India (Additional revenue) Citing revenue losses caused by the COVID-19-induced lockdown last year, the state increased various taxes to generate an additional Rs 20,000 crore in revenue per year.
Category Archives: tax
Govt debt likely to exceed 90% of GDP this year, says IMF report
Economy (Indian debt valuation) The International Monetary Fund (IMF) forecasts that government debt, including that of the Centre and the states, will reach a record 90.6 percent of GDP in 2021-22, up from 89.6 percent the previous year. It will then fall to 88.8 percent in FY23, but will remain above 85 percent for theContinue reading “Govt debt likely to exceed 90% of GDP this year, says IMF report”
Infosys’ CEO says the income tax portal is making steady progress, with 1.9 crore returns filed.
Business(Income-tax Analysis) Salil Parekh, CEO of Infosys, said the company is making steady progress in implementing India’s ambitious new income tax portal project, with 1.9 crore returns filed so far, months after it was chastised for technical glitches. “With 1.9 crore returns filed every day, we are making steady progress. Forms 1–7 are fully functionalContinue reading “Infosys’ CEO says the income tax portal is making steady progress, with 1.9 crore returns filed.”
India may have to abandon its equalisation levy, If a global minimum tax agreement is reached.
Taxation(India) 136 countries, including India, have agreed to modify global tax laws to ensure that multinationals pay taxes at a least of 15% wherever they operate as part of a significant reform of the worldwide tax system. According to the Organization for Economic Cooperation and Development (OECD) implementation plan announced late Friday, the accord compelsContinue reading “India may have to abandon its equalisation levy, If a global minimum tax agreement is reached.”
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