of the ongoing fiscal, it added. In the Finance (No.2) Act 2024, the indexation benefit has been withdrawn while calculating long term capital gains on debt mutual funds which were purchased prior to April 1, 2023, it added. "Due to withdrawal of indexation benefit and change in rate of tax from 20 per cent plus surcharge and cess (with indexation) to 12.5 per cent plus surcharge and cess (without indexation), accounting provision for deferred tax liability so created needs to be restated," the automaker said. Consequently

Unilateral environment measures like carbon tax hamper global trade: Govt

India on Saturday said that unilateral environmental measures such as the European Union's (EU) carbon tax do not reflect the principles of equity and hamper equitable world trade. Commerce Secretary Sunil Barthwal said that the Global South countries are facing challenges both in terms of developing climate and sustainable development strategies and responding to unilateral measures such as CBAM (carbon border adjustment mechanism). "Unilateral environment measures do not reflect the principles of equity and common but differentiated responsibilities; and hamper equitable world trade," he said in a virtual address at the third Voice of Global South Summit. India has on different platforms raised its concerns over the EU's decision to impose carbon tax on certain sectors as it would hurt the country's exports. The country is in discussions with the EU on the subject. The EU has decided to impose a CBAM, or carbon tax, which will come into effect from January 1, 2026. Initially, it

Consult board on law interpretation while auditing: CBIC to GST officials

The CBIC has asked GST officers conducting audit to refer to the board those cases where they face issues of conflicting interpretation of provisions of the tax law. In an instruction to field offices, the Central Board of Indirect Taxes and Customs (CBIC) said during the process of audit, a CGST Audit Principal Commissioner may come across a scenario where a taxpayer has followed a prevalent trade practice based on particular interpretation of Goods and Services Tax (GST) law and more than one such interpretation of the law could result in litigation. "In such cases, it is desirable that the zonal (Pr.) Chief Commissioner make a self-contained reference to the relevant policy wing of the Board i.e. the GST Policy or TRU (Tax research Unit)," the CBIC said, adding that the Commissioner would make the reference before conclusion of the audit and before issuing show cause notice to promote uniformity and avoid litigation. Moore Singhi Executive Director Rajat Mohan said industry has .

MTNL-BSNL service agreement awaits as DoT checks for tax implications

The 10-year service agreement is crucial for MTNL which is struggling with a heavy debt load of Rs 31,944.51 crore as well as facing operational challenges

Mistaken notice

Giant tax demands should not be rushed