ICRA also said COVID-19 outbreak would have an adverse impact on the other components of states' own taxes, including sales tax/VAT on petroleum products and motor vehicles tax

Coronavirus update: Finance Ministry had earlier extended the deadline for bids submission for Air India to April 30 from March 17. The government wants to offload 100 per cent of its stake in the beleaguered airline

The department said in cases where such certificates were issued for fiscal 2019-20, their validity would get extended to June 30, 2020

Coronavirus in India live updates: The IAF personnel is posted in Delhi and was traced by the Delhi Police through the cellphone towers of the Nizamuddin area

Various research firms and rating agencies have estimated that economic activities during the lockdown period would drop to 20-30 per cent level, and since two-thirds of the lockdown period falls in April, the impact would be visible more in the May

Catch top stories from the world of business and economy with BusinessToday.In's Biz EOD report

Till February, government's gross tax collection was Rs 16.78 lakh crore, Rs 4 lakh crore short of 2018-19 full-year collection of Rs 20.80 lakh crore

The Ministry of Finance said the notification issued on March 30 pertained to date of applicability of stamp duty, which has now been changed from April 1 to July 1

Shell companies are intrinsic to the global and Indian economy, but they require a high level of oversight to prevent them from becoming conduits for illicit financial flows

So far, their progress is mixed with individual countries taking more aggressive positions to bring a change to the impact of what would be known several years from now

Tax havens have powerful backers; they include big nations including the UK and the US, reputed international bankers, accountants, law firms and many others which makes it difficult to discipline them

Countries around the world have allocated $12.3 trillion so far to fight the COVID-19 epidemic

Tax havens are increasingly being used for tax avoidance and other purposes; most of India's FDI inflows and outflows also are routed through them and should be a cause of concern

Finance Minister Nirmala Sitharaman says she will call a special meeting of GST Council two weeks after Parliament session will be over, following which the council will take a call

GST Council may rationalise tax rates on five sectors, including mobile phones, footwear and textiles, and defer implementation of the new return filing system and e-invoicing

While some developed economies have adopted anti-tax avoidance GAAR and digital tax on sales of multinationals, India has been deferring operationalisation of GAAR since 2012 and is also handicapped by lack of adequate studies and data

As much as 60 per cent respondents feel that those within the income bracket of Rs 5-10 lakh and Rs 10-25 lakh will be impacted by the new income tax regime

There has been a negative growth in the auto sector since July 2018

GST was supposed to be a simple, self-regulating and non-intrusive tax compliance regime to replace a complicated and multiple indirect tax systems. What has been rolled out remains very much a work-in-progress after more than two-and-half years

Catch top stories from the world of business and economy with BusinessToday.In end of day report