The debate surrounding the taxation of health and life insurance premiums in India has taken a significant turn with the recent consensus among members of the Goods and Services Tax (GST) Council to consider reducing the current 18 per cent levy.
This includes Rs 7,15,224 crore in Tax Revenue (Net to Centre), Rs 3,01,796 crore in Non-Tax Revenue, and Rs 6,386 crore in Non-Debt Capital Receipts.
The Goods and Services Tax Network (GSTN) is organising the GST Analytics Hackathon, an initiative to drive innovation in tax compliance through predictive analytics.
India's net direct tax collection surged by 22.5 per cent to Rs 6.93 lakh crore during the current financial year so far (April 1 to August 11) which is expected to keep the country firmly on the path of fiscal consolidation.
The Centre on Tuesday informed that it collected nearly Rs 98,681 crore from long-term capital gains (LTCG) tax in FY23, a nearly 15 per cent growth from Rs 86,075 crore in FY22.
The Centre on Sunday clarified that it is not mandatory for every citizen to get a tax clearance certificate to fly abroad.
There was a total net inflow of Rs 2,82,338 crore for both equity and debt in FY24.
Former American President Donald Trump has promised to end outsourcing if re-elected, which should sound alarm bells across India's multi-billion-dollar outsourcing industry whose largest customer is the US,
It comprises Rs 3,19,036 crore Tax Revenue (Net to Centre), Rs 2,51,722 crore of Non-Tax Revenue and Rs 2,087 crore of Non-Debt Capital Receipts, on account of Recovery of Loans.
Lately, the debate over wealth taxation has intensified, with proponents arguing for its role in addressing income inequality and funding social programmes. However, implementing a wealth tax is not without its challenges and drawbacks.
