Articles for Tax

Caramel Popcorn Contains Added Sugar, Tax Rate Will Be Higher Than Namkeen, Clarifies GST Council
7 hours, 59 minutes ago

Caramel Popcorn Contains Added Sugar, Tax Rate Will Be Higher Than Namkeen, Clarifies GST Council

Live Law  

The GST Council in its 55th Meeting chaired by Finance Minister Nirmala Sitharaman announced significant changes to the GST regime. Caramelised popcorn comes with added sugar therefore the tax rate for such a popcorn will be different from the Namkeen. It was further clarified that whether it is carbonated drink or juice with added sugar attracts a different tax rate. …

Tax Rate Gst Popcorn Tax Rate Namkeen
Vivad Se Vishwas Scheme 2024: What is it and how to avail it?
9 hours, 1 minute ago

Vivad Se Vishwas Scheme 2024: What is it and how to avail it?

India Today  

The Vivad Se Vishwas Scheme 2024, introduced in Budget 2024, provides taxpayers with an opportunity to settle pending disputes with the Income Tax Department. By paying the disputed tax amount along with a specified percentage, taxpayers can resolve disputes and avoid penalties and interest. ELIGIBILITY FOR THE SCHEME Taxpayers eligible for this scheme include: Those with pending appeals, writ petitions, …

2024 This Scheme Scheme Taxpayers Pending Disputes Vishwas Scheme
GSTR-9 simplified: Filing, features, deadlines and other details
15 hours, 21 minutes ago

GSTR-9 simplified: Filing, features, deadlines and other details

India Today  

GSTR-9 is the annual return to be filed by taxpayers registered under Goods and Services Tax, offering a comprehensive overview of sales, purchases, and the GST charged and paid during the financial year. GSTR-9 is mandatory for GST taxpayers with an aggregate annual turnover exceeding Rs 2 crore for the financial year 2023-2024. However, the following categories are exempt from …

Tax Filing Gst Taxpayers
Tax hike on used small car sales: Is the 'margin between original and resale price' calculation justified?
15 hours, 21 minutes ago

Tax hike on used small car sales: Is the 'margin between original and resale price' calculation justified?

New Indian Express  

The GST Council has approved a hike in the tax rate on used small cars, including electric vehicles, from 12 percent to 18 percent. Additionally, the revised tax rate applies only to registered dealers and individuals, but a significant portion of the used car market operates through unorganised or unregistered sellers. However, the GST hike may impact registered dealers, as …

Market Cars Price Small Cars Rate Gst Tax Hike
DC Edit | Rationalise GST in two slabs
20 hours, 1 minute ago

DC Edit | Rationalise GST in two slabs

Deccan Chronicle  

The Goods and Services Tax Council meeting appears to have ended up as a no-event without taking any major decision. While on one hand the government advocates rationalisation of tax slabs, on the other, it proposed three different rates for popcorn based on its taste and packaging. Pre-packed and labelled salted and spicy, ready-to-eat popcorn will attract 12 per cent …

Tax Gst Caramel Popcorn Caramel Popcorn
A million taxpayers will soon receive up to $1,400 from the IRS. Who are they and why now?
22 hours, 32 minutes ago

A million taxpayers will soon receive up to $1,400 from the IRS. Who are they and why now?

Associated Press  

Approximately 1 million taxpayers will automatically receive special payments of up to $1,400 from the IRS in the coming weeks. The IRS said it’s distributing about $2.4 billion to taxpayers who failed to claim a Recovery Rebate Credit on their 2021 tax returns. The special payments announced by the IRS are being sent to those taxpayers who filed a 2021 …

Credit Payments Income Tax Received Irs Receive Eligible
Congress slams govt over different tax slabs for popcorn, asks if PM will show courage for GST overhaul
Trending News
1 day, 2 hours ago

Congress slams govt over different tax slabs for popcorn, asks if PM will show courage for GST overhaul

The Hindu  

Exhorting the Narendra Modi government to show the courage to overhaul the Goods and Services Tax regime citing the “absurdity” of three different tax slabs for popcorn under the present system, the Congress on Sunday said the current complexities in the system had thrown open several loopholes leading to tax evasion. In a long post on X, Congress General Secretary …

Tax Congress Ramesh Gst Popcorn Different Tax Slabs
Supreme Court Monthly Digest- October 2024 With Statute And Subject Wise Index
1 day, 8 hours ago

Supreme Court Monthly Digest- October 2024 With Statute And Subject Wise Index

Live Law  

Advocate Supreme Court deprecates practice of litigant engaging new lawyer to reargue case after court expressed dissatisfaction on merits. Airports Economic Regulatory Authority of India v. Delhi International Airport, 2024 LiveLaw 812 Arbitration and Conciliation Act, 1996 Section 11 - Arbitration Clause in Public Premises Disputes – Applicability of the Public Premises Act, 1971 vis-à-vis the Arbitration and Conciliation Act, …

India Delhi Supreme Court High Court Court Proceedings Bihar Constitution
ANWB: The reduction of tax benefits for electric cars is going too fast
1 day, 15 hours ago

ANWB: The reduction of tax benefits for electric cars is going too fast

NL Times  

The number of people Dutch people who are planning on buying an electric car is not increasing even though the demand for electric cars is increasing and more and more affordable models are being placed on the market. Especially the lack of clarity about the motor vehicle tax plays a significant part in people’s reluctance to buy an electric car. …

Cars Car Price Electric Buy Electric Cars Mrb
Some of the most important law changes taking effect on 1 January 2025
1 day, 15 hours ago

Some of the most important law changes taking effect on 1 January 2025

NL Times  

At the start of every year, the Dutch government implements law changes. As the government was in the process of changing hands for the first half of the year, the new Cabinet only took office in early July, there are not many big changes taking effect on January 1. The Netherlands is getting an extra income tax bracket next year. …

Tax Bracket Law Changes
Trump's spending fight: What it means for the next four years
Trending News
1 day, 15 hours ago

Trump's spending fight: What it means for the next four years

India Today  

WASHINGTON: After days of threats and demands, Donald Trump had little to show for it once lawmakers passed a budget deal in the early hours of Saturday, narrowly averting a pre-Christmas government shutdown. Charlie Kirk, the prominent conservative activist, wrote on X that Trump “is already running Congress before he takes office!” House Speaker Mike Johnson, R-La., said he had …

Tax Congress Trump Debt Democrats Spending House
A million taxpayers will soon receive up to $1,400 from the IRS. Who are they and why now?
Trending News
1 day, 15 hours ago

A million taxpayers will soon receive up to $1,400 from the IRS. Who are they and why now?

India Today  

Approximately 1 million taxpayers will automatically receive special payments of up to $1,400 from the Internal Revenue Service in the coming weeks. The IRS said it’s distributing about $2.4 billion to taxpayers who failed to claim a Recovery Rebate Credit on their 2021 tax returns. The special payments announced by the IRS are being sent to those taxpayers who filed …

Tax Credit Payments Received Irs Receive Eligible
GST’s popcorn moment leaves everyone with bitter aftertaste
Top News
1 day, 15 hours ago

GST’s popcorn moment leaves everyone with bitter aftertaste

New Indian Express  

The 55th GST Council meeting ended without any significant announcements. While it is true that with every passing year, the GST—once hailed as a good and simple tax—is becoming more complex, one cannot deny that tax rules, beyond a point, cannot be simple, howsoever hard one may try. The issue of the tax rate of Malabar parotta is yet to …

Tax Gst Tax Rules
Net-zero 'grocery tax' on packaging set to push up bills by £1.4bn a year - as retail chiefs warn costs of anti-plastic levy will be passed to shoppers
1 day, 18 hours ago

Net-zero 'grocery tax' on packaging set to push up bills by £1.4bn a year - as retail chiefs warn costs of anti-plastic levy will be passed to shoppers

Daily Mail  

A new 'grocery tax' on packaging materials used by retailers and manufacturers is set to increase bills by £1.4 billion a year. The cost of collecting and disposing of packaging waste is currently taken on by local authorities and funded by council tax In the first year of the scheme, the cheapest packaging is paper or board packaging, costing £215 …

Retail Tax Costs Packaging Scheme Defra Epr
Income Tax Appellate Tribunal organises silver jubilee celebrations for Visakhapatnam Bench
1 day, 21 hours ago

Income Tax Appellate Tribunal organises silver jubilee celebrations for Visakhapatnam Bench

The Hindu  

As the Visakhapatnam Bench entered its 25th year of service, the Income Tax Appellate Tribunal Bar Association organised the silver jubilee celebrations in Visakhapatnam on Saturday. The celebrations were also graced by ITAT president Justice C.V. Bhadang, vice-president Vijay Pal Rao, vice-president Duvvuru R.L. Justice Bhadang said that the ITAT was established on January 25, 1941, serving as a quasi-judicial …

Tax Income Tax Tribunal Visakhapatnam Bench Itat Silver Jubilee
CREDAI expresses concern over proposed 18% GST on Floor Space Index premiums
1 day, 23 hours ago

CREDAI expresses concern over proposed 18% GST on Floor Space Index premiums

The Hindu  

The Confederation of Real Estate Developers’ Associations of India has expressed deep concerns over the government’s proposal to impose an 18% Goods and Services Tax on Floor Space Index and additional FSI premiums. The proposed GST on FSI premiums, they warned, could further escalate property prices by 7-10%, jeopardising affordable housing projects. “The proposed GST could make homeownership more expensive …

India Housing Tax Gst Premiums Itc Credai
55th GST council meeting in Jaisalmer on December 21, 2024: Finance Minister Nirmala Sitharaman media briefing
2 days ago

55th GST council meeting in Jaisalmer on December 21, 2024: Finance Minister Nirmala Sitharaman media briefing

The Hindu  

A much-anticipated review of the Goods and Services Tax levies on life and health insurance policies was put off by the apex body in charge of the indirect tax regime, the GST Council at its 55th meeting on Saturday, as some members sought more discussions on the matter before taking a final call. Moreover, rate rationalisation suggestions pertaining to about …

Tax Minister Sitharaman Gst Council Levies
'Hiring' Of Helicopters By Andaman & Nicobar Admin Not Exigible To Tax Under Central Sales Tax Act: Delhi High Court
2 days, 5 hours ago

'Hiring' Of Helicopters By Andaman & Nicobar Admin Not Exigible To Tax Under Central Sales Tax Act: Delhi High Court

Live Law  

The Delhi High Court has held that the supply of helicopters by Pawan Hans Ltd. to the Andaman & Nicobar Islands administration, under an agreement executed in the year 2003, is not exigible to tax under the Central Sales Tax Act, 1956. Disagreeing with the Tribunal, the High Court said that the clauses pertaining to confidentiality and security were hardly …

Tax Court Control Transfer Administration Right Tribunal
GST Council Delays Decision On Tax Reduction For Life, Health Insurance Premiums
Trending News
2 days, 5 hours ago

GST Council Delays Decision On Tax Reduction For Life, Health Insurance Premiums

ABP News  

The GST Council on Saturday deferred its decision on reducing the tax rate on life and health insurance premiums, according to officials. The GoM also recommended exempting GST from health insurance premiums paid by individuals, excluding senior citizens, for policies with coverage up to Rs 5 lakh. However, premiums for health insurance policies offering coverage exceeding Rs 5 lakh will …

Insurance Tax Council Senior Citizens Cent Gst Premiums
GST Council meets to decide on lower taxes on insurance policies, ATF inclusion
Trending News
2 days, 7 hours ago

GST Council meets to decide on lower taxes on insurance policies, ATF inclusion

Deccan Chronicle  

Jaisalmer: The 55th GST Council meeting which is expected to decide on reducing the tax rate on health and life insurance, besides considering rate rejigs on 148 items began here on Saturday. However, 18 per cent GST will continue on premiums paid for policies with health insurance cover of over Rs 5 lakh. The four-tier tax slab of 5, 12, …

Insurance Tax Council Cent Rate Gst 5 Per Cent
GST Council postpones decision to cut tax on insurance, rate panel defers report submission
Top News
2 days, 8 hours ago

GST Council postpones decision to cut tax on insurance, rate panel defers report submission

The Hindu  

A GST Council meeting on Saturday postponed a decision on reducing taxes on health and life insurance, while the much talked-about GoM recommendation of rate rejig in 148 items was not tabled before the Council. “We will submit the GoM report on rate rationalisation in next meeting of Council,” said Mr. Chaudhary who is the convenor of the panel. The …

Insurance Tax Council Report Rate Gst Proposed
Assessment Pending Prior To Resolution Cannot Be Quantified After Approval Of Resolution Plan: Allahabad High Court
2 days, 8 hours ago

Assessment Pending Prior To Resolution Cannot Be Quantified After Approval Of Resolution Plan: Allahabad High Court

Live Law  

The Allahabad High Court has held that the resolution applicant cannot be burdened with new claims after approval of a resolution plan. Upon approval of the resolution plan on 02.02.2021, the Department passed an assessment order dated 28.04.2021 under Section 144 read with 144B of the Income Tax Act, 1961. High Court Verdict In Uttam Galva Metallics Ltd. and Mr. …

Resolution Assessment Applicant Resolution Plan Plan Department Proceedings
Inheritance tax raid up by £600MILLION - as they are set to exceed £8billion by end of financial year
2 days, 14 hours ago

Inheritance tax raid up by £600MILLION - as they are set to exceed £8billion by end of financial year

Daily Mail  

Bereaved families paid a staggering £5.7billion in inheritance tax in just eight months of this year. The year-on-year increase means inheritance tax bills look likely to exceed £8billion this financial year. Families paid £7.6billion in inheritance tax in the last financial year, up from £7.1billion the year before. A series of changes announced by Chancellor of the Exchequer Rachel Reeves …

Tax Inheritance Inheritance Tax Financial Year
Trump ally seeks 'dramatic increase in corporate taxes' — until 'they start squealing'
2 days, 14 hours ago

Trump ally seeks 'dramatic increase in corporate taxes' — until 'they start squealing'

Raw Story  

One of President-elect Donald Trump's longtime confidants is calling on him to inflict "pain" on the wealthiest Americans and corporations in the form of higher taxes during his second term in the White House. In a wide-ranging Friday interview with Semafor reporter David Weigel, Steve Bannon — who was Trump's former chief White House strategist — indicated he wanted the …

Tax Taxes Trump Bannon Dramatic Increase