The GST council plans to increase the tax slab to 8% from 5%. Furthermore, the increase in tax slab may yield ₹1.50 lakh crore annual revenues. The council aims to create a GST 3-tier structure instead of a 4-tier structure with revision rates at 8%, 18%, and 28%, respectively. A panel of state finance ministers
In February, the centre and state govt collected ₹1.33 trillion in GST revenue. According to the ministry, this represents the recovery of automobile sales. Revenue stayed above ₹1.3 trillion in the second consecutive month of February. Furthermore, before the pandemic disrupted economic activities, GST receipts crossed ₹1.39 trillion in April 2021. Centre and state govt
On Monday, Revenue Secretary Tarun Bajaj said, most of the long-term capital gains from equities in FY20 came from people earning ₹50 lakh and more. Furthermore, he said the Finance Act of 2018 on long-term capital gain has served as a fair tax. Long term capital gains from equities in FY20 Long-term equity gains are
On Wednesday, oil marketing companies raised ATF prices by 5.2%. The fourth hike in ATF prices hit a record high in less than two months. Furthermore, India currently has some of the world’s highest taxation rates on the ATF. Moreover, jet fuel prices raised to Rs 90,519.79 per kilolitre from Rs. 86,038.16 per kilolitre. Air
The Indian Crypto Industry seeks a revision on the 30% tax rate from the government. The 2022 Union budget announced a 30% tax imposition on cryptocurrency. The Blockchain and Crypto Assets Council drafted a memorandum that will consider the several implications of the new tax rule. The memorandum will also monitor the impact of the
As the stock markets turn somersaults and throw people’s investment portfolios into complete disarray, one asset class continues to be reliable and predictable. Real estate, especially residential real estate, remains the steadiest investment. This is why the performance of Indian housing market remains the most reliable barometer of the country’s economy. One may ask how
The Taihuttus ‘Bitcoin Family’ sets its roots in Portugal for its 0% tax on cryptocurrency. Portugal is known to be Europe’s ultimate crypto tax haven. The so-called ‘Bitcoin Family’ patriarch chose Portugal for favourable crypto tax rules. Didi Taihuttu said, “You don’t pay any capital gains tax or anything else in Portugal on cryptocurrency. That’s
India’s Finance Minister Nirmala Sitharaman announced to impose a 30% tax on cryptocurrency. Partner at IndusLaw, Ritesh Kumar, told Business Insider, “The 30% rate of tax and restriction to set-off losses is a very bold move in discouraging transactions in crypto.” Nirmala Sitharaman, Finance Minister of India, said during the Union Budget 2022-23, “Cryptocurrencies will
Providing a broad-spectrum booster shot to the economy, Union Budget 2022-23 is progressive – especially with its emphasis on building the infrastructure of the country. The FM clearly emphasised the top priorities of the government – PM Gati Shakti for sustainable growth, inclusive development, productivity enhancement, and financing of investments. Notably, the government also expanded
As suggested by Chainalysis’ Global Crypto Adoption Index, Pakistan plans to ban Cryptocurrency. Despite the country ranking third with the highest number of crypto users, the State Bank of Pakistan submitted a document calling cryptocurrencies illegal in the Sindh High Court. Why does Pakistan plan to ban Cryptocurrency? While this isn’t the first time Pakistan
