While government claims on tax compliance and GST collections paint a healthier picture of the economy, tax-to-GDP has fallen for two consecutive years and tax collections across the board in the first half of FY21 are nowhere close to FY20, indicating that trouble is far from over

Employers' contribution of 14 per cent in pension under the National Pension System (NPS) scheme for the central government employees was made tax free from April 1, 2019

The highest amount was released to Kerala at Rs 1,277 crore, followed by Rs 952 crore to Himachal Pradesh and Rs 638 crore to Punjab

After the third stimulus package last month, Finance Minister Nirmala Sitharaman had said that the option for another stimulus package has not been closed

The central government to use artificial intelligence (AI) and Aadhaar registration to track fake firms claiming GST refunds without actually conducting business

Finance Minister Nirmala Sitharaman on Monday said that the goods and services tax (GST) Council could not reach a consensus in the meeting on the issue of compensation

Corporate India has seen a substantial decline in tax litigations of late, helping government unlock revenues. Once annual compliances are streamlined and new law settles in, there could be a flurry of proceedings, which would lead to an increase in disputes

Mubadala to invest Rs 6,247 crore in Reliance RetailAbu Dhabi's sovereign investor Mubadala Investment Company will invest Rs 6,247.5 crore in Reliance Retail Ventures Limited, the retail arm of Reliance Industries. This marks the second significant investment by the sovereign investment company in a Reliance Industries subsidiary after $1.2 billion investment in Jio Platforms earlier this year. This investment will translate into 1.40 per cent equity stake in the Mukesh Ambani-led retail ma...

Compensation receipt in Consolidated Funds of India was subject to reconciliation in coming months, as usual, in forthcoming financial year. If, for that reason, amount remained in Consolidated Fund, that can't be treated as \"diversion\", clarify ministry officials

COVID-19 vaccine: China claims WHO gave support, understanding for emergency use programmeThe World Health Organization gave China its support and understanding to start administering experimental coronavirus vaccines to people while clinical trials were still underway, a Chinese health official said on Friday. China launched its emergency programme in July, having communicated with the WHO in late June, according to  a National Health Commission official. Hundreds of thousands essentia...

Government told Lok Sabha that it has taken several steps for timely detection of tax evasion, including searches and seizures, surveys, enquiries, assessment of income, levy of taxes, penalties, and filing of prosecution complaints in criminal courts

In a written reply to Lok Sabha, Anurag Thakur says net direct tax collection was Rs 2,79,711 crore in April-August 2019, compared to Rs 1,92,718 crore in April-August 2020

Not only India's relief packages are grossly inadequate it is not even spending enough to revive demand in the crisis-hit economy; what is needed is clear: more fiscal spending, not \"keeping the power dry\" for future stimulus or unrealistic claim of a V-shaped recovery

Gross mismanagement of the economy, starting with demonetisation in November 2016 and continued with untimely, unplanned and sudden nation-wide lockdown has compounded the GST problem. Centre's refusal to pay compensation to states now may derail it completely

The nominal GDP in the first quarter contracted by 22.6% to Rs 38.08 lakh crore compared to Rs 49.18 lakh crore in the same period last year even as the real GDP declined 23.9% during the quarter

The Centre, on Saturday, clarified that the states are entitled to compensation as per the method provided in Section 7 of the Goods and Services Tax Act 2017 for the transition period, regardless of the cause of the shortfall

While participating in the 41st GST Council on Thursday through video-conferencing, the deputy chief minister requested the Centre to provide maximum financial support to Haryana, as the COVID-19 pandemic has adversely affected the economy of the state

Taking to Twitter, the Rajya Sabha MP and former union minister Jairam Ramesh said that the Centre is abdicating its legal obligations and that states should oppose it tooth and nail

Though the state is in dire need of \"financial assistance\" in the form of GST compensation, Gujarat Deputy Chief Minister Nitin Patel said the Centre's hands are also tied due to its dwindling cess revenue

GST Meeting News Updates: Meeting was attended by MOS Anurag Thakur, besides finance ministers of states and UTs and senior officers from Union government and states