Tax Rate

Sunday, May 19, 2024 | Last Update : 02:24 AM IST

Union Finance Minister Nirmala Sitharaman speaks during a press conference after chairing the 44th GST Council meeting via video conferencing, in New Delhi, Saturday, June 12, 2021. (Photo:PTI)

GST slashed on COVID-19, black fungus medicines; 5% tax retained on vaccines

The reduced tax rates were based on a recommendation of a group of ministers, headed by Meghalaya Deputy Chief Minister Conrad Sangma

13 Jun 2021 7:38 AM

Personal income tax collections amounted to Rs 4.7 lakh crore last year, or 2.5 per cent of GDP.

Govt unlikely to go for income tax cut due to fiscal stress

The share of direct taxes to India's total tax revenues peaked at 61 per cent in 2009-10

30 Oct 2019 6:48 PM

The CBDT clarified that as there is no timeline within which option under section 115BAA can be exercised.

Cos opting for new lower tax can't claim MAT credit, other deductions: CBDT

The section does not provide any timeline for companies to opt for the new regime of lower tax rate.

03 Oct 2019 9:18 AM

Modi's big tax cut unlikely to spur job bonanza in India

India’s unemployment rate reached 8.19 pc in Aug, up from 6.27 pc in the same month last year.

26 Sep 2019 9:24 AM

The company welcomed recent rationalisation of corporate tax rates.

Impact of new GST rates for caffeinated drinks to be minimal: Varun Beverages

The GST Council raised tax on caffeinated beverages from 12 per cent to 28 per cent and imposed a 12 per cent cess.

23 Sep 2019 2:59 PM

Sitharaman also said the government would decide on additional market borrowings for the second half of 2019-20 later. (Photo: Asian Age)

Govt says no plans to revise fiscal deficit target or cut spending now

Govt cut corporate tax rates in a surprise move designed to woo manufacturers, revive private investment and lift growth from a 6-year low.

23 Sep 2019 10:58 AM

Taxing new manufacturing facilities (that come up by 2023) at 15 per cent will enable attraction of global capital and spur a beleaguered investment cycle, the report said. (Photo: Representational)

Banking, FMCG to benefit from corp tax cut; pharma, IT to remain untouched: Report

The immediate benefit is increased cash flows to corporate India.

22 Sep 2019 2:23 PM

Manufacturing firms to boost economic growth rate from a six-year low by incentivising investments to help create jobs.

Reduction in corporate tax rates, expert says move to arrest slowdown

Govt slashed the income tax rate for companies by almost 10 percentage points to 25.17 per cent.

21 Sep 2019 2:01 PM

Commodity and information technology (IT) services companies will benefit most from the tax rate cut.

Corporate tax cut positive but growth faces headwinds: Moody's

On Friday, the Centre announced a reduction in the base corporation tax rate to 22 per cent from 30 per cent.

21 Sep 2019 1:16 PM

The auto components industry too had demanded a uniform GST of 18 per cent.

Auto industry has to find its own balance to enhance demand: SIAM

At present, 60 per cent of auto components are taxed at 18 per cent.

21 Sep 2019 12:17 PM

Finance Minister Nirmala Sitharaman said the reduction in tax rates was done by promulgating an ordinance to an amendment to the Income Tax Act.

US corporate sector hails India's move to slash income tax rate for companies

Government slashed the income tax rate for companies by almost 10 percentage points to 25.17 per cent.

21 Sep 2019 9:49 AM

Commerce and industry minister Piyush Goyal. (Photo: File)

Corporate tax cut to give 'necessary fillip' to economy: Piyush Goyal

Corporate tax rate cut for companies by almost 10 percentage points to 25.17 per cent.

20 Sep 2019 2:14 PM

GDP growth slowed for the fifth consecutive quarter in April-June 2019 to 5 per cent, the lowest in six years.

Industry, market cheer slashing of corporate tax rate

Corporate tax rate cut from 30 pc to 25.2 pc to spur growth- this is a great move which will firmly revive growth and investment.

20 Sep 2019 1:21 PM

Sitharaman said the revenue foregone on reduction in corporate tax and other relief measures will be Rs 1.45 lakh crore annually.

Govt slashes corporate tax to 25.17 per cent for domestic cos

The changes in the Income Tax Act and Finance Act will be made effective through an ordinance.

20 Sep 2019 11:15 AM

In the April-July period, total tax revenues of 20 Indian states fell 7 per cent to 4.9 trillion rupees compared with the same period last year.

GST panel unlikely to favour tax rate cut for auto sector: sources

Total annual revenue loss could be as much as 500 bn rupees if the panel decided to lower tax rates for auto sector to 18 pc from 28 pc.

18 Sep 2019 8:58 AM

Nirmala Sitharaman had cut corporate tax for companies with annual turnover of up to Rs 400 crore.

Corporate tax for large companies to be gradually cut to 25 pc: Sitharaman

The ministry has decided to hold meetings of tax administrators across various Tier II cities in the country.

20 Aug 2019 8:43 AM

The meeting, chaired by Finance Minister Nirmala Sitharaman, was held via video conferencing. (Representational Image)

GST Council trims rate on electric vehicles, chargers to 5 per cent

The council also approved GST exemption for hiring of electric buses by local authorities.

27 Jul 2019 1:06 PM

These rates will be without input tax credit availability for the developer. (Representational Image)

Reduced tax rate for real estate to bolster consumer sentiments: ICRA

GST Council in its meeting recommended reduction in GST rate on under-construction residential properties to 1 per cent.

27 Feb 2019 10:24 AM

The GST not just made India one market by levying uniform tax rates on goods and services, it also did away with tax-on-tax prevalent in the previous system.

GST regime led to better savings as tax rates came down

GST rates have been lowered on an array of commonly used goods and services which resulted in monthly savings for consumers.

17 Dec 2018 10:16 AM

Sale of a going concern by a business house will not attract Goods and Services Tax (GST), as per an order by the Authority for Advance Ruling (AAR).

Sale of 'going concern' exempt from GST, says AAR

Any transfer of a going concern constitutes a 'supply of service' and 'nil' tax rate will apply on it.

28 May 2018 7:44 PM

Maruti Suzuki India on Friday reported a 10 per cent rise in net profit to Rs 1,882.1 crore for the last quarter of fiscal ended on March 31, 2018. (Photo: PTI)

Maruti Suzuki Q4 net profit up 10 per cent to Rs 1882.1 crore

Net sales during the fourth quarter of 2017-18 rose to Rs 20,594.3 crore, up 14.4 per cent against the year-ago period.

27 Apr 2018 2:42 PM

Tax cars on the basis of emission, not engine size: Toyota Kirloskar

Emission levels should be the basis for taxation of passenger cars in India and not engine capacity, size or ground clearance.

15 Apr 2018 2:27 PM

Lower taxes rates in the hospitality sector in these markets have helped establish them as major tourist destinations. (Representational IMage)

Need for relook at tax rates to boost tourism sector: Industry

Tourism industry is one of the key drivers in terms of employment generation and inclusive growth.

26 Jan 2018 11:04 AM

Niti Aayog Vice Chairman Rajiv Kumar. (Photo: PTI)

GST regime to stabilise in next 18 months: Rajiv Kumar

At present, tax compliance is between 40 to 43 per cent.

22 Dec 2017 6:08 PM

Finance Minister Arun Jaitley. (Photo: PTI)

12, 18 per cent GST rates to be merged; luxury items in 28 per cent slab

Merging of 12 and 18 per cent slab mean some items in 12 per cent bracket will be sent to 5 per cent.

30 Nov 2017 6:48 PM

Restaurants in starred-hotels will charge 18 per cent tax with input tax credit, those in lower category hotels to charge 5 pc GST without ITC.

Apex body of hotels, restaurants welcomes GST rate change

Govt decided to fix GST rate at 5 per cent for all restaurants and not give them input tax credit.

11 Nov 2017 11:31 AM

FHRAI demanded tax slab for the luxury category be brought down to 18 per cent.

Hotel, restaurants body meets GST Council over tax rates

Currently restaurants with no AC and no bar attract a GST of 12 per cent.

09 Nov 2017 5:54 PM

Lower state taxes on ATF, make fuel part of GST: SpiceJet chief

Cut in state taxes on ATF and bringing it within GST to make Indian aviation sector fastest growing in the world.

06 Oct 2017 2:52 PM

Traders' body suggested the government to re-examine the category of products and services under the 28 per cent tax slab.

Traders urge GST Council to remove anomalies in tax slabs

Products like auto spare parts and housing industry items deserve to be moved to the lower tax bracket.

07 Jul 2017 5:01 PM

Automobile industry had approached the GST Council and government seeking to reconsider keeping the category at 28 per cent plus 15 per cent cess.

Expect auto demand to rise in short term after GST: Goenka

Growth in the auto industry would depend on other factors such as interest rates on vehicle loans.

06 Jul 2017 4:06 PM

The cars running on petrol were earlier levied 9-11 per cent tax, which has been raised to 11-13 per cent. (Photo: Deepak Kurkunde) 594 Characters Remaining DC Original image? OR Selection Preview

GST impact: Maha govt hikes registration tax on motor vehicles

Govt has decided to cap the tax on high-end imported cars at a maximum of Rs 20 lakh, irrespective of the car price.

04 Jul 2017 12:52 PM

GST launch will enhance buying power of consumers as over 80 per cent of the goods fall below the 18 per cent tax bracket.

GST seen to give consumers' buying power a shot in the arm

GST will remove plethora of taxes like excise, service tax and VAT and transform India into a uniform market.

01 Jul 2017 3:31 PM

Tea, edible oils, sugar, textiles and baby formula will attract only 5 per cent tax.

80 per cent items in GST within 18 per cent rate

Unbranded food staples including vegetables, milk, eggs and flour will be exempt from GST along with health and education services.

30 Jun 2017 5:59 PM

Commerce and Industry Minister Nirmala Sitharaman.

Govenment allays fears on implementation of GST

India's most ambitious tax reform, creates a single economic zone with common indirect taxes.

25 Jun 2017 5:02 PM

Government focus on ensuring that the reduced tax rates are passed on to the consumers will ensure uptick in consumption.

GST: FMCG cos expect dip in inventory levels, normalcy in Q2

Under the GST regime, except for homecare products and shampoos, which now attract 28 per cent GST tax.

25 Jun 2017 4:21 PM

Primary stainless steel products will attract 18 per cent GST which will help the industry to grow.

GST to be a game changer for steel industry: ISSDA

India has shown impressive growth to become the second largest stainless steel producer in the world.

23 Jun 2017 8:28 PM

The GSTN portal was open from November 8 till April 30 and then again for 15 days in June for enrolment of existing taxpayers.

GST registrations for e-commerce, new cos to begin on June 25

Out of the 81 lakh existing assessees, over 65.5 lakh have already migrated to the portal.

23 Jun 2017 8:04 PM

E-way bill provision has been decided by the GST Council and will be implemented in six months. (Representational Image)

Courier companies say e-way bills defeat the GST spirit

Rs 20,000-crore industry will end up doing 10 crore e-way bills per day for their 3 crore parcels.

21 Jun 2017 8:07 PM

Adhia said retailer and B2C suppliers need not worry about the return filing procedure as they have to file only turnover wise detail in GSTR-1.

Retailers need to file single GST return every month

Details from the suppliers in GSTR-1 automatically gets updated in the GST Return-2 (GSTR 2) of the purchaser.

21 Jun 2017 7:36 PM

Hotels in India would be levying 18 and 28 per cent GST.

Hotel industry welcomes revised GST slab on hotel rooms

Tax rate for air-conditioned restaurants, including restaurants in five-star hotels will have GST at 18 per cent.

21 Jun 2017 2:33 PM

Customers currently pay 15 per cent service tax for such services.

GST: Credit card bill, insurance premium to get costlier

GST will be levied at the rate of 2.25 per cent on premium payment for endowment policy.

20 Jun 2017 6:33 PM

Delay in GSTN security clearance not to affect GST launch: Jaitley

Home ministry has still not given security clearance to GSTN, which is a non-government, private limited company.

20 Jun 2017 3:53 PM

CAIT asks GST Council to revisit products under 28 per cent slab

CAIT also urged the GST Council to suspend implementation of E-Way Bill for at least six months.

17 Jun 2017 7:44 PM

This would significantly increase the fabric cost and seriously affect the independent spinning and weaving sector, including powerlooms.

Reduce GST on MMF & yarn from 18 to 12 pc; Textile industry

Even with 12 per cent GST rate on yarns, the additional cost would be Rs 1.3 lakh per loom per year.

17 Jun 2017 5:59 PM

50 per cent of the manufacturing units are mainly located in excise free zone of Himachal Pradesh, Uttarakhand and the north eastern States.

Fan makers worried for 28 per cent GST on fans

Total annual fan industry is worth Rs 9000 crore of which organised sector account for Rs 6000 crore.

16 Jun 2017 3:23 PM

Fixation of GST rates on the supplies is joint responsibility of the Central and State governments after the approval from the GST Council.

Daily use products, LPG to become cheaper under GST

The Council is scheduled to meet on June 18 to finalise e-way rules and anti-profiteering norms.

16 Jun 2017 10:02 AM

GST Council to vet e-way, anti-profiteering rules on Jun 18

As per the draft, GSTN would generate e-way bills that will be valid for 1-15 days, depending on distance to be travelled.

15 Jun 2017 3:59 PM

The industry has cut down the production by about 50 per cent in May and June.

Granite industry calls for reduction in 28 pc GST

Granite sector is a labour intensive sector and employs over 75,000 people directly and indirectly.

15 Jun 2017 1:29 PM

Retailers also expressed concern about 5 per cent tax levied on packaged goods that causes a discrepancy as loosely sold commodities are not taxed.

Top retailers meet to discuss pricing, margin issues post-GST

All retailers are in talks individually with FMCG companies to ensure that their margins are retained.

13 Jun 2017 4:57 PM

GST rollout from July 1, don't be misled by delay rumours: Govt

Government of India has emphasised that GST is scheduled to roll out on July 1, 2017.

13 Jun 2017 4:46 PM

GST on insulin and agarbatti has also been lowered to 5 per cent, while school bags will attract tax of 18 per cent.

GST Council lowers tax rates for 66 items including insulin, movie tickets

Next meeting of the Council will be on June 18, when it will take up lottery taxes and e-way bill.

11 Jun 2017 4:39 PM

A reason for keeping GST on passenger travel low is because airlines cannot claim credit on aviation turbine fuel under the GST regime.

Economy class air travel set to become cheaper from July 1

Economy airfare will get marginally cheaper which should drive continued passenger growth in the air market.

20 May 2017 12:43 PM

Investor sentiment was upbeat following progress on the GST front, with the GST Council finalising rates for most goods.

FMCG stocks get a GST leg-up, jump up to 7 per cent

FMCG index was trading 2.56 per cent higher at 9,693.49 during the late morning trade.

19 May 2017 12:18 PM

Mid-sized cars of up to 1500 cc are levied with a 24 per cent excise by the the central government and a 14.5 per cent VAT by state governments, taking the tax incidence to 38.5 per cent.

Small cars may see small hike in prices under GST

Small cars currently attract a 12.5 per cent central excise duty.

24 Apr 2017 5:37 PM

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