India's Central Board of Direct Taxes (CBDT) announced on December 2nd that their net direct tax collections for the first eight month of the current fiscal year had risen by 3.71%, compared to the same period in the previous year. In what the Indian Income Tax Department (ITD) labeled as “impressive growth,” the CBDT reported net tax collections of INR1,838 billion for the April up to November period, from INR1,776 billion in the equivalent period in the previous fiscal year. PIT collection, which ... Read More

The outlines of India's Good and Service Tax (GST) plans are starting to emerge, with the first discussion paper on the idea being released on November 11th. The initial details concerning the structure of India's upcoming GST implementation have been released by the Empowered Group of State Finance Minister. Though the paper is not a complete account of every aspect of the new GST system, it is the first comprehensive discussion to both its format and implementation. The group has stated that the new ... Read More

India's Government is expanding its gift taxation laws to include a larger lists of items, not just cash. According to India's Central Board of Direct Taxes (CBDT), from the 1st of October, new tax rules will take effect mandating that any and all gifts received, valued at over Rs. 50,000, will be required to be declared and taxed by the receiver. Since the 1st of April 2006, cash gifts of Rs. 50,000 were subject to a tax liability, but the regulation ... Read More

The Indian Government has proposed lowering corporate tax rates, abolishing equity trading tax and funding it all by improving tax compliance. In an effort to raise net tax collection, the Indian government is proposing further changes to their taxation system. Spearheading the new bout of changes is the idea of lowering corporate tax rates to 25% from their current 30%. This would be the lowest corporate tax rate ever seen in India. Proposals of abolishing taxation on equity trades had also been floated. ... Read More