Taxpayers filing their returns using the ITR1 or ITR2 don’t have to bother about this additional form. (AI image) NEW DELHI: Noida-based self-employed professional Alka Sharma was among the early tax return filers last year because she was expecting a fat tax refund. “The 10% TDS deduction on my professional income and fixed deposit interest…
India’s sweeping Goods and Services Tax (GST) rationalisation, approved on Wednesday, is being hailed by business leaders as a major step to spur consumption, lift growth, and soften the impact of “lopsided” tariff regimes from the United States.The GST Council decided to compress the current rate structure into two slabs of 5% and 18%. The…
The Goods and Services Tax (GST) Council, chaired by Union finance minister Nirmala Sitharaman, on Wednesday announced the most extensive revamp of the indirect tax system since its rollout in 2017.The reform introduces a simplified two-slab structure of 5% and 18%, alongside a new 40% slab for luxury and sin goods.The new rates, except for…
The government’s announcement of Goods and Services Tax (GST) rationalisation under GST 2.0 signals a major change in India’s economic approach, moving from capex-led spending to a consumption-driven model, according to a report by Axis Securities.“The government has now shifted gears from capex-oriented spending to consumption-led spending,” the brokerage said, adding that the February 2025…
The GST Council’s decision to slash tax rates on everyday essentials and personal-use products ahead of the festive season is expected to revive domestic consumption, lift rural demand, and strengthen growth in the FMCG sector, industry leaders said on Thursday.According to news agency PTI, FMCG companies plan to pass on the benefits to consumers either…
Your next plate of hilsa may well have its origins in Bharuch, Gujarat, rather than the usual fishing grounds of West Bengal or Bangladesh. According to ET, Bharuch has delivered a record 4,000 tonnes of hilsa across the country during July–August, at a time when imports from Bangladesh have yet to begin this year and…
Representative image (AI image) NEW DELHI: The GST Council on Wednesday approved a sharp hike in taxes on sin and luxury goods, creating a new 40 per cent slab for items such as tobacco, pan masala, aerated drinks and premium vehicles. The move marks a major restructuring of the indirect tax system, as the government…
India’s IT services industry is witnessing a slowdown in hiring since the start of the second quarter, a trend that staffing firms expect will continue amid global economic uncertainties, higher US tariffs and weaker discretionary spending.According to ET, data from Teamlease showed a 10% drop in overall hiring across India’s $283-billion outsourcing sector between July…
File photo: Industrialist Anand Mahindra (Pictur ecredit: ANI) Industrialist Anand Mahindra has welcomed the sweeping Goods and Services Tax (GST) rate cuts announced on Wednesday, urging policymakers to accelerate further reforms to strengthen India’s economy.Mahindra framed the GST cuts as a step in the right direction but stressed that this should mark the beginning of…
Ex-Trump aide John Bolton (file photo) Former US National Security Advisor John Bolton lashed out at US President Donald Trump on Thursday (local time) for deteriorating US-India relations through a 50% tariff imposition on India, which he claims has driven Prime Minister Narendra Modi towards Russia and China.“The White House has set US-India relations back…
