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The Dollar Business Bureau The direct tax collections increased 14.8% in June this year compared to the same month last year, according to the provisional figures released by the Ministry of Finance on Thursday. “The provisional figures for Direct Tax collections up to June, 2017 show that net collections are at Rs.1.42 lakh crore which is 14.8% higher than the net collections for the corresponding period of last year,” said an official statement.  The net direct tax collections indicates 14.5% of the overall Budget estimates of direct taxes of Rs.9.8 lakh crore for the fiscal of 2017-18, it said. The gross collections under corporate income tax (CIT) increased 4.8%, whereas those under personal income tax (PIT) including the securities transaction tax (STT) grew at 12.9, according to the statement. However, ...

By Ranjeet Mahtani & Niraj Hande The most crucial GST Council meeting took place on 18th and 19th May, 2017 in Srinagar, Jammu and Kashmir. The GST Council has finalised seven sets of GST Rules and completed the fitment of most goods and services in various tax brackets in the last two days. Rules The GST Council has approved seven sets of GST Rules which pertain to Composition, Tax Invoice Credit & Debit Notes,Input Tax Credit, Payment of Tax, Refund, Registration and Determination of Value of Supply. The Rules pertaining to Transition and Returns were not finalised and shall require further vetting before approval. The next step will be for Governments, State and Central to now notify these. Rates The GST Council has ...

PTI Government's revenue collection from indirect tax grew by an impressive 23.9% during the April-January period, while that from direct tax rose by 10.79%. Total direct and indirect tax collections at the end of January stood at Rs.12.85 lakh crore, 76% of the Rs.16.99 lakh crore target, as per revised estimate for 2016-17. Belying fears of slowdown due to demonetisation, indirect tax collection grew at a decent 16.9% in January buoyed mainly by excise, reflecting an uptick in manufacturing. At the end of January, the total direct tax collection stood at Rs.5.82 lakh crore and indirect tax-mop up was Rs.7.03 lakh crore led by robust collections in personal income tax and excise duty, respectively. Direct tax revenue includes corporate and personal income tax. Indirect tax ...

The Dollar Business Bureau Services exporters will now be able to get refunds of indirect taxes paid on inputs within five days without any prolonged scrutiny, according to a new scheme announced by the government. The move is aimed at liquidating locked funds amounting to thousands of crores of rupees in the form of CENVAT (central value added tax) paid by companies engaged in trade of goods and services outside India and get refunds later. “This year having been declared as the Year of Taxpayer Services, the Board has accorded primacy to ‘speedy sanction of refunds in case of export of services’,” said the Central Board of Direct Taxes (CBDT). Keeping in mind various legal changes in service tax and representations ...

An exporter of plain/ studded precious metal jewellery shall be allowed to re-import duty free jewellery rejected and returned by buyer up to 2% of FOB value of exports in preceding licencing year (based on CA certified copy of export of preceding year) with refund of any duty exemption/refund/replenishment benefit availed on inputs used as per customs rules and regulations.

The Dollar Business Bureau The government is making all out efforts to fix the problems of delay in tax refunds being faced by taxpayers, a top Income Tax department official said. “If you have excess collected, or if, based upon appeal effect or for whatever reason, refund is due which you have not got for long time, we are trying to resolve these problems,” said Nutan Sharma, Chief Commissioner of Income Tax-TDS (Tax Deduction at Sources). Sharma said that the functionality is already available with TDS assessing officers and it will be operational very soon. “Some issues regarding fate of the old cases and others we have taken up with CBDT (Central Board of Direct Taxes) and very ...