Nirmala Sitharaman speaks about a special meeting to be held in July to discuss State compensation.

Nirmala Sitharaman

There is no denying the fact that these are uncertain times and the government is feeling the heat as the national economy takes a dramatic hit. To palliate the blow faced by the economy, Nirmala Sitharaman, Union Finance Minister said on Friday that there will be a meeting held next month. The agenda of this meeting is to mainly discuss the compensation to states.  Sitharaman said that the Goods and Services Tax (GST) council will discuss borrowing to compensate states and ideally who will pay it back.  The minister said,…

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Indian taxman will watch your big transactions!

Taxes on Big Transactions

In an attempt to achieve the projected growth rate of 12.7% for FY21, the Income Tax department of India is devising ways and means to make the tax collection system more efficient and to increase the number of taxpayers.  Recently, the Chairman of the Central Board of Direct Taxes, Mr. P.C. Mody has said that now the department will be closely monitoring high-value transactions made by the taxpayers. This step will also curb the tax evaders and help CBDT in achieving its goal of higher tax collection.  Increased use of…

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India’s first tax fall in two decades

Indian Tax

As recently claimed by many tax officers, the country’s income tax and corporate tax collection for 2019–2020 is highly to hit its first fall, which will be the first tax fall in the last two decades. Prime Minister Narendra Modi and the BJP government were aiming for direct tax collection of over Rs. 13.5 trillion (nearly $189 billion). For the financial year of 2019 to 2020, the government was targeting nearly 17% increase on the total collection of Rs. 11.5 trillion collected for the previous financial year. However, India is…

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