GST collections had plummeted by more than 50 percent year on year (YoY) during the lockdown months of April and May last year

New curbs on movement of people or restrictions on businesses are a risk to the nascent recovery, given that gains in Q3 FY21 probably came from the reopening of the economy, says SBI Ecowrap report

There is a need for coordinated action between centre and states to reduce taxes because there are indirect taxes levied both of them, says RBI Governor Shaktikanta Das

Indian shipping companies are subject to 5 per cent GST if an overseas consignor appoints them for import cargo transportation but if the consignor appoints a foreign shipping line for the same service, GST is not applicable as the shipping company is not registered in India

Although banks have bolstered their capital buffers in comparison to the global financial crisis, the stress in the financial sector's balance sheets could intensify, noted MPC member Michael Debabrata Patra

Taxes levied by the Centre and states constitute more than half of petrol and diesel prices, accounting for 60 per cent of the retail cost of the former and 54 per cent of the latter

The RBI working paper co-authored by RBI Deputy Governor Michael Debabrata Patra,  who is also a member of the six-member monetary policy committee has recommended that maintaining the inflation target at 4 per cent is appropriate for the country

The Confederation of All India Traders (CAIT) said dharnas (protests) will be held nationwide in 1,500 places demanding the Centre, state governments and the GST Council to keep in abeyance the \"draconian\" provisions of GST

The Central Board of Indirect Taxes and Customs (CBIC) has issued an SOP for suspension of registration of a person on the observance of such discrepancies/anomalies which indicate violation of the GST Act

The government had raised the threshold income for paying tax to Rs 5 lakh in the interim budget of 2019. According to data from the income tax department, there were 8.04 crore individual taxpayers in assessment year 2018-19 of which 5.95 crore filed returns

This year's budget was in the midst of the pandemic, but stayed on the path of 'AtmaNirbhar Bharat Abhiyan' that supplements the Make in India vision of the government

Whilst the government's proposals are moving in the right direction, further intervention is the need of the hour to aid significant sectoral growth

In a first-ever paperless budget presented today, FM Sitharaman attributed the success of earlier reforms to AI and data analytics. She also introduced some more much-awaited reforms while promising to smoothen the GST structure. Saloni Roy, Senior Director, Deloitte India breaks down the indirect tax proposals in the Budget and explains whether they have met expectations or not. Watch the video for more.Also Read: Budget 2021: Impetus to affordable housing welcome, more needs to be done, say realtors

Substantial changes have been introduced in relation to Tax Dispute Resolution mechanism to impart greater efficiency, transparency and accountability by eliminating interface to the extent technologically feasible by optimising utilisation of resources and introducing dynamic jurisdiction

There is a renewed investment focus across infrastructure sectors including railways, healthcare, water and waste, urban infrastructure, roads and highways, city gas, dedicated freight corridors and infrastructure for hydrogen energy production and fishing, ship recycling hubs

Union Budget 2021-22 news: The government has imposed a steep agriculture infrastructure and development cess (AIDC) of Rs 2.5 per litre on petrol and Rs 4 per litre on diesel but has cushioned it with a commensurate reduction in excise duty on the two fuels to not burden consumers

In a major move, FM Sitharaman reduced the time limit for reopening of income tax assessment cases to three years from six years, while for serious tax fraud cases where concealment of income is Rs 50 lakh or more it would be 10 years

Several experts are of the view that the sector may take 3-4 years to fully recover and are expecting the Centre to grant long pending demand for industry status to the sector as well as lower GST rates, thereby giving direct relief, particularly to hotels

Union Budget 2021 Highlights: Congress leader P. Chidambaram said that the government had only marginally raised health funding, which when adjusted to inflation becomes nil

Finance Minister Nirmala Sitharaman says preparation of this Budget was taken under circumstances like never before